Building Details

Year Built 1990

Buildings 1

Construction brick

Tenancy Multi

Listing Agency: Freedom Realty of NC, LLC

Listed By: Angela Rooney · License #266012 Show Phone

Source: Bradberrygarnerrealestate

Added: Jul 25 Changed: Oct 2 Last Checked: Oct 7 at 1:06PM

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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 Freedom Realty of NC, LLC

Investment Insights

Based on property information with market context.

This approximately 5,000-square-foot brick commercial building contains four separate units within a single-story configuration. The layout supports office or retail occupancy, with two units currently occupied and the remaining spaces available for leasing or user occupancy. The property was built in 1990.

Located within the city limits of downtown Raeford, the building is positioned at 402-406B Harris Ave and provides a visible, accessible setting for commercial operations. Its combination of multiple units and existing occupancy creates a flexible format for an owner-user, investor, or multi-tenant retail or office arrangement.

Key Highlights

• Approximately 5000sf total building area
• Four separate commercial units
• All‑brick building constructed in 1990

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 (±1% cap)

NOI $61,124 @ 7.0% cap · market cap 9.40%

Second Best

Retail

$807.3K

$706.4K – $941.9K (±1% cap)

NOI $56,511 @ 7.0% cap · market cap 8.69%

Theoretical Best

Office A

$1.10M

$958.8K – $1.28M (±1% cap)

NOI $76,704 @ 7.0% cap · market cap 11.80%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Storefront properties

Suggested Use

Top Pick Electrical Service (Bike/Boat/Book/etc) Store Grocery & Convenience Store Bakery Food Market Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

23

Businesses Nearby

Balanced

Demand for This Use

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

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Questions? Ask Rey

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What type of property is this? Where is this storefront properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Storefront property - All-brick commercial building offers four separately configured units for office or retail use.

Where is this storefront property located?

The property is located at 402406 402-406b Harris Ave 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; All‑brick building constructed in 1990