Mixed-Use Property with Retail and
New
For Sale
$199,000
67 Falls Avenue, Granite Falls, NC 28630
Vacant mixed-use building with ground-floor retail and three residential units requiring renovation.
Property Size1,600 SF
Price / SF$124.38
Days on Market4
Property Features for 67 Falls Avenue
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Commercial
Property Condition
Severity
Repairs Needed
Evidence
blank slate ripe for a total transformation
Site & Location
Traffic Count
5,800 vehicles/day
Highway Access
Yes
Additional Details
Floor
Ground
Amenities
Corner Lot
Metal Roof
Flat Roof
Parking Lot
Building Details
Year Built
1966
Listing Agency:
BOYD & HASSELL INDUSTRIAL-COMMERCIAL
(828) 322-1723
Listed By:
GAVIN MITCHELL · License #218225
(828) 234-7676
Source:
Corcoran
Added: Sep 11
Changed: Sep 13
Last Checked: Sep 13 at 2:56PM
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 BOYD & HASSELL INDUSTRIAL-COMMERCIAL
Investment Insights
Based on property information with market context.
Located at 67 Falls Avenue in Granite Falls, this 1966 mixed-use property combines a ground-floor commercial area with three residential apartments. The retail portion contains 1,600+ square feet and is positioned directly off Highway 321, while the building is currently vacant and requires renovation.
The residential layout includes two upstairs apartments—a 2 bed/1 bath unit and a 1 bed/1 bath unit—along with a 2 bed/1 bath basement apartment. Highway 321 carries over 5,800 passing vehicles daily, providing established roadway exposure for the commercial component. The property offers a combined retail and residential configuration for an owner-user or redevelopment project.
The residential layout includes two upstairs apartments—a 2 bed/1 bath unit and a 1 bed/1 bath unit—along with a 2 bed/1 bath basement apartment. Highway 321 carries over 5,800 passing vehicles daily, providing established roadway exposure for the commercial component. The property offers a combined retail and residential configuration for an owner-user or redevelopment project.
Key Highlights
- 1,600+ square feet of ground‑floor retail space
- Three apartments: two 2 bed/1 bath units and one 1 bed/1 bath unit
- Directly off Highway 321 with over 5,800 passing vehicles daily
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
$16,094
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
8.09%
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%
$321,880
$321.9K
Cap Rate 7%
$229,914
$229.9K
Cap Rate 9%
$178,822
$178.8K
Market Conditions
NOI Build-Up for 1,600 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
$24.0K $15.00/SF
− Vacancy
−$1.0K −$0.63/SF
EGI
$23.0K $14.37/SF
− OpEx
−$6.9K −$4.31/SF
NOI
$16.1K $10.06/SF
Area
Caldwell County, NC
Vacancy
4.20%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$321,880
Cap Rate 7%
$229,914
Cap Rate 9%
$178,822
Alternative Uses
Best Use
Retail
$229.9K
$201.2K – $268.2K
NOI $16,094 @ 7.0% cap · market cap 8.09%
Second Best
Multifamily LT 5
$171.1K
$149.8K – $199.7K
NOI $11,980 @ 7.0% cap · market cap 6.02%
Theoretical Best
Office A
$365.1K
$319.5K – $426.0K
NOI $25,559 @ 7.0% cap · market cap 12.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
5,800 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
338
Businesses Nearby
Explore this area
Business Placement
Demographics for 28630, NC
19,772
Population
9,220
Households
2.1
Avg Household Size
44
Median Age
18%
College-Educated
82%
High-School Grad
61.0 sq mi
ZIP Area
324
Density / Sq Mi
$65,713
Median Household Income
$41,407
Median Earnings
$808
Median Rent
$197,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Vacant mixed-use building with ground-floor retail and three residential units requiring renovation.
Where is this mixed-use property located?
The property is located at 67 Falls Avenue Granite Falls, NC.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: 1,600+ square feet of ground‑floor retail space; Three apartments: two 2 bed/1 bath units and one 1 bed/1 bath unit; Directly off Highway 321 with over 5,800 passing vehicles daily
