Four-Unit Brick Retail
402-406 Harris Avenue, Raeford, NC 28376
For Sale
$650,000
CommercialSale, Raeford, NC
Property Size5,000 SF
Price / SF$130
Days on Market224
Property Features for 402-406 Harris Avenue
General Information
Property type
Property subtype
Zoning description
Subdivision
Directions
Standard status
APN
Taxes and HOA fees
Tax Description
Legal Description
Utilities
Heating system
Water source
Building Details
Year built
Building materials
Listing Agency:
FREEDOM REALTY OF NC, LLC
Listed By:
ANGELA ROONEY · License NC #266012
(910) 603-8603
Added: Apr 1
Changed: Oct 20
Last Checked: Nov 10 at 5:06PM
MLS# 759862
Copyright © 2026 Longleaf Pine Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This approximately 5,000-square-foot brick commercial building contains four distinct units configured for flexible retail or office occupancy. Two units are currently occupied, while the remaining spaces provide additional leasing capacity. The property can accommodate an owner-user occupying part of the building alongside other occupants or an investor seeking a multi-unit commercial asset.
Located within Raeford city limits at 402-406 Harris Avenue, the property sits in the downtown area with access to public water service. Constructed in 1990, the building is heated by a heat pump system and provides a straightforward commercial layout for separate users.
Located within Raeford city limits at 402-406 Harris Avenue, the property sits in the downtown area with access to public water service. Constructed in 1990, the building is heated by a heat pump system and provides a straightforward commercial layout for separate users.
Key Highlights
- Approximately 5000sf total building area
- Four separate commercial units
- Two units currently occupied
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$56,511
Cap Rate
8.69%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,130,220
$1.1M
Cap Rate 7%
$807,300
$807.3K
Cap Rate 9%
$627,900
$627.9K
Market Conditions
NOI Build-Up for 5,000 SF
Gross rent
$90.0K $18.00/SF
− Vacancy
−$9.3K −$1.85/SF
EGI
$80.7K $16.15/SF
− OpEx
−$24.2K −$4.84/SF
NOI
$56.5K $11.30/SF
Area
Hoke County, NC
Vacancy
10.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,130,220
Cap Rate 7%
$807,300
Cap Rate 9%
$627,900
Alternative Uses
Best Use
Office B
$873.2K
$764.1K – $1.02M
NOI $61,124 @ 7.0% cap · market cap 9.40%
Second Best
Retail
$807.3K
$706.4K – $941.9K
NOI $56,511 @ 7.0% cap · market cap 8.69%
Theoretical Best
Office A
$1.10M
$958.8K – $1.28M
NOI $76,704 @ 7.0% cap · market cap 11.80%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Current Use
Lease Details
4
Office units
50%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
674
Businesses Nearby
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Business Placement
Demographics for 28376, NC
43,160
Population
16,834
Households
2.6
Avg Household Size
33
Median Age
23%
College-Educated
90%
High-School Grad
278.7 sq mi
ZIP Area
155
Density / Sq Mi
$61,793
Median Household Income
$40,858
Median Earnings
$1,091
Median Rent
$208,100
Median Home Value
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Retail space - Downtown commercial building offers separate spaces for retail or office use.
Where is this retail space located?
The property is located at 402-406 Harris Avenue Raeford, 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 5000sf total building area; Four separate commercial units; Two units currently occupied
