Building Details

Year Built 2007

Buildings 1

Stories 1

Tenancy Multi

Listing Agency: Lee & Associates - Raleigh Durham

Listed By: Jake Plotkin · License #NC 257898 Show Phone

Source: Crexi

Added: Mar 31 Changed: Sep 2 Last Checked: Sep 1 at 3:27AM

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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 Lee & Associates - Raleigh Durham

Investment Insights

Based on property information with market context.

This 12,496-square-foot shopping center, completed in 2007, is configured as a multi-tenant retail property with a Dollar General anchor. Dollar General occupies 10,675 square feet, while Village Pizza occupies 1,575 square feet. A SECU ATM adds another customer-service component to the tenant mix.

The property is located at 8302 Belews Creek Road in Stokesdale, North Carolina, with access to NC Highway 65 and proximity to US-158 and NC-68. Those routes connect with I-73 and I-840, while Greensboro and Kernersville are approximately 15 minutes away and Winston-Salem is about 25 minutes away.

Dollar General has two remaining five-year renewal options. The property is offered at a 7.50% cap rate.

Key Highlights

• 12,496‑square‑foot shopping center completed in 2007
• Dollar General occupies 10,675 square feet as the anchor tenant
• Village Pizza occupies 1,575 square feet

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

$130,391

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

8.89%

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%

$2,607,820 $2.6M

Cap Rate 7%

$1,862,729 $1.9M

Cap Rate 9%

$1,448,789 $1.4M

Market Conditions

NOI Build-Up for 12,496 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

$185.9K $14.88/SF

− Vacancy

−$12.1K −$0.97/SF

EGI

$173.9K $13.91/SF

− OpEx

−$43.5K −$3.48/SF

NOI

$130.4K $10.43/SF

Area

Guilford County, NC

Vacancy

6.50%

Lease Rate

$14.88 /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%

$2,607,820

Cap Rate 7%

$1,862,729

Cap Rate 9%

$1,448,789

Alternative Uses

Best Use

Specialty Retail

$1.86M

$1.63M – $2.17M (±1% cap)

NOI $130,391 @ 7.0% cap · market cap 8.89%

Second Best

Retail

$1.63M

$1.43M – $1.90M (±1% cap)

NOI $114,125 @ 7.0% cap · market cap 7.78%

Theoretical Best

Office A

$2.51M

$2.19M – $2.92M (±1% cap)

NOI $175,480 @ 7.0% cap · market cap 11.96%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Village Pizza Restaurant FedEx OnSite Postal Service Redbox Cinema CashPoints® ATM Atm

Suggested Use

Top Pick Real Estate Agency Pharmacy Garden Center Building Supply Law Firm Grocery & Convenience Store

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

Multi-tenant

Tenancy

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

114

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 27357, NC

9,190

Population

4,016

Households

2.3

Avg Household Size

43

Median Age

29%

College-Educated

92%

High-School Grad

42.7 sq mi

ZIP Area

215

Density / Sq Mi

$78,779

Median Household Income

$48,475

Median Earnings

$856

Median Rent

$259,600

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

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Frequently Asked Questions

What type of property is this?

Shopping center - Multi-tenant retail property with daily-needs merchandising, food service, and on-site ATM convenience.

Where is this shopping center located?

The property is located at 8302 Belews Creek Rd Stokesdale, NC.

What is the asking price?

The asking price for this property is $1,466,666.

What are key features of this property?

This property features: 12,496‑square‑foot shopping center completed in 2007; Dollar General occupies 10,675 square feet as the anchor tenant; Village Pizza occupies 1,575 square feet