Car Wash
For Sale
$1,100,000
334 N Spence Avenue, Goldsboro, NC 27534
COMMERCIAL - Goldsboro, NC
Property Size1,584 SF
Lot Size0.82 Acres
Price / SF$694.44
Days on Market204
Property Features for 334 N Spence Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
GB
Subdivision
Not In Subdivision
Directions
From Kinston, keep left onton I-42 toward 795/Selam/Raleigh, take exit 44 toward US-13 S. turn left on US-13 N., turn right on Cashwell Drive, turn left on Spence Avenue
Standard status
Active
APN
12000204002023
Size
1,584 SF
Lot size
0.82 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Deed Book 2567, Page 643 - Wayne County See Plat Map/Survey
Tax Annual Amount
10644
Legal Description
Deed Book 2567, Page 643 - Wayne County See Plat Map/Survey
Utilities
Heating system
Electric (Heating)
Building Details
Year built
1985
Listing Agency:
Wayne Realty
(919) 735-1341
Listed By:
Bob Logan · License #72422
(919) 735-1876
Added: Jan 27
Changed: Aug 19
Last Checked: Aug 19 at 6:06PM
MLS# 100551689
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 1,584-square-foot commercial property occupies 0.82 acres and includes a building constructed in 1985. The site previously operated as ABC Auto Wash and is identified for car wash use within the property classification. Electric heating serves the building, and the zoning designation is GB.
The property is located at 334 N Spence Avenue in Goldsboro, North Carolina, 27534, within Wayne County. Its existing improvements and automotive-related history provide a defined starting point for continued car wash use or evaluation of another permitted commercial application.
The property is located at 334 N Spence Avenue in Goldsboro, North Carolina, 27534, within Wayne County. Its existing improvements and automotive-related history provide a defined starting point for continued car wash use or evaluation of another permitted commercial application.
Key Highlights
- 0.82‑acre commercial property with a 1,584‑square‑foot building
- Previously operated as ABC Auto Wash
- GB zoning designation
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
$89,144
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
8.10%
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%
$1,782,880
$1.8M
Cap Rate 7%
$1,273,486
$1.3M
Cap Rate 9%
$990,489
$990.5K
Market Conditions
NOI Build-Up for 1,584 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
$122.0K $77.04/SF
− Vacancy
−$3.2K −$2.00/SF
EGI
$118.9K $75.04/SF
− OpEx
−$29.7K −$18.76/SF
NOI
$89.1K $56.28/SF
Area
Wayne County, NC
Vacancy
2.60%
Lease Rate
$77.04 /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%
$1,782,880
Cap Rate 7%
$1,273,486
Cap Rate 9%
$990,489
Alternative Uses
Best Use
Specialty Retail
$1.27M
$1.11M – $1.49M
NOI $89,144 @ 7.0% cap · market cap 8.10%
Second Best
Retail
$277.7K
$243.0K – $324.0K
NOI $19,439 @ 7.0% cap · market cap 1.77%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
881
Businesses Nearby
518k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 56%
Shops & Services 28%
Apparel 12%
Home Improvements & Furnishings 3%
Hobby Lobby
Shops & Services
43,972 visits/mo
0.1 miles
McDonald's
Dining
39,101 visits/mo
0.2 miles
DICK'S Sporting Goods
Apparel
32,593 visits/mo
0.4 miles
Cook Out
Dining
31,095 visits/mo
0.3 miles
Zaxby's Chicken Fingers & Buffalo Wings
Dining
28,903 visits/mo
0.2 miles
Demographics for 27534, NC
30,844
Population
15,158
Households
2
Avg Household Size
38
Median Age
29%
College-Educated
91%
High-School Grad
73.1 sq mi
ZIP Area
422
Density / Sq Mi
$59,950
Median Household Income
$39,686
Median Earnings
$1,106
Median Rent
$187,700
Median Home Value
Market
Vacancy Rate% for Retail 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?
Car wash - Commercial property with GB zoning and an existing automotive-oriented building.
Where is this car wash located?
The property is located at 334 N Spence Avenue Goldsboro, NC.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 0.82‑acre commercial property with a 1,584‑square‑foot building; Previously operated as ABC Auto Wash; GB zoning designation
