Retail Condominium Units For
For Sale
$1,325,000
504 East Cornwallis Drive, Greensboro, NC 27405
Three condominium units totaling 4,594± SF near downtown Greensboro.
Property Size4,594 SF
Lot Size0.06 Acres
Price / SF$288.42
Days on Market149
Property Features for 504 East Cornwallis Drive
General Information
Standard status
Active
Size
4,594 SF
Lot size
0.06 Acres
Property subtype
Retail
Listing Agency:
CBRE | Greensboro
(336) 714-0385
Listed By:
Lydia Whitley
(336) 714-0385
Source:
Cbre
Added: Mar 25
Changed: Jul 10
Last Checked: Aug 19 at 5:16AM
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 CBRE | Greensboro
Investment Insights
Based on property information with market context.
Three condominium units totaling approximately 4,594 square feet are available for sale. The units are located at Cornwallis Court Specialty Shops, a condominium building featuring storefront retail and office spaces near downtown Greensboro, in Northeast Guilford County. Built in 1985, the property is situated on approximately 0.06 acres with 76 feet of frontage on E. Cornwallis Drive. The zoning is C-M. The property benefits from its location in a thriving retail area with upscale tenants and affluent demographics. It is near Cone Hospital, Revolution Mill, and Greensboro Country Club, with easy access to several major thoroughfares. The parcel IDs are 61571, 61572 & 61573. This offering presents a sale-leaseback opportunity.
Key Highlights
- Sale‑leaseback opportunity offering immediate income potential.
- Prime location near downtown Greensboro, Cone Hospital, Revolution Mill, and Greensboro Country Club.
- Situated in a thriving retail area with upscale tenants and affluent demographics.
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
$51,922
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
3.92%
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%
$1,038,440
$1.0M
Cap Rate 7%
$741,743
$741.7K
Cap Rate 9%
$576,911
$576.9K
Market Conditions
NOI Build-Up for 4,594 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
$82.7K $18.00/SF
− Vacancy
−$8.5K −$1.85/SF
EGI
$74.2K $16.15/SF
− OpEx
−$22.3K −$4.84/SF
NOI
$51.9K $11.30/SF
Area
Greensboro, 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 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%
$1,038,440
Cap Rate 7%
$741,743
Cap Rate 9%
$576,911
Alternative Uses
Best Use
Retail
$741.7K
$649.0K – $865.4K
NOI $51,922 @ 7.0% cap · market cap 3.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.46M
$1.27M – $1.70M
NOI $101,938 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,060
Businesses Nearby
92k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 36%
Shops & Services 31%
Dining 28%
Electronics 2%
Food Lion Grocery Store
Groceries
33,418 visits/mo
0.1 miles
Starbucks
Dining
17,218 visits/mo
0.1 miles
7-Eleven
Shops & Services
17,156 visits/mo
0.0 miles
SUBWAY
Dining
4,800 visits/mo
0.1 miles
BP
Shops & Services
4,470 visits/mo
0.4 miles
Demographics for 27405, NC
51,506
Population
21,762
Households
2.4
Avg Household Size
34
Median Age
23%
College-Educated
84%
High-School Grad
31.4 sq mi
ZIP Area
1,640
Density / Sq Mi
$46,498
Median Household Income
$31,677
Median Earnings
$1,002
Median Rent
$150,600
Median Home Value
Market
Vacancy Rate% for Retail in Greensboro, NC
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Designs North Florist & Interiors — 504 E Cornwallis Dr ste a, Greensboro, NC 27405
- Courtyard Floral and Design — 400 State St, Greensboro, NC 27405
Frequently Asked Questions
What type of property is this?
Storefront property - Three condominium units totaling 4,594± SF near downtown Greensboro.
Where is this storefront property located?
The property is located at 504 East Cornwallis Drive Greensboro, NC.
What is the asking price?
The asking price for this property is $1,325,000.
What are key features of this property?
This property features: Sale‑leaseback opportunity offering immediate income potential.; Prime location near downtown Greensboro, Cone Hospital, Revolution Mill, and Greensboro Country Club.; Situated in a thriving retail area with upscale tenants and affluent demographics.
