Turnkey Restaurant Opportunity Near
For Sale
$2,000,000
619 Oakland Rd, Spindale, NC 28160
Turnkey restaurant with seating for 200 near retail hub.
Property Size6,380 SF
Price / SF$313.48
Days on Market150
Property Features for 619 Oakland Rd
General Information
Standard status
Active
Size
6,380 SF
Listing Agency:
Dewey Property Advisors
(828) 548-0090
Listed By:
Scott Raines · License #226165
(828) 548-0090
Source:
Exprealty
Added: Mar 27
Changed: Aug 23
Last Checked: Aug 23 at 4:16AM
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 Dewey Property Advisors
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 = 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
$75,666
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
3.78%
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%
$1,513,320
$1.5M
Cap Rate 7%
$1,080,943
$1.1M
Cap Rate 9%
$840,733
$840.7K
Market Conditions
NOI Build-Up for 6,380 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
$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 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%
$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
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
NOI $98,487 @ 7.0% cap · market cap 4.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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.
