Two-Story Flex Space with Bay
For Sale
$1,250,000
610 N Liberty Street, Winston Salem, NC 27101
Renovated two-level commercial space configured for gym operations with on-site parking and shower-equipped restrooms.
Property Size8,374 SF
Price / SF$149.27
Days on Market69
Property Features for 610 N Liberty Street
General Information
Standard status
Active
Size
8,374 SF
Property subtype
Retail
Building Details
Building Size
8,374 SF
Year Built
1922
Year Renovated
2014
Stories
2
Listing Agency:
(828) 406-6858
Listed By:
Taryne Seatz
Source:
Ltpcommercial
Added: Jun 25
Changed: Aug 31
Last Checked: Aug 31 at 1:47PM
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 Taryne Seatz
Investment Insights
Based on property information with market context.
Located at 610 N. Liberty Street in downtown Winston-Salem, this ±8,374 SF commercial building combines a flexible interior with existing fitness-oriented improvements. The property was built in 1922 and renovated in 2014, and its current layout spans two floors with a bay door, separate men’s and women’s restrooms, dual showers in each, and on-site parking.
The building is presently arranged for gym use and offers an open configuration that can be adapted for retail, office, fitness, creative, or mixed-use applications. The property information also identifies potential for an apartment-and-office combination. Its downtown setting places the asset within Winston-Salem’s central commercial area.
The building is presently arranged for gym use and offers an open configuration that can be adapted for retail, office, fitness, creative, or mixed-use applications. The property information also identifies potential for an apartment-and-office combination. Its downtown setting places the asset within Winston-Salem’s central commercial area.
Key Highlights
- ±8,374 SF building in downtown Winston‑Salem
- Built in 1922 and renovated in 2014
- Two‑floor layout with open, adaptable interior
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
$44,628
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
3.57%
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%
$892,560
$892.6K
Cap Rate 7%
$637,543
$637.5K
Cap Rate 9%
$495,867
$495.9K
Market Conditions
NOI Build-Up for 8,374 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
$75.4K $9.00/SF
− Vacancy
−$6.7K −$0.80/SF
EGI
$68.7K $8.20/SF
− OpEx
−$24.0K −$2.87/SF
NOI
$44.6K $5.33/SF
Area
Forsyth County, NC
Vacancy
8.90%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
35.00%
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%
$892,560
Cap Rate 7%
$637,543
Cap Rate 9%
$495,867
Alternative Uses
Best Use
Flex RnD
$637.5K
$557.9K – $743.8K
NOI $44,628 @ 7.0% cap · market cap 3.57%
Second Best
Industrial
$632.2K
$553.2K – $737.6K
NOI $44,254 @ 7.0% cap · market cap 3.54%
Theoretical Best
Specialty Retail
$2.16M
$1.89M – $2.52M
NOI $151,431 @ 7.0% cap · market cap 12.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,738
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 27101, NC
21,654
Population
11,958
Households
1.8
Avg Household Size
37
Median Age
34%
College-Educated
90%
High-School Grad
12.5 sq mi
ZIP Area
1,732
Density / Sq Mi
$44,611
Median Household Income
$34,278
Median Earnings
$970
Median Rent
$201,500
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Renovated two-level commercial space configured for gym operations with on-site parking and shower-equipped restrooms.
Where is this flex space located?
The property is located at 610 N Liberty Street Winston Salem, NC.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: ±8,374 SF building in downtown Winston‑Salem; Built in 1922 and renovated in 2014; Two‑floor layout with open, adaptable interior
