Flex Space with Detached
For Sale
$400,000
3140 Legion Rd, Hope Mills, NC 28348
Flexible commercial layout combines an open front area, individual rooms, parking, and rear-access storage improvements.
Property Size1,014 SF
Price / SF$394.48
Days on Market159
Property Features for 3140 Legion Rd
General Information
Standard status
Active
Size
1,014 SF
Additional Details
Road Access
Yes
Amenities
kitchen/break area
Building Details
Buildings
3
Listing Agency:
EXIT REALTY PREFERRED
(804) 929-4071
Listed By:
ANTHONY RAY SHERRILL · License #353597
(804) 929-4071
Source:
Exprealty
Added: Mar 25
Changed: Aug 30
Last Checked: Aug 30 at 1:06AM
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 EXIT REALTY PREFERRED
Investment Insights
Based on property information with market context.
This flex space includes a newly installed roof, an open front area, a kitchen and break area, and several individual rooms suitable for offices, consultation rooms, or work areas. The layout supports retail, office, and service-oriented operations, with paved parking at the front, additional parking along the side, and drive-around access to the rear.
Rear improvements include a detached three-bay wooden garage and a separate two-car garage with storage space. The property is positioned on Legion Road in Hope Mills, beside a newly opened Dollar General and near established businesses. The listing identifies the property size as 1014 and provides an address of 3140 Legion Rd, Hope Mills, NC.
Rear improvements include a detached three-bay wooden garage and a separate two-car garage with storage space. The property is positioned on Legion Road in Hope Mills, beside a newly opened Dollar General and near established businesses. The listing identifies the property size as 1014 and provides an address of 3140 Legion Rd, Hope Mills, NC.
Key Highlights
- Flex space with newly installed roof and adaptable interior layout
- Open front area plus kitchen, break area, and multiple individual rooms
- Detached three‑bay wooden garage at the rear
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
$13,251
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
3.31%
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%
$265,020
$265.0K
Cap Rate 7%
$189,300
$189.3K
Cap Rate 9%
$147,233
$147.2K
Market Conditions
NOI Build-Up for 1,014 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
$18.3K $18.00/SF
− Vacancy
−$584 −$0.58/SF
EGI
$17.7K $17.42/SF
− OpEx
−$4.4K −$4.36/SF
NOI
$13.3K $13.07/SF
Area
Cumberland County, NC
Vacancy
3.20%
Lease Rate
$18.00 /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%
$265,020
Cap Rate 7%
$189,300
Cap Rate 9%
$147,233
Alternative Uses
Best Use
Office B
$189.3K
$165.6K – $220.9K
NOI $13,251 @ 7.0% cap · market cap 3.31%
Second Best
Industrial
$147.4K
$129.0K – $172.0K
NOI $10,320 @ 7.0% cap · market cap 2.58%
Theoretical Best
Office A
$242.3K
$212.0K – $282.7K
NOI $16,961 @ 7.0% cap · market cap 4.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
178
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28348, NC
37,476
Population
14,413
Households
2.6
Avg Household Size
36
Median Age
22%
College-Educated
93%
High-School Grad
42.2 sq mi
ZIP Area
888
Density / Sq Mi
$65,213
Median Household Income
$39,270
Median Earnings
$1,111
Median Rent
$203,700
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flexible commercial layout combines an open front area, individual rooms, parking, and rear-access storage improvements.
Where is this flex space located?
The property is located at 3140 Legion Rd Hope Mills, NC.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Flex space with newly installed roof and adaptable interior layout; Open front area plus kitchen, break area, and multiple individual rooms; Detached three‑bay wooden garage at the rear
