All-Brick Four-Unit Commercial
For Sale
$695,000
402-406 Harris Avenue, Raeford, NC 28376
SINGLE_FAMILY - Raeford, NC
Property Size5,000 SF
Price / SF$139
Days on Market137
Property Features for 402-406 Harris Avenue
General Information
Property type
Residential
Property subtype
Retail
Zoning description
DT - Downtown
Subdivision
DOWNTOWN RAEFORD
Directions
From 211 from Moore Co, take a right on Bethel Rd and property is on the corner of Bethel and Harris Ave.
Standard status
Active
APN
694340901059
Taxes and HOA fees
Tax Description
BETHEL RD & HARRIS VALUE CHANGED BOARD OF E & R 1 RADIO SHACK/HOMETOWN INSURANCE
Legal Description
BETHEL RD & HARRIS VALUE CHANGED BOARD OF E & R 1 RADIO SHACK/HOMETOWN INSURANCE
Utilities
Heating system
Heat Pump (Heating)
Water source
Public
Building Details
Year built
1990
Building materials
Brick
Listing Agency:
FREEDOM REALTY OF NC, LLC
(910) 603-8603
Listed By:
ANGELA ROONEY · License #266012
(910) 603-8603
Added: Apr 1
Changed: Jul 22
Last Checked: Aug 15 at 10:06AM
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.
Investment Insights
Based on property information with market context.
All-brick commercial building of approximately 5,000 total square feet, divided into four separate units. The property is suitable for a variety of uses, including office or retail, and offers flexibility for investors or owner-users who may occupy one or more units while leasing the remainder.
The building is located in downtown Raeford within city limits, providing convenient access for tenants. Two of the four units are currently occupied, creating immediate income while additional leasing potential remains for the available units.
For rent amounts and any additional financial details, contact the listing agent.
The building is located in downtown Raeford within city limits, providing convenient access for tenants. Two of the four units are currently occupied, creating immediate income while additional leasing potential remains for the available units.
For rent amounts and any additional financial details, contact the listing agent.
Key Highlights
- Approx. 5,000 SF all‑brick commercial building in downtown Raeford within city limits
- Building is divided into four separate units, suitable for office or retail uses
- Two units are currently occupied, providing immediate rental income
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
$61,124
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
8.79%
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%
$1,222,480
$1.2M
Cap Rate 7%
$873,200
$873.2K
Cap Rate 9%
$679,156
$679.2K
Market Conditions
NOI Build-Up for 5,000 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
$102.0K $20.40/SF
− Vacancy
−$20.5K −$4.10/SF
EGI
$81.5K $16.30/SF
− OpEx
−$20.4K −$4.07/SF
NOI
$61.1K $12.22/SF
Area
Hoke County, NC
Vacancy
20.10%
Lease Rate
$20.40 /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%
$1,222,480
Cap Rate 7%
$873,200
Cap Rate 9%
$679,156
Alternative Uses
Best Use
Office B
$873.2K
$764.1K – $1.02M
NOI $61,124 @ 7.0% cap · market cap 8.79%
Second Best
Retail
$807.3K
$706.4K – $941.9K
NOI $56,511 @ 7.0% cap · market cap 8.13%
Theoretical Best
Office A
$1.10M
$958.8K – $1.28M
NOI $76,704 @ 7.0% cap · market cap 11.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
559
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Office 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?
Office units - Four-unit all-brick building in downtown Raeford, with two units currently occupied and space suited for office or retail.
Where is this office units located?
The property is located at 402-406 Harris Avenue Raeford, NC.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Approx. 5,000 SF all‑brick commercial building in downtown Raeford within city limits; Building is divided into four separate units, suitable for office or retail uses; Two units are currently occupied, providing immediate rental income
