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 Market165
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: Sep 8
Last Checked: Sep 11 at 12:25PM
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.
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 = 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
$185,797
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
6.19%
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%
$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
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
$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 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%
$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.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,434
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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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.
