Renovated Mixed-Use
429 Gillespie Street, Fayetteville, NC 28301
For Sale
$189,900
Commercial Sale, Fayetteville, NC
Property Size2,063 SF
Lot Size0.19 Acres
Price / SF$92.05
Days on Market50
Property Features for 429 Gillespie Street
General Information
Property type
Property subtype
Zoning
Subdivision
Directions
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Heating system
Water source
Amenities
porch
detached garage
Building Details
Year built
Listing Agency:
Inspired By Desire Real Estate
Listed By:
Nakyshae G McCallop · License NC #244874
(910) 977-8358
Added: Sep 22
Changed: Oct 20
Last Checked: Nov 10 at 1:06PM
MLS# 100605232
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.
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Investment Insights
Based on property information with market context.
This 2,063-square-foot mixed-use property includes separate upper and lower areas, each with its own entrance and zoned utilities. The building was renovated in 2018 and has a 2022 roof, front and side porches, electric heat, and public water. A detached brick garage provides parking or storage, with additional parking behind the property.
The 0.19-acre property is located at 429 Gillespie Street in Fayetteville, North Carolina. It carries OI zoning, and the available configuration has been described for residential, duplex, and light commercial applications, including group home, law office, and business center use. Buyers should verify zoning and permitted use for their intended operation. Originally built in 1929, the property combines updated building components with separate interior access and utility arrangements.
The 0.19-acre property is located at 429 Gillespie Street in Fayetteville, North Carolina. It carries OI zoning, and the available configuration has been described for residential, duplex, and light commercial applications, including group home, law office, and business center use. Buyers should verify zoning and permitted use for their intended operation. Originally built in 1929, the property combines updated building components with separate interior access and utility arrangements.
Key Highlights
- 2,063‑square‑foot mixed‑use property on a 0.19‑acre lot
- Upper and lower areas renovated in 2018
- New 30‑year roof installed in 2022
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,315
Cap Rate
9.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$346,300
$346.3K
Cap Rate 7%
$247,357
$247.4K
Cap Rate 9%
$192,389
$192.4K
Market Conditions
NOI Build-Up for 2,063 SF
Gross rent
$33.4K $16.20/SF
− Vacancy
−$1.9K −$0.94/SF
EGI
$31.5K $15.26/SF
− OpEx
−$14.2K −$6.87/SF
NOI
$17.3K $8.39/SF
Area
Fayetteville, NC
Vacancy
5.80%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$346,300
Cap Rate 7%
$247,357
Cap Rate 9%
$192,389
Alternative Uses
Best Use
Mixed Use
$350.1K
$306.4K – $408.5K
NOI $24,508 @ 7.0% cap · market cap 12.91%
Second Best
Multifamily LT 5
$269.0K
$235.4K – $313.9K
NOI $18,831 @ 7.0% cap · market cap 9.92%
Theoretical Best
Office A
$452.1K
$395.6K – $527.5K
NOI $31,648 @ 7.0% cap · market cap 16.67%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
749
Businesses Nearby
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Business Placement
Demographics for 28301, NC
17,670
Population
8,590
Households
2.1
Avg Household Size
35
Median Age
17%
College-Educated
88%
High-School Grad
12.4 sq mi
ZIP Area
1,425
Density / Sq Mi
$36,955
Median Household Income
$28,350
Median Earnings
$926
Median Rent
$109,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Separate entrances and zoned utilities support distinct upper and lower areas.
Where is this mixed-use property located?
The property is located at 429 Gillespie Street Fayetteville, NC.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: 2,063‑square‑foot mixed‑use property on a 0.19‑acre lot; Upper and lower areas renovated in 2018; New 30‑year roof installed in 2022
