Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Downtown Winston-Salem Retail Investment Opportunity Title is generated by Realmo AI

    633 N Liberty Street, Winston Salem, NC 27101

    View on Map
    Claim this Listing
    New
    For Sale
    $11,000,000

    SINGLE_FAMILY - Winston Salem, NC

    Type:Retail
    Property size:
    42,234 SF
    Lot size:
    0.52 Acres
    Price / SF:
    $260/SF
    Added:
    May 18, 2026
    Days on Market:
    3
    Last Refresh:
    May 20 at 5:06 am

    Property Features for 633 N Liberty Street

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Rooms
    Basement
    Basement
    Finished
    Standard status
    Active
    APN
    727340
    Size
    42,234 SF
    Lot size
    0.52 Acres

    Taxes and HOA fees

    Tax Description
    TWIN CITY AUTO BLDG LO:240 BL:0013 BU:1

    Building Details

    Year built
    1926

    We can help!

    Listing Contact
    Pat Flanagan

    Listing agent Pat Flanagan

    Listing office Century 21 Providence Realty 8129 Ardrey Kell Road Ste 101, Monroe, NC

    Listing date May 18, 2026

    MLS# 4382968

    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.

    HighLights

    • Prime downtown Winston‑Salem location, near the Wake Forest Innovation Quarter, offering high visibility and walkability.
    • Flexible deal structure with seller lease‑back option for immediate income and negotiable lease terms.
    • Significant +/-42,234 square feet on a sizable +/-0.52 acres lot allowing for varied uses.
    • Renovated three‑story commercial space suitable for retail, office, or multi‑tenant conversion.
    • Located in an active growth corridor with ongoing redevelopment and investment.
    • Property includes a basement.

    Overview

    Located in the heart of downtown Winston-Salem, 633 N Liberty Street presents an investment opportunity with a seller lease-back structure, offering immediate income while maintaining flexibility for a variety of deal structures. The current ownership is open to remaining in place as a tenant, creating an opportunity for investors to establish day-one cash flow. Terms are flexible, allowing a buyer to negotiate lease structure, occupancy, or future repositioning based on their investment strategy. The property consists of approximately 42,234 square feet on approximately 0.52 acres and features three stories of renovated commercial space. Recent upgrades have enhanced the building while preserving versatility, supporting a range of uses including retail and office. Positioned just blocks from the Wake Forest Innovation Quarter, the property benefits from strong visibility, walkability, and proximity to Winston-Salem's growing mix of retail, dining, residential, and employment hubs. Surrounded by continued redevelopment and investment, 633 N Liberty Street offers an opportunity to acquire a well-located asset with flexible deal structure, potential in-place income, and long-term upside in one of Winston-Salem's most active growth corridors. The property's versatility also supports future multi-tenant conversion.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Piedmont Federal Savings ... Bank Asian Fare Restaurant The Mayfair Club Bar & Pub Est! Est!! Est!!! Restaurant Roar Restaurant

    Suggested Use

    Real Estate Agency Restaurant Law Firm Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Imagine Flowers — 560 Trade St NW, Winston-Salem, NC 27101
    • Movesinthespirit.net — 229 Azalea Terrace Ct, Winston-Salem, NC 27105

    Location Insight

    • Map
    • Local Demand
    City
    Winston Salem
    County
    Forsyth
    State
    North Carolina
    Longitude
    -80.245115
    Latitude
    36.102628

    Nearby Similar for Sale

    • $1,500,000

      Robinhood Road Commercial Property

      Commercial property with high traffic, ample parking, and dual access.
      3449 Robinhood Road, Winston Salem, NC 27106
      View Details
    • $450,000
      1,752 SF

      Renovated Office/Retail Space with Parking

      Renovated office/retail space with parking in historic West End.
      361 W End Blvd, Winston Salem, NC 27101
      View Details
    • Contact for pricing

      University Parkway Retail Opportunity

      Newly renovated NNN leased retail property near Wake Forest University.
      5610 University Pkwy, Winston Salem, NC 27105
      View Details
    • Contact for pricing

      Winston-Salem Specialty Property Opportunity

      Specialty property with value-add potential in growing Winston-Salem submarket.
      1000 Crowne Oaks Circle, Winston Salem, NC 27106
      View Details
    • $1,405,000
      13,493 SF

      Retail Property in West End

      Retail property in Winston-Salem's West End District for sale.
      212 N Broad St, Winston Salem, NC 27101
      View Details
    • $1,500,000

      Commercial Property on Robinhood Road

      Commercial property with high traffic, dual access, and ample parking.
      3449 Robinhood Road, Winston Salem, Winston Salem, NC 27106
      View Details
    • $1,300,000

      East Winston Fully Occupied Multifamily

      Fully occupied 10-unit multifamily property in East Winston.
      1401 E Fifth Street #186B, Winston Salem, NC 27101
      View Details
    • Contact for pricing

      Retail Building with Long-Term Lease

      Retail building with a long-term lease and built-in rent increases.
      4810 Country Club Rd, Winston Salem, NC
      View Details

    FAQs

    What type of property is this?
    Storefront property - Prime downtown location with flexible deal structure and income potential.
    Where is this storefront property located?
    The property is located at 633 N Liberty Street Winston Salem, NC.
    What is the asking price?
    The asking price for this property is $11,000,000.
    What are key features of this property?
    This property features: Prime downtown Winston‑Salem location, near the Wake Forest Innovation Quarter, offering high visibility and walkability.; Flexible deal structure with seller lease‑back option for immediate income and negotiable lease terms.; Significant +/-42,234 square feet on a sizable +/-0.52 acres lot allowing for varied uses.
    (704) 776-8402
    We can help!
    Listing Contact
    Pat Flanagan
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    633 N Liberty Street, Winston Salem, NC 27101
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!