Renovated Mixed-Use
New
For Sale
$189,900
429 Gillespie Street, Fayetteville, NC 28301
Commercial Sale, Fayetteville, NC
Property Size2,063 SF
Lot Size0.19 Acres
Price / SF$92.05
Days on Market5
Property Features for 429 Gillespie Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
OI
Subdivision
Not In Subdivision
Directions
Gillespie street
Standard status
Active
APN
0437517330000
Size
2,063 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LO:3
Tax Annual Amount
2414
Legal Description
LO:3
Utilities
Heating system
Electric (Heating)
Water source
Public
Amenities
porch
detached garage
Building Details
Year built
1929
Listing Agency:
Inspired By Desire Real Estate
Listed By:
Nakyshae G McCallop · License #244874
(910) 977-8358
Added: Sep 22
Changed: Sep 25
Last Checked: Sep 26 at 5:06AM
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.
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 = 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
$17,315
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
9.12%
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%
$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
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
$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 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%
$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.
Property Analytics
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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
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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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
