Two-Tenant Storefront
For Sale
$425,000
698 E New Hope Rd, Goldsboro, NC 27534
General Business zoning and an established salon-office configuration support varied commercial use possibilities.
Property Size2,370 SF
Price / SF$179.32
Days on Market37
Property Features for 698 E New Hope Rd
General Information
Standard status
Active
Size
2,370 SF
Zoning
GB
Building Details
Year Built
1990
Tenancy
Multi
Listing Agency:
Century 21 Triangle Group
(919) 219-9312
Listed By:
Marguerite Greene · License #283390
Source:
Tcrnc
Added: Jul 25
Changed: Aug 28
Last Checked: Aug 29 at 11:36AM
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 Century 21 Triangle Group
Investment Insights
Based on property information with market context.
This 2,370 SF storefront property, built in 1990, is configured as a two-tenant plaza. The primary suite operates as a hair salon, with fixtures available for negotiation. A smaller office suite is occupied under a yearly lease scheduled to end in April 2026, providing an existing income component within the property.
Located at 698 E New Hope Rd in Goldsboro, the property carries General Business (GB) zoning and falls within the Wayne County Planning District. Listed permitted uses include barber and beauty services, day care, restaurant, bank or ATM, bakery, clinic, convenience store, automobile service, church, martial arts school, and nonprofit or club facilities. The configuration offers a compact storefront format with both service and office space.
Located at 698 E New Hope Rd in Goldsboro, the property carries General Business (GB) zoning and falls within the Wayne County Planning District. Listed permitted uses include barber and beauty services, day care, restaurant, bank or ATM, bakery, clinic, convenience store, automobile service, church, martial arts school, and nonprofit or club facilities. The configuration offers a compact storefront format with both service and office space.
Key Highlights
- 2,370 SF two‑tenant storefront property at 698 E New Hope Rd
- Primary suite configured as an operating hair salon
- Smaller office suite leased yearly through April 2026
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
$29,086
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
6.84%
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%
$581,720
$581.7K
Cap Rate 7%
$415,514
$415.5K
Cap Rate 9%
$323,178
$323.2K
Market Conditions
NOI Build-Up for 2,370 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
$42.7K $18.00/SF
− Vacancy
−$1.1K −$0.47/SF
EGI
$41.6K $17.53/SF
− OpEx
−$12.5K −$5.26/SF
NOI
$29.1K $12.27/SF
Area
Wayne County, NC
Vacancy
2.60%
Lease Rate
$18.00 /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%
$581,720
Cap Rate 7%
$415,514
Cap Rate 9%
$323,178
Alternative Uses
Best Use
Retail
$415.5K
$363.6K – $484.8K
NOI $29,086 @ 7.0% cap · market cap 6.84%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.91M
$1.67M – $2.22M
NOI $133,378 @ 7.0% cap · market cap 31.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
83
Businesses Nearby
24k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 84%
Shops & Services 16%
Food Lion Grocery Store
Groceries
19,754 visits/mo
0.3 miles
Family Dollar
Shops & Services
3,777 visits/mo
0.3 miles
Demographics for 27534, NC
30,844
Population
15,158
Households
2
Avg Household Size
38
Median Age
29%
College-Educated
91%
High-School Grad
73.1 sq mi
ZIP Area
422
Density / Sq Mi
$59,950
Median Household Income
$39,686
Median Earnings
$1,106
Median Rent
$187,700
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?
Storefront property - General Business zoning and an established salon-office configuration support varied commercial use possibilities.
Where is this storefront property located?
The property is located at 698 E New Hope Rd Goldsboro, NC.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 2,370 SF two‑tenant storefront property at 698 E New Hope Rd; Primary suite configured as an operating hair salon; Smaller office suite leased yearly through April 2026
