Freestanding Office
For Sale
$175,000
604 Chestnut Street, Gastonia, NC 28054
Freestanding office property with three office spaces, partial kitchen, and one bathroom, plus ample on-site parking.
Property Size858 SF
Price / SF$203.96
Days on Market187
Property Features for 604 Chestnut Street
General Information
Standard status
Active
Size
858 SF
Property subtype
Office
Additional Details
Office Units
3
Amenities
Central Air
3
Driveway.
Building Details
Year Built
1940
Listing Agency:
Gilleland Realty Inc
(704) 349-8386
Listed By:
Susan Poteat
(704) 349-8386
Source:
Xome
Added: Feb 24
Changed: Aug 25
Last Checked: Aug 29 at 7:50AM
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 Gilleland Realty Inc
Investment Insights
Based on property information with market context.
This freestanding commercial office property is configured with three separate office spaces, along with a partial kitchen and one bathroom. The layout is straightforward and suited for office use, offering multiple rooms within a single building.
The property includes plenty of parking and is located across from Lineberger park. Its standalone setup supports convenient access for clients and staff.
At this time, the information provided does not specify any additional amenities, building condition details, or interior finish specifics beyond the noted office configuration and basic kitchen and bathroom.
The property includes plenty of parking and is located across from Lineberger park. Its standalone setup supports convenient access for clients and staff.
At this time, the information provided does not specify any additional amenities, building condition details, or interior finish specifics beyond the noted office configuration and basic kitchen and bathroom.
Key Highlights
- Freestanding commercial/office building built in 1940
- 3 office spaces with a partial kitchen
- 1 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
$15,048
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
8.60%
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%
$300,960
$301.0K
Cap Rate 7%
$214,971
$215.0K
Cap Rate 9%
$167,200
$167.2K
Market Conditions
NOI Build-Up for 858 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
$22.3K $26.04/SF
− Vacancy
−$2.3K −$2.66/SF
EGI
$20.1K $23.38/SF
− OpEx
−$5.0K −$5.85/SF
NOI
$15.0K $17.54/SF
Area
Gaston County, NC
Vacancy
10.20%
Lease Rate
$26.04 /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%
$300,960
Cap Rate 7%
$214,971
Cap Rate 9%
$167,200
Alternative Uses
Best Use
Office B
$215.0K
$188.1K – $250.8K
NOI $15,048 @ 7.0% cap · market cap 8.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$270.0K
$236.3K – $315.1K
NOI $18,903 @ 7.0% cap · market cap 10.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Location Intelligence
Trade Area within ½ mile
999
Businesses Nearby
Explore this area
Business Placement
Demographics for 28054, NC
40,548
Population
18,351
Households
2.2
Avg Household Size
40
Median Age
25%
College-Educated
90%
High-School Grad
19.3 sq mi
ZIP Area
2,101
Density / Sq Mi
$59,524
Median Household Income
$39,883
Median Earnings
$1,150
Median Rent
$220,200
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?
Office units - Freestanding office property with three office spaces, partial kitchen, and one bathroom, plus ample on-site parking.
Where is this office units located?
The property is located at 604 Chestnut Street Gastonia, NC.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: Freestanding commercial/office building built in 1940; 3 office spaces with a partial kitchen; 1 bathroom
