Two-Story Chapel with
For Sale
$400,000
601 College Avenue SW, Lenoir, NC 28645
The building combines O-I zoning with multiple rooms, offices, and bathrooms across two levels.
Property Size2,872 SF
Price / SF$139.28
Days on Market84
Property Features for 601 College Avenue SW
General Information
Standard status
Active
Size
2,872 SF
Property subtype
Commercial
Zoning
O-I
Building Details
Year Built
1913
Listing Agency:
Reid's Real Estate & Marketing Group
(704) 658-6139
Listed By:
Tim Reid
Source:
Techrealtyllc
Added: May 22
Changed: Aug 13
Last Checked: Aug 13 at 4:24AM
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 Reid's Real Estate & Marketing Group
Investment Insights
Based on property information with market context.
Currently operating as Avery's Memorial Chapel of Lenoir, this 2,872 SF property is arranged over two levels and was built in 1913. The first floor includes an office, bathroom, and five additional rooms. Upstairs are a second bathroom, two rooms, and a larger front room with abundant natural light. Interior details include high ceilings and painted hardwood flooring across much of the building.
The property occupies a corner lot at 601 College Avenue SW in Lenoir, North Carolina. A side driveway extends to parking behind the building, where a separate entrance provides additional access. The property is zoned O-I and includes ample on-site parking.
The property occupies a corner lot at 601 College Avenue SW in Lenoir, North Carolina. A side driveway extends to parking behind the building, where a separate entrance provides additional access. The property is zoned O-I and includes ample on-site parking.
Key Highlights
- 2,872 SF chapel property built in 1913
- Currently operating as Avery's Memorial Chapel of Lenoir
- Five first‑floor rooms plus an office and bathroom
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
$33,670
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
8.42%
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%
$673,400
$673.4K
Cap Rate 7%
$481,000
$481.0K
Cap Rate 9%
$374,111
$374.1K
Market Conditions
NOI Build-Up for 2,872 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
$57.6K $20.04/SF
− Vacancy
−$12.7K −$4.41/SF
EGI
$44.9K $15.63/SF
− OpEx
−$11.2K −$3.91/SF
NOI
$33.7K $11.72/SF
Area
Caldwell County, NC
Vacancy
22.00%
Lease Rate
$20.04 /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%
$673,400
Cap Rate 7%
$481,000
Cap Rate 9%
$374,111
Alternative Uses
Best Use
Office B
$481.0K
$420.9K – $561.2K
NOI $33,670 @ 7.0% cap · market cap 8.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$655.4K
$573.5K – $764.6K
NOI $45,878 @ 7.0% cap · market cap 11.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
959
Businesses Nearby
Explore this area
Business Placement
Demographics for 28645, NC
46,004
Population
21,558
Households
2.1
Avg Household Size
45
Median Age
17%
College-Educated
82%
High-School Grad
329.1 sq mi
ZIP Area
140
Density / Sq Mi
$50,529
Median Household Income
$34,526
Median Earnings
$726
Median Rent
$157,800
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?
Church & religious facility - The building combines O-I zoning with multiple rooms, offices, and bathrooms across two levels.
Where is this church & religious facility located?
The property is located at 601 College Avenue SW Lenoir, NC.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 2,872 SF chapel property built in 1913; Currently operating as Avery's Memorial Chapel of Lenoir; Five first‑floor rooms plus an office and bathroom
