School Building with Classroom
For Sale
$480,000
516 W Chapin Rd, Aberdeen, NC 28315
Shell-condition building with public utilities and a 1.35-acre site for customized interior planning.
Property Size5,500 SF
Price / SF$87.27
Days on Market42
Property Features for 516 W Chapin Rd
General Information
Standard status
Active
Size
5,500 SF
Building Details
Year Built
1979
Listing Agency:
Keller Williams Pinehurst
(910) 420-4067
Listed By:
Angela Thompson Group, Angela C Thompson · License #269056
Source:
Barefootbrokers
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 29 at 7:46PM
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 Keller Williams Pinehurst
Investment Insights
Based on property information with market context.
Located at 516 W Chapin Rd in Aberdeen, this former school building was constructed in 1979 and is offered in shell condition. The interior includes four classroom-style rooms, a central hallway, and separate men’s and women’s restrooms. A slab foundation and flat roof complete the existing improvements.
The property occupies 1.35 acres within the approved Aberdeen Station mixed-use development, with public utilities already in place. The site configuration supports planning for parking, outdoor activity areas, or future expansion. Identified use possibilities include daycare, private school, tutoring, church, therapy or rehabilitation, wellness, and professional or medical office applications.
The property occupies 1.35 acres within the approved Aberdeen Station mixed-use development, with public utilities already in place. The site configuration supports planning for parking, outdoor activity areas, or future expansion. Identified use possibilities include daycare, private school, tutoring, church, therapy or rehabilitation, wellness, and professional or medical office applications.
Key Highlights
- Former school building constructed in 1979
- Four large classroom‑style rooms with a central hallway
- Separate men’s and women’s restrooms
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
$40,541
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
8.45%
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%
$810,820
$810.8K
Cap Rate 7%
$579,157
$579.2K
Cap Rate 9%
$450,456
$450.5K
Market Conditions
NOI Build-Up for 5,500 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
$154.4K $28.08/SF
− Vacancy
−$100.4K −$18.25/SF
EGI
$54.1K $9.83/SF
− OpEx
−$13.5K −$2.46/SF
NOI
$40.5K $7.37/SF
Area
Moore County, NC
Vacancy
65.00%
Lease Rate
$28.08 /SF/Yr
Expense Ratio
25.00%
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%
$810,820
Cap Rate 7%
$579,157
Cap Rate 9%
$450,456
Alternative Uses
Best Use
Office B
$579.2K
$506.8K – $675.7K
NOI $40,541 @ 7.0% cap · market cap 8.45%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.05M
$917.0K – $1.22M
NOI $73,361 @ 7.0% cap · market cap 15.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
212
Businesses Nearby
Explore this area
Business Placement
Demographics for 28315, NC
13,500
Population
6,350
Households
2.1
Avg Household Size
37
Median Age
31%
College-Educated
93%
High-School Grad
65.0 sq mi
ZIP Area
208
Density / Sq Mi
$73,079
Median Household Income
$45,644
Median Earnings
$1,131
Median Rent
$279,700
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
School - Shell-condition building with public utilities and a 1.35-acre site for customized interior planning.
Where is this school located?
The property is located at 516 W Chapin Rd Aberdeen, NC.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: Former school building constructed in 1979; Four large classroom‑style rooms with a central hallway; Separate men’s and women’s restrooms
