Building Details

Year Built 1973

Buildings 1

Construction metal

Listing Agency: Neighbors & Associates, Inc

Listed By: Rebecca Neighbors · License #333472 Show Phone

Source: Myhomesearchtriangle

Added: Sep 23 Changed: Sep 26 Last Checked: Sep 26 at 3:00PM

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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 Neighbors & Associates, Inc

Investment Insights

Based on property information with market context.

The 7,452-square-foot flex property includes a metal commercial garage with four bays and dedicated office and lobby space. Built in 1973, it occupies approximately 1.52 acres and has on-site parking. A commercial tenant is currently in place.

The property is located at 700 N 13th St in Erwin, North Carolina. B-2 zoning is in place.

Key Highlights

• 7,452‑square‑foot flex property on approximately 1.52 acres
• Metal commercial garage with four bays
• Dedicated office and lobby space

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

$61,631

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

9.13%

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%

$1,232,620 $1.2M

Cap Rate 7%

$880,443 $880.4K

Cap Rate 9%

$684,789 $684.8K

Market Conditions

NOI Build-Up for 7,452 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

$102.8K $13.80/SF

− Vacancy

−$8.0K −$1.08/SF

EGI

$94.8K $12.72/SF

− OpEx

−$33.2K −$4.45/SF

NOI

$61.6K $8.27/SF

Area

Harnett County, NC

Vacancy

7.80%

Lease Rate

$13.80 /SF/Yr

Expense Ratio

35.00%

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%

$1,232,620

Cap Rate 7%

$880,443

Cap Rate 9%

$684,789

Alternative Uses

Best Use

Retail

$943.0K

$825.1K – $1.10M (±1% cap)

NOI $66,011 @ 7.0% cap · market cap 9.78%

Second Best

Flex RnD

$880.4K

$770.4K – $1.03M (±1% cap)

NOI $61,631 @ 7.0% cap · market cap 9.13%

Theoretical Best

Office A

$1.62M

$1.42M – $1.89M (±1% cap)

NOI $113,554 @ 7.0% cap · market cap 16.82%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Dental Office Restaurant Law Firm Building Supply Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Service bays

Location Intelligence

Trade Area within ½ mile

179

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 28339, NC

6,444

Population

3,245

Households

2

Avg Household Size

42

Median Age

14%

College-Educated

86%

High-School Grad

35.6 sq mi

ZIP Area

181

Density / Sq Mi

$51,803

Median Household Income

$36,017

Median Earnings

$1,006

Median Rent

$158,200

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Flex space - A metal garage with dedicated office and lobby space serves a commercial tenant on a B-2-zoned site.

Where is this flex space located?

The property is located at 700 N 13th St Erwin, NC.

What is the asking price?

The asking price for this property is $675,000.

What are key features of this property?

This property features: 7,452‑square‑foot flex property on approximately 1.52 acres; Metal commercial garage with four bays; Dedicated office and lobby space