Versatile Retail
For Sale
$229,000
512 Carthage Street, Sanford, NC 27330
CommercialSale, Sanford, NC
Property Size936 SF
Lot Size0.23 Acres
Price / SF$244.66
Days on Market62
Property Features for 512 Carthage Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
C2 - Central Business
Subdivision
SANFORD
Lot features
Less Than Quarter Acre
Standard status
Active
APN
9642-59-1053-00
Size
936 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Description
PC 2/328 PC 10/41D 312/209 (RD. CLOSING)
Legal Description
PC 2/328 PC 10/41D 312/209 (RD. CLOSING)
Listing Agency:
ADCOCK REAL ESTATE SERVICES
(919) 775-5444
Listed By:
STEVEN M MALLOY · License #180496
(919) 708-3369
Added: Jul 15
Changed: Sep 12
Last Checked: Sep 14 at 5:06AM
MLS# 766015
Copyright © 2026 Longleaf Pine Realtors. 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 936-square-foot retail space is currently operating as a salon and previously served as an insurance office. The existing commercial setup offers a flexible foundation for continued salon operations, professional services, or other retail applications supported by the property’s classification.
The property occupies a 0.23-acre parcel at 512 Carthage Street in downtown Sanford, North Carolina. Its position next to the County Offices provides an established civic-area setting, with direct access to the surrounding downtown environment.
The property occupies a 0.23-acre parcel at 512 Carthage Street in downtown Sanford, North Carolina. Its position next to the County Offices provides an established civic-area setting, with direct access to the surrounding downtown environment.
Key Highlights
- 936 square feet of retail space
- Current salon operation
- Previously used as an insurance office
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Existing salon improvements support continued personal-service use or a professional storefront configuration.
Where is this retail space located?
The property is located at 512 Carthage Street 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: 936 square feet of retail space; Current salon operation; Previously used as an insurance office
