Retail and Warehouse
For Sale
Contact for pricing
3407 West Gate City Boulevard, Greensboro, NC 27407
Combination retail and warehouse building offers multiple ceiling heights, loading access, and flexible zoning for varied uses.
Property Size90,768 SF
Price / SF$89.51
Days on Market68
Property Features for 3407 West Gate City Boulevard
General Information
Standard status
Active
Size
90,768 SF
Total Parking Spaces
96
Property subtype
Retail, Industrial
Zoning
CU-LI and C-M
Occupancy
14%
Lease Type
NNN
Building Details
Year Built
1972
Buildings
3
Stories
1
Units
5
Tenancy
Multi
Listing Agency:
McGee Commerical Real Estate
Listed By:
Tim McGee · License #NC 270174
Source:
Crexi
Added: Jun 6
Changed: Aug 8
Last Checked: Aug 12 at 5:59AM
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 McGee Commerical Real Estate
Investment Insights
Based on property information with market context.
This combination retail and warehouse property is comprised of three attached buildings totaling 90,768 SF. The front section contains 26,500 SF and features 18 ceiling heights, including 11’ and 10” under AC ductwork, along with conditioned space, LED lighting, and track lighting. It also includes a front parking lot with 96 lined parking spaces and a monument sign facing Gate City Boulevard. The corner retail units in the front section are Unit A (7,734 SF) and Unit D (5,360 SF), both leased on long-term leases. Unit C, which totals 41,088 SF when combined, is currently vacant.
The middle section includes 28,660 SF with a 30’ ceiling height, including 20’ 10” under AC ductwork, and conditioned interiors with LED lighting and track lighting. A loading platform is provided with a roll door accessible from Paschal Street. Both the front and middle buildings are zoned C-M (commercial medium), which supports retail, medical, and fitness center and other uses. The rear section is a 35,708 SF warehouse with 38’ clear height, 44’ x 25’ column spacing, LED lighting, and eight dock doors accessed from a fenced rear dock access court measuring 100’ x 226’ with gated access from Paschal Street.
The rear warehouse portion is zoned CU-LI (Conditional Use – Light Industrial) and includes connector roll door access into the middle section. The property is situated on a major commercial roadway with 35,000 VPD, near Ashley Home Stores, Walmart Marketplace, and other major retailers. Additional proximity includes being about 0.3 miles from Four Seasons Mall and the Sheraton-Koury Convention Center, roughly 0.4 miles from the I-40 interchange, and 1.7 miles to the Greensboro Coliseum Complex. A noted major intersection with Holden Road is 0.1 miles away, and the roof system includes TPO membrane with interior insulation replaced in 2025. Pricing guidance is $8,125,000, with all offers considered.
The middle section includes 28,660 SF with a 30’ ceiling height, including 20’ 10” under AC ductwork, and conditioned interiors with LED lighting and track lighting. A loading platform is provided with a roll door accessible from Paschal Street. Both the front and middle buildings are zoned C-M (commercial medium), which supports retail, medical, and fitness center and other uses. The rear section is a 35,708 SF warehouse with 38’ clear height, 44’ x 25’ column spacing, LED lighting, and eight dock doors accessed from a fenced rear dock access court measuring 100’ x 226’ with gated access from Paschal Street.
The rear warehouse portion is zoned CU-LI (Conditional Use – Light Industrial) and includes connector roll door access into the middle section. The property is situated on a major commercial roadway with 35,000 VPD, near Ashley Home Stores, Walmart Marketplace, and other major retailers. Additional proximity includes being about 0.3 miles from Four Seasons Mall and the Sheraton-Koury Convention Center, roughly 0.4 miles from the I-40 interchange, and 1.7 miles to the Greensboro Coliseum Complex. A noted major intersection with Holden Road is 0.1 miles away, and the roof system includes TPO membrane with interior insulation replaced in 2025. Pricing guidance is $8,125,000, with all offers considered.
Key Highlights
- 90,768 SF combination retail and warehouse building built in 1972 with three attached sections.
- Front section: 26,500 SF with 18' ceiling heights (11'–10" under AC ductwork), 96 lined parking spaces, and monument sign on Gate City Boulevard.
- Middle section: 28,660 SF with 30' ceiling height (20'–10" under AC ductwork) and loading platform with roll door accessible from Paschal Street.
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
$521,615
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
6.42%
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%
$10,432,300
$10.4M
Cap Rate 7%
$7,451,643
$7.5M
Cap Rate 9%
$5,795,722
$5.8M
Market Conditions
NOI Build-Up for 90,768 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
$653.5K $7.20/SF
− Vacancy
−$39.9K −$0.44/SF
EGI
$613.7K $6.76/SF
− OpEx
−$92.0K −$1.01/SF
NOI
$521.6K $5.75/SF
Area
Greensboro, NC
Vacancy
6.10%
Lease Rate
$7.20 /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%
$10,432,300
Cap Rate 7%
$7,451,643
Cap Rate 9%
$5,795,722
Alternative Uses
Best Use
Retail
$14.66M
$12.82M – $17.10M
NOI $1,025,878 @ 7.0% cap · market cap 12.63%
Second Best
Warehouse
$7.45M
$6.52M – $8.69M
NOI $521,615 @ 7.0% cap · market cap 6.42%
Theoretical Best
Office A
$28.77M
$25.18M – $33.57M
NOI $2,014,091 @ 7.0% cap · market cap 24.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
388
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 27407, NC
49,803
Population
23,861
Households
2.1
Avg Household Size
35
Median Age
35%
College-Educated
88%
High-School Grad
29.4 sq mi
ZIP Area
1,694
Density / Sq Mi
$59,308
Median Household Income
$35,819
Median Earnings
$1,113
Median Rent
$203,800
Median Home Value
Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Combination retail and warehouse building offers multiple ceiling heights, loading access, and flexible zoning for varied uses.
Where is this flex space located?
The property is located at 3407 West Gate City Boulevard Greensboro, NC.
What is the asking price?
The asking price for this property is $8,125,000.
What are key features of this property?
This property features: 90,768 SF combination retail and warehouse building built in 1972 with three attached sections.; Front section: 26,500 SF with 18' ceiling heights (11'–10" under AC ductwork), 96 lined parking spaces, and monument sign on Gate City Boulevard.; Middle section: 28,660 SF with 30' ceiling height (20'–10" under AC ductwork) and loading platform with roll door accessible from Paschal Street.
