Conventional Restaurant
For Sale
$975,000
3870 Bethania Station Road, Winston-Salem, NC
Commercial Sale, Winston-Salem, NC
Property Size3,200 SF
Lot Size21.77 Acres
Price / SF$304.69
Days on Market98
Property Features for 3870 Bethania Station Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Hb-S/Rm18/Rs9
Standard status
Active
APN
6817692775000
Size
3,200 SF
Lot size
21.77 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Johannes Restaurant (Old Par) Lo:111B Bl:3457 Bu:1
Tax Annual Amount
3956
Legal Description
Johannes Restaurant (Old Par) Lo:111B Bl:3457 Bu:1
Building Details
Year built
1995
Floors in Building
1
Building materials
Vinyl Siding
Listing Agency:
Franklin Street Realty
(919) 929-7174
Listed By:
Bill Bracey
(919) 619-2160
Added: Jun 18
Changed: Aug 19
Last Checked: Sep 23 at 7:06PM
MLS# 10174937
Copyright © 2026 Doorify 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 conventional restaurant property includes a 3,200-square-foot building constructed in 1995 with vinyl siding. The offering consists of two tax parcels, with the combined land area subject to survey. The property is located at 3870 Bethania Station Road in Winston-Salem, North Carolina, and is governed by HB-S/RM18/RS9 zoning. Potential directions identified for the site include event space, a farm-to-table restaurant, or a brewery, subject to applicable zoning and restrictions. The property may also be converted back to a historic par-three golf course use, subject to the same conditions.
Key Highlights
- 3,200‑square‑foot restaurant building
- Two tax parcels included; combined area subject to survey
- Constructed in 1995 with vinyl siding
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
$37,550
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
3.85%
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%
$751,000
$751.0K
Cap Rate 7%
$536,429
$536.4K
Cap Rate 9%
$417,222
$417.2K
Market Conditions
NOI Build-Up for 3,200 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
$51.5K $16.08/SF
− Vacancy
−$1.4K −$0.43/SF
EGI
$50.1K $15.65/SF
− OpEx
−$12.5K −$3.91/SF
NOI
$37.6K $11.73/SF
Area
Winston-Salem, NC
Vacancy
2.70%
Lease Rate
$16.08 /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%
$751,000
Cap Rate 7%
$536,429
Cap Rate 9%
$417,222
Alternative Uses
Best Use
Specialty Retail
$536.4K
$469.4K – $625.8K
NOI $37,550 @ 7.0% cap · market cap 3.85%
Second Best
Industrial
$265.2K
$232.1K – $309.5K
NOI $18,567 @ 7.0% cap · market cap 1.90%
Theoretical Best
Office A
$591.1K
$517.2K – $689.6K
NOI $41,378 @ 7.0% cap · market cap 4.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
221
Businesses Nearby
Under-served
Demand for This Use
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Business Placement
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Two tax parcels accompany the restaurant building, with future use subject to current zoning and restrictions.
Where is this conventional restaurant located?
The property is located at 3870 Bethania Station Road Winston-Salem, NC.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 3,200‑square‑foot restaurant building; Two tax parcels included; combined area subject to survey; Constructed in 1995 with vinyl siding
