Building Details

Building Size 6,380 SF

Year Built 1985

Listing Agency: Dewey Property Advisors

Listed By: Scott Raines, CCIM · License #NC #226165 Show Phone

Source: Deweypa

Added: Apr 1 Changed: Oct 25 Last Checked: Oct 26 at 1:24PM

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Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This is a turnkey restaurant opportunity located off College Avenue (Alt 74), situated just west of Forest City’s primary retail hub and in close proximity to Rutherfordton and Spindale. The building has an area of approximately 6,380 square feet and features a large commercial kitchen equipped with hoods and other equipment, a walk-in cooler and freezer, a bar area, and a food and salad bar. Multiple dining areas are available, including a solarium, with seating for approximately 200 guests. The property also offers six restrooms and approximately 85 on-site parking spaces.

Key Highlights

• Turnkey restaurant opportunity with existing equipment.
• Seating for approximately 200 guests.
• Large commercial kitchen with hoods, walk‑in cooler, and freezer.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$75,666

Cap Rate

3.78%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,513,320 $1.5M

Cap Rate 7%

$1,080,943 $1.1M

Cap Rate 9%

$840,733 $840.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,380 SF

Gross rent

$108.7K $17.04/SF

− Vacancy

−$7.8K −$1.23/SF

EGI

$100.9K $15.81/SF

− OpEx

−$25.2K −$3.95/SF

NOI

$75.7K $11.86/SF

Area

Rutherford County, NC

Vacancy

7.20%

Lease Rate

$17.04 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,513,320

Cap Rate 7%

$1,080,943

Cap Rate 9%

$840,733

Alternative Uses

Best Use

Specialty Retail

$1.08M

$945.8K – $1.26M (±1% cap)

NOI $75,666 @ 7.0% cap · market cap 3.78%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.41M

$1.23M – $1.64M (±1% cap)

NOI $98,487 @ 7.0% cap · market cap 4.92%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Don's Italian Restaurant Restaurant

Suggested Use

Top Pick Real Estate Agency Building Supply Law Firm Hair Salon Nail Salon Garden 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

143

Businesses Nearby

29k

Monthly Visits Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 37% Dining 31% Home Improvements & Furnishings 28% Electronics 3%

Denny's Dining

9,127 visits/mo 0.4 miles

Harbor Freight Tools Home Improvements & Furnishings

8,228 visits/mo 0.5 miles

Dollar General Shops & Services

6,765 visits/mo 0.3 miles

Citgo Shops & Services

4,049 visits/mo 0.3 miles

Metro by T-Mobile Electronics

876 visits/mo 0.5 miles

Demographics for 28160, NC

3,869

Population

1,953

Households

2

Avg Household Size

40

Median Age

15%

College-Educated

84%

High-School Grad

5.5 sq mi

ZIP Area

703

Density / Sq Mi

$38,625

Median Household Income

$32,043

Median Earnings

$692

Median Rent

$121,300

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

Frequently Asked Questions

What type of property is this?

Conventional restaurant - Turnkey restaurant with seating for 200 near retail hub.

Where is this conventional restaurant located?

The property is located at 619 Oakland Rd Spindale, NC.

What is the asking price?

The asking price for this property is $2,000,000.

What are key features of this property?

This property features: Turnkey restaurant opportunity with existing equipment.; Seating for approximately 200 guests.; Large commercial kitchen with hoods, walk‑in cooler, and freezer.