Listing Agency: KELLER WILLIAMS REALTY ELITE - BLUE RIDGE Show Phone

Listed By: JAMES HALSEY Show Phone

Source: Corcoran

Added: Jul 25 Changed: Sep 17 Last Checked: Sep 16 at 3:39PM

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Investment Insights

Based on property information with market context.

This property includes a former manufacturing metal building of approximately 4,600 square feet with a metal roofed shed measuring 80' x 18', which is suitable for outside storage. The site also features office space and a restroom, and high ceilings that can support greater storage capacity depending on the intended use.

The property has a shared well and septic tank with the adjoining property. The existing buildings and shed support a variety of industrial and storage-oriented plans.

Additional on-site improvements include the office and restroom area, along with the high-ceiling main building and the metal-roof shed designed for outdoor storage.

Key Highlights

• Includes a former manufacturing metal building with approx. 4,600 SF and a metal‑roofed shed for outside storage
• Metal‑roof shed measures 80' x 18', suitable for equipment or materials storage
• Building offers office space and a restroom

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

$22,981

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

6.57%

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%

$459,620 $459.6K

Cap Rate 7%

$328,300 $328.3K

Cap Rate 9%

$255,344 $255.3K

Market Conditions

NOI Build-Up for 4,600 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

$35.9K $7.80/SF

− Vacancy

−$3.0K −$0.66/SF

EGI

$32.8K $7.14/SF

− OpEx

−$9.8K −$2.14/SF

NOI

$23.0K $5.00/SF

Area

Alleghany County, NC

Vacancy

8.50%

Lease Rate

$7.80 /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%

$459,620

Cap Rate 7%

$328,300

Cap Rate 9%

$255,344

Alternative Uses

Best Use

Industrial

$328.3K

$287.3K – $383.0K (±1% cap)

NOI $22,981 @ 7.0% cap · market cap 6.57%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$999.3K

$874.4K – $1.17M (±1% cap)

NOI $69,949 @ 7.0% cap · market cap 19.99%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Manufacturing properties

Suggested Use

Top Pick Grocery & Convenience Store Butcher Auto Repair Shop Daycare Center Gym & Fitness Center Spa & Massage Center

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

13

Businesses Nearby

Explore this area Business Placement

Demographics for 28675, NC

6,138

Population

3,867

Households

1.6

Avg Household Size

50

Median Age

24%

College-Educated

84%

High-School Grad

107.4 sq mi

ZIP Area

57

Density / Sq Mi

$44,137

Median Household Income

$29,686

Median Earnings

$717

Median Rent

$202,100

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this manufacturing properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Manufacturing property - Land includes a former metal manufacturing building, metal-roof shed, and office space with restroom.

Where is this manufacturing property located?

The property is located at 593 Andrews Ridge Road Sparta, NC.

What is the asking price?

The asking price for this property is $350,000.

What are key features of this property?

This property features: Includes a former manufacturing metal building with approx. 4,600 SF and a metal‑roofed shed for outside storage; Metal‑roof shed measures 80' x 18', suitable for equipment or materials storage; Building offers office space and a restroom