Office Buildings and Vacant
For Sale
$500,000
632 644 652 S Broadway Street, Forest City, NC 28043
SINGLE_FAMILY - Forest City, NC
Property Size3,346 SF
Lot Size1.04 Acres
Price / SF$149.43
Days on Market151
Property Features for 632 644 652 S Broadway Street
General Information
Property type
Residential
Property subtype
Office
Zoning description
Commercial
Rooms
Basement
Parking features
Driveway
Basement
Unfinished, Walk-Out Access
Lot features
Cleared, Corner Lot, Paved
Directions
From College Ave, take exit for 221A, go toward Forest City, property on the left just after Food Lion Gros. Plaza.
Standard status
Active
APN
422930
Lot size
1.04 Acres
Taxes and HOA fees
Tax Description
3 Tracts, 2 buildings, 1 vacant lot, Approx. 1.04 ac
Legal Description
3 Tracts, 2 buildings, 1 vacant lot, Approx. 1.04 ac
Utilities
Sewer type
Public Sewer
Heating system
Central, Ductless (Heating), Heat Pump (Heating), Electric (Heating)
Cooling system
Ductless, Central Air
Water source
Public
Building Details
Year built
1951
Floors in Building
1
Flooring type
Vinyl, Carpet
Roof type
Shingle
Listing Agency:
RE/MAX Journey · RE/MAX International
(828) 395-2222
Listed By:
Loyce Snider · License #162506
(828) 223-8946
Added: Mar 18
Changed: Aug 4
Last Checked: Aug 15 at 6:06AM
MLS# 4358876
Copyright © 2026 Canopy MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Three tracts offering two commercial buildings and one vacant lot for one price, with daily traffic count reported at 8,000 and road frontage on S. Broadway of approx. 300 feet. One building is leased month to month and the other is vacant.
652 S. Broadway is an office space with approx. 3,346 SF, including seven private office rooms, a reception area, and a conference room. 644 S Broadway is leased month to month as a walk-up restaurant. Both buildings have basement areas.
The property includes 632 S Broadway, a vacant lot. The total lot size is 1.04 acres, with cross-street frontage on Sunnyside Street of approx. 195 feet. Reported amenities and systems include public water and public sewer, shingle roofing, driveway parking, basement space, and HVAC elements including heat pump heating, ductless heating, electric heating, central heating, ductless cooling, and central air. Flooring includes vinyl and carpet, and the year built is reported as 1951. The properties adjoin Food Lion and The Medicine Box Drug Store.
652 S. Broadway is an office space with approx. 3,346 SF, including seven private office rooms, a reception area, and a conference room. 644 S Broadway is leased month to month as a walk-up restaurant. Both buildings have basement areas.
The property includes 632 S Broadway, a vacant lot. The total lot size is 1.04 acres, with cross-street frontage on Sunnyside Street of approx. 195 feet. Reported amenities and systems include public water and public sewer, shingle roofing, driveway parking, basement space, and HVAC elements including heat pump heating, ductless heating, electric heating, central heating, ductless cooling, and central air. Flooring includes vinyl and carpet, and the year built is reported as 1951. The properties adjoin Food Lion and The Medicine Box Drug Store.
Key Highlights
- Three tracts with two commercial buildings and a vacant lot for one price
- Daily traffic count reported at 8,000 with approx. 300 feet of road frontage on S. Broadway
- 652 S. Broadway office: approx. 3,346 SF with seven private offices plus reception and conference
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
$39,683
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
7.94%
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%
$793,660
$793.7K
Cap Rate 7%
$566,900
$566.9K
Cap Rate 9%
$440,922
$440.9K
Market Conditions
NOI Build-Up for 3,346 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
$57.0K $17.04/SF
− Vacancy
−$4.1K −$1.23/SF
EGI
$52.9K $15.81/SF
− OpEx
−$13.2K −$3.95/SF
NOI
$39.7K $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%
$793,660
Cap Rate 7%
$566,900
Cap Rate 9%
$440,922
Alternative Uses
Best Use
Specialty Retail
$566.9K
$496.0K – $661.4K
NOI $39,683 @ 7.0% cap · market cap 7.94%
Second Best
Office B
$499.5K
$437.0K – $582.7K
NOI $34,962 @ 7.0% cap · market cap 6.99%
Theoretical Best
Office A
$737.9K
$645.7K – $860.9K
NOI $51,652 @ 7.0% cap · market cap 10.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8,000 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
135
Businesses Nearby
Explore this area
Business Placement
Demographics for 28043, NC
20,183
Population
9,356
Households
2.2
Avg Household Size
43
Median Age
18%
College-Educated
84%
High-School Grad
66.3 sq mi
ZIP Area
304
Density / Sq Mi
$41,746
Median Household Income
$29,909
Median Earnings
$744
Median Rent
$176,100
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 - Three tracts with two commercial buildings and a vacant lot, including an office and a walk-up restaurant on S. Broadway.
Where is this office units located?
The property is located at 632 644 652 S Broadway Street Forest City, NC.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Three tracts with two commercial buildings and a vacant lot for one price; Daily traffic count reported at 8,000 with approx. 300 feet of road frontage on S. Broadway; 652 S. Broadway office: approx. 3,346 SF with seven private offices plus reception and conference
