Well-Maintained Office
New
For Sale
$640,000
317 1st Street East, Conover, NC 28613
Conover, NC
Property Size2,075 SF
Lot Size0.47 Acres
Price / SF$308.43
Days on Market1
Property Features for 317 1st Street East
General Information
Property type
Commercial Sale
Property subtype
Other
Standard status
Active
Lot size
0.47 Acres
Building Details
Year built
2003
Listing Agency:
NextHome Blue Skies
(828) 330-6088
Listed By:
Kay Sigmon · License #316703
(828) 855-4950
Added: Aug 23
Last Checked: Aug 23 at 10:06PM
MLS# 4180814
Copyright © 2026 NextHome, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This office building provides 2,075 SF of well-maintained commercial space on a 0.47-acre parcel. Built in 2003, the property is positioned for professional uses and includes on-site parking and accessibility features.
The building is located at 317 1st Street East in Conover, less than one mile from I-40 and downtown Conover. Its setting places the property near established commercial and residential areas, with convenient access for employees, clients, and patrons.
The building is located at 317 1st Street East in Conover, less than one mile from I-40 and downtown Conover. Its setting places the property near established commercial and residential areas, with convenient access for employees, clients, and patrons.
Key Highlights
- 2, 075 SF office building on a 0.47‑acre parcel
- Built in 2003
- Less than one mile from I‑40
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
$27,396
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
4.28%
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%
$547,920
$547.9K
Cap Rate 7%
$391,371
$391.4K
Cap Rate 9%
$304,400
$304.4K
Market Conditions
NOI Build-Up for 2,075 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
$44.8K $21.60/SF
− Vacancy
−$8.3K −$4.00/SF
EGI
$36.5K $17.60/SF
− OpEx
−$9.1K −$4.40/SF
NOI
$27.4K $13.20/SF
Area
Catawba County, NC
Vacancy
18.50%
Lease Rate
$21.60 /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%
$547,920
Cap Rate 7%
$391,371
Cap Rate 9%
$304,400
Alternative Uses
Best Use
Office B
$391.4K
$342.5K – $456.6K
NOI $27,396 @ 7.0% cap · market cap 4.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$606.1K
$530.4K – $707.2K
NOI $42,430 @ 7.0% cap · market cap 6.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
389
Businesses Nearby
Explore this area
Business Placement
Demographics for 28613, NC
22,970
Population
10,222
Households
2.2
Avg Household Size
41
Median Age
20%
College-Educated
85%
High-School Grad
42.4 sq mi
ZIP Area
542
Density / Sq Mi
$55,690
Median Household Income
$38,932
Median Earnings
$822
Median Rent
$208,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Accessible commercial property with parking and a professional-use layout near established Conover destinations.
Where is this office building located?
The property is located at 317 1st Street East Conover, NC.
What is the asking price?
The asking price for this property is $640,000.
What are key features of this property?
This property features: 2, 075 SF office building on a 0.47‑acre parcel; Built in 2003; Less than one mile from I‑40
