Listing Agency: ADCOCK REAL ESTATE SERVICES Show Phone

Listed By: STEVEN M MALLOY · License #180496 Show Phone

Added: Jul 15 Changed: Oct 19 Last Checked: Oct 30 at 1:06PM

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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.

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Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

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.

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 / Yr

$11,093

Cap Rate

4.84%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$221,860 $221.9K

Cap Rate 7%

$158,471 $158.5K

Cap Rate 9%

$123,256 $123.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 936 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $15,931 @ 7.0% cap · market cap 6.96%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Retail space

Suggested Use

Top Pick Building Supply HVAC Service Storage Facility Parking Lot & Garage Garden Center Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

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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