Four Parcels in Historic
For Sale
$3,000,000
312 W 2nd Ave, Gastonia, NC 28052
Four parcels near downtown Gastonia with diverse development potential.
Property Size28,200 SF
Lot Size0.49 Acres
Price / SF$106.38
Days on Market212
Property Features for 312 W 2nd Ave
General Information
Standard status
Active
Size
28,200 SF
Lot size
0.49 Acres
Building Details
Year Built
1960
Listing Agency:
CF INC.
Listed By:
Tom McPhaul
(704) 923-5672
Source:
Mycrosskeys
Added: Mar 31
Changed: Oct 26
Last Checked: Oct 26 at 5:16PM
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 CF INC.
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Investment Insights
Based on property information with market context.
The property comprises four parcels, offering a development opportunity one block from downtown historic Gastonia. Parcel 1, spanning 14,000 square feet, formerly operated as a funeral home but is deed-restricted against future use as such; its tax is $6,236. Parcel 2 covers 7,500 square feet, with a tax rate of $3,160. Parcel 3, at 4,851 square feet, previously served as a corporate office and has a tax rate of $2,235. Parcel 4 includes approximately 1,000 square feet, featuring a one-bedroom apartment and a flower shop on the bottom, along with a carriage house. Additionally, there is a 0.49-acre parking lot with a tax rate of $1,311. The property is being sold AS IS and presents a tax opportunity. The location, with South and North sides, is suitable for apartments, condos, a car wash, or a training center. The total property size is 28,200 square feet. Note that the seller prefers not to divide the parcels.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$185,797
Cap Rate
6.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,715,940
$3.7M
Cap Rate 7%
$2,654,243
$2.7M
Cap Rate 9%
$2,064,411
$2.1M
Market Conditions
NOI Build-Up for 28,200 SF
Gross rent
$280.9K $9.96/SF
− Vacancy
−$15.4K −$0.55/SF
EGI
$265.4K $9.41/SF
− OpEx
−$79.6K −$2.82/SF
NOI
$185.8K $6.59/SF
Area
Gaston County, NC
Vacancy
5.50%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,715,940
Cap Rate 7%
$2,654,243
Cap Rate 9%
$2,064,411
Alternative Uses
Best Use
Specialty Retail
$5.93M
$5.19M – $6.92M
NOI $415,280 @ 7.0% cap · market cap 13.84%
Second Best
Retail
$4.95M
$4.33M – $5.77M
NOI $346,200 @ 7.0% cap · market cap 11.54%
Theoretical Best
Office A
$8.88M
$7.77M – $10.36M
NOI $621,302 @ 7.0% cap · market cap 20.71%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,434
Businesses Nearby
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Business Placement
Demographics for 28052, NC
35,332
Population
15,561
Households
2.3
Avg Household Size
38
Median Age
16%
College-Educated
83%
High-School Grad
41.4 sq mi
ZIP Area
853
Density / Sq Mi
$46,015
Median Household Income
$34,339
Median Earnings
$1,058
Median Rent
$173,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Car wash - Four parcels near downtown Gastonia with diverse development potential.
Where is this car wash located?
The property is located at 312 W 2nd Ave Gastonia, NC.
What is the asking price?
The asking price for this property is $3,000,000.
