Downtown Storefront Retail
For Sale
$229,000
512 Carthage St, Sanford, NC 27330
Versatile storefront space currently operating as a salon, formerly an insurance office, in downtown Sanford.
Property Size936 SF
Price / SF$244.66
Days on Market111
Property Features for 512 Carthage St
General Information
Standard status
Active
Size
936 SF
Property subtype
Commercial
Listing Agency:
ADCOCK REAL ESTATE SERVICES
Listed By:
STEVEN M MALLOY · License #180496
(919) 775-5444
Source:
Fayettevillehomesource
Added: May 27
Changed: Sep 9
Last Checked: Sep 13 at 11:35AM
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 ADCOCK REAL ESTATE SERVICES
Investment Insights
Based on property information with market context.
This versatile storefront commercial space is currently operating as a salon and was previously used as an insurance office. The layout is suited to service and retail-style operations within a compact downtown footprint.
The property is located in the heart of downtown Sanford, adjacent to the County Offices. Its visibility and accessibility make it a practical option for a range of professional or retail uses.
Offered for sale as a single storefront property, it provides an adaptable interior configuration for tenants seeking a central presence.
The property is located in the heart of downtown Sanford, adjacent to the County Offices. Its visibility and accessibility make it a practical option for a range of professional or retail uses.
Offered for sale as a single storefront property, it provides an adaptable interior configuration for tenants seeking a central presence.
Key Highlights
- Versatile commercial storefront currently operating as a salon; formerly an insurance office
- Located in the heart of downtown Sanford
- Conveniently adjacent to the County Offices
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
$11,093
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
4.84%
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%
$221,860
$221.9K
Cap Rate 7%
$158,471
$158.5K
Cap Rate 9%
$123,256
$123.3K
Market Conditions
NOI Build-Up for 936 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
$16.3K $17.40/SF
− Vacancy
−$440 −$0.47/SF
EGI
$15.8K $16.93/SF
− OpEx
−$4.8K −$5.08/SF
NOI
$11.1K $11.85/SF
Area
Lee County, NC
Vacancy
2.70%
Lease Rate
$17.40 /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%
$221,860
Cap Rate 7%
$158,471
Cap Rate 9%
$123,256
Alternative Uses
Best Use
Retail
$158.5K
$138.7K – $184.9K
NOI $11,093 @ 7.0% cap · market cap 4.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$227.6K
$199.1K – $265.5K
NOI $15,931 @ 7.0% cap · market cap 6.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,151
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 27330, NC
39,489
Population
17,026
Households
2.3
Avg Household Size
39
Median Age
23%
College-Educated
85%
High-School Grad
210.7 sq mi
ZIP Area
187
Density / Sq Mi
$60,726
Median Household Income
$37,477
Median Earnings
$966
Median Rent
$213,000
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 Retail in South region
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Similar Off Market Nearby
- Flower Station — 116 s steele st, sanford, nc 27330
Frequently Asked Questions
What type of property is this?
Storefront property - Versatile storefront space currently operating as a salon, formerly an insurance office, in downtown Sanford.
Where is this storefront property located?
The property is located at 512 Carthage St Sanford, NC.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: Versatile commercial storefront currently operating as a salon; formerly an insurance office; Located in the heart of downtown Sanford; Conveniently adjacent to the County Offices
