Building Details

Year built 1993

Listing Agency: Everything Pines Commercial

Listed By: Kristina Beversdorf · License #337190 Show Phone

Added: May 26 Changed: Aug 26 Last Checked: Oct 5 at 2:06AM

Report an Issue

MLS# 100576735

Copyright © 2026 Hive 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 4,800 +/- square-foot flex property occupies approximately 1.47 acres and was built in 1993. The metal building combines finished office and warehouse areas, with five private offices, a conference room, reception and lobby areas, a kitchen, and two restrooms. Two heat pump systems provide heating and cooling throughout the building, while three 8' x 8' overhead doors serve the warehouse area. A generator is also included for backup power.

The property is located at 420 Hwy 15-501 in Carthage, North Carolina, with direct positioning on US Hwy 15-501. B-1 zoning supports its commercial property classification.

Key Highlights

• 4,800 +/- SF metal flex building on 1.47 +/- acres
• Five private offices, conference room, reception area, lobby, kitchen, and two restrooms
• Warehouse area with three 8' x 8' overhead doors

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

$49,018

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

5.77%

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%

$980,360 $980.4K

Cap Rate 7%

$700,257 $700.3K

Cap Rate 9%

$544,644 $544.6K

Market Conditions

NOI Build-Up for 4,800 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

$81.8K $17.04/SF

− Vacancy

−$6.4K −$1.33/SF

EGI

$75.4K $15.71/SF

− OpEx

−$26.4K −$5.50/SF

NOI

$49.0K $10.21/SF

Area

Moore County, NC

Vacancy

7.80%

Lease Rate

$17.04 /SF/Yr

Expense Ratio

35.00%

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%

$980,360

Cap Rate 7%

$700,257

Cap Rate 9%

$544,644

Alternative Uses

Best Use

Flex RnD

$700.3K

$612.7K – $817.0K (±1% cap)

NOI $49,018 @ 7.0% cap · market cap 5.77%

Second Best

Office B

$505.4K

$442.3K – $589.7K (±1% cap)

NOI $35,381 @ 7.0% cap · market cap 4.16%

Theoretical Best

Specialty Retail

$914.6K

$800.3K – $1.07M (±1% cap)

NOI $64,024 @ 7.0% cap · market cap 7.53%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Flex space

Lease Details

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

13

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 28327, NC

18,118

Population

7,874

Households

2.3

Avg Household Size

40

Median Age

36%

College-Educated

94%

High-School Grad

186.6 sq mi

ZIP Area

97

Density / Sq Mi

$84,850

Median Household Income

$43,066

Median Earnings

$1,362

Median Rent

$299,500

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

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

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

Similar For Sale Nearby

Renovated Two-Story Restaurant Building

106 S Ray Street, Carthage, NC 28327

$2,100,000

5,500 SF

View details

Retail Storefront with Multiple Rooms

3133 Vass-Carthage Road, Carthage, NC 28327

$315,000

1,296 SF

View details

Frequently Asked Questions

What type of property is this?

Flex space - B-1-zoned commercial building combining finished office areas with functional warehouse space and backup power.

Where is this flex space located?

The property is located at 420 Hwy 15-501 Carthage, NC.

What is the asking price?

The asking price for this property is $850,000.

What are key features of this property?

This property features: 4,800 +/- SF metal flex building on 1.47 +/- acres; Five private offices, conference room, reception area, lobby, kitchen, and two restrooms; Warehouse area with three 8' x 8' overhead doors