Building Details

Year built 1948

Listing Agency: Everything Pines Commercial Show Phone

Listed By: Kristina Beversdorf · License #337190 Show Phone

Added: Apr 13 Changed: Aug 19 Last Checked: Aug 19 at 10:06PM

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MLS# 100566806

Copyright © 2026 Hive MLS. 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 7,766-square-foot flex property occupies approximately 2 acres and was constructed in 1948 with cinder block walls and concrete floors. The main level contains retail space, a potential kitchen area, and warehouse or storage space. The upper level measures approximately 2,280 square feet and is arranged with three offices; it was previously configured as unfinished apartment space and can support office or commercial use subject to zoning.

The property is located at 3196 Vass-Carthage Road in Carthage, North Carolina, within Moore County and zoned CV. County water is in place. Environmental testing completed by the seller produced satisfactory results, and roof repairs have addressed prior leaks. The sale is subject to the property being conveyed as-is, with no seller repairs or improvements.

Key Highlights

• Approximately 2‑acre parcel with a 7,766‑square‑foot building
• Upper level includes approximately 2,280 square feet and three offices
• Cinder block construction with concrete flooring; built in 1948

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

$56,677

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

8.72%

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%

$1,133,540 $1.1M

Cap Rate 7%

$809,671 $809.7K

Cap Rate 9%

$629,744 $629.7K

Market Conditions

NOI Build-Up for 7,766 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

$69.9K $9.00/SF

− Vacancy

−$3.2K −$0.41/SF

EGI

$66.7K $8.59/SF

− OpEx

−$10.0K −$1.29/SF

NOI

$56.7K $7.30/SF

Area

Moore County, NC

Vacancy

4.60%

Lease Rate

$9.00 /SF/Yr

Expense Ratio

15.00%

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%

$1,133,540

Cap Rate 7%

$809,671

Cap Rate 9%

$629,744

Alternative Uses

Best Use

Flex RnD

$1.13M

$991.3K – $1.32M (±1% cap)

NOI $79,307 @ 7.0% cap · market cap 12.20%

Second Best

Warehouse

$809.7K

$708.5K – $944.6K (±1% cap)

NOI $56,677 @ 7.0% cap · market cap 8.72%

Theoretical Best

Specialty Retail

$1.48M

$1.29M – $1.73M (±1% cap)

NOI $103,586 @ 7.0% cap · market cap 15.94%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Flex space

Location Intelligence

Trade Area within ½ mile

23

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 28327, NC

18,118

Population

7,874

Households

2.3

Avg Household Size

40

Median Age

36%

College-Educated

94%

High-School Grad

186.6 sq mi

ZIP Area

97

Density / Sq Mi

$84,850

Median Household Income

$43,066

Median Earnings

$1,362

Median Rent

$299,500

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Two-level commercial building combines retail, office, and warehouse areas with county water in place.

Where is this flex space located?

The property is located at 3196 Vass-Carthage Road Carthage, NC.

What is the asking price?

The asking price for this property is $650,000.

What are key features of this property?

This property features: Approximately 2‑acre parcel with a 7,766‑square‑foot building; Upper level includes approximately 2,280 square feet and three offices; Cinder block construction with concrete flooring; built in 1948