Two-Story Mixed-Use
For Sale
Contact for pricing
301-303 Martin Luther King Jr Dr, Greensboro, NC 27406
Vacant two-story mixed-use property with a built-out ground-floor restaurant layout and a second-floor office space.
Property Size7,378 SF
Price / SF$189.75
Days on Market136
Property Features for 301-303 Martin Luther King Jr Dr
General Information
Standard status
Active
Size
7,378 SF
Property subtype
RETAIL
Building Details
Stories
2
Listing Agency:
RE/MAX Realty Consultants
(336) 217-9300
Listed By:
Mark Mann · License #201593
(336) 686-0099
Source:
Moodyscre
Added: May 1
Changed: Sep 5
Last Checked: Sep 12 at 8:10AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Realty Consultants
Investment Insights
Based on property information with market context.
Available for immediate occupancy, this iconic two-story mixed-use commercial building spans 7,378 square feet and is currently vacant. The main level is fully built out for restaurant or retail use, featuring an established dining layout with seating capacity of 85+/- and a 3,479 square-foot floor plan, along with service areas and an outdoor area. The second level provides flexible office space suited for professional services or owner-user occupancy.
Located in Greensboro’s historic Southside neighborhood, the property sits steps from the Downtown Greenway and is near the International Civil Rights Center & Museum, Bennett College, and the Greensboro History Museum. The building is noted for strong community recognition tied to its prior operation as Dame’s Chicken & Waffles.
The configuration—restaurant/retail on the ground floor and office on the upper level—creates a straightforward mixed-use setup for operators and investors seeking an end-to-end tenancy plan within one building.
Located in Greensboro’s historic Southside neighborhood, the property sits steps from the Downtown Greenway and is near the International Civil Rights Center & Museum, Bennett College, and the Greensboro History Museum. The building is noted for strong community recognition tied to its prior operation as Dame’s Chicken & Waffles.
The configuration—restaurant/retail on the ground floor and office on the upper level—creates a straightforward mixed-use setup for operators and investors seeking an end-to-end tenancy plan within one building.
Key Highlights
- Two‑story mixed‑use building totaling 7,378 SF with ground‑floor restaurant/retail and second‑floor office space
- Ground floor is built out for food service/restaurant use with dining layout and 85+/- seating capacity
- Ground‑floor floor plan is 3,479 SF with service areas and an outdoor area for al fresco dining
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$100,911
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.21%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,018,220
$2.0M
Cap Rate 7%
$1,441,586
$1.4M
Cap Rate 9%
$1,121,233
$1.1M
Market Conditions
NOI Build-Up for 7,378 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$147.9K $20.04/SF
− Vacancy
−$13.3K −$1.80/SF
EGI
$134.5K $18.24/SF
− OpEx
−$33.6K −$4.56/SF
NOI
$100.9K $13.68/SF
Area
Greensboro, NC
Vacancy
9.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,018,220
Cap Rate 7%
$1,441,586
Cap Rate 9%
$1,121,233
Alternative Uses
Best Use
Office B
$1.44M
$1.26M – $1.68M
NOI $100,911 @ 7.0% cap · market cap 7.21%
Second Best
Specialty Retail
$1.28M
$1.12M – $1.49M
NOI $89,344 @ 7.0% cap · market cap 6.38%
Theoretical Best
Office A
$2.34M
$2.05M – $2.73M
NOI $163,714 @ 7.0% cap · market cap 11.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,425
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 27406, NC
61,597
Population
28,080
Households
2.2
Avg Household Size
38
Median Age
27%
College-Educated
88%
High-School Grad
69.4 sq mi
ZIP Area
888
Density / Sq Mi
$56,748
Median Household Income
$37,095
Median Earnings
$1,103
Median Rent
$191,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Vacant two-story mixed-use property with a built-out ground-floor restaurant layout and a second-floor office space.
Where is this conventional restaurant located?
The property is located at 301-303 Martin Luther King Jr Dr Greensboro, NC.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Two‑story mixed‑use building totaling 7,378 SF with ground‑floor restaurant/retail and second‑floor office space; Ground floor is built out for food service/restaurant use with dining layout and 85+/- seating capacity; Ground‑floor floor plan is 3,479 SF with service areas and an outdoor area for al fresco dining
