Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    1006 Monroe St Carthage, NC 28327

    • Retail properties
    • 10,196 SF
    • 1.23 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties

    Property Details for 1006 Monroe St

    Year built
    1998
    Lot size
    1.23 lot acres
    Property size
    10,196 SF
    Property type
    Retail properties
    Property subtype
    Drug stores

    Description

    This exceptional investment opportunity presents a 10,196 square foot Walgreens located at 1006 Monroe St, Carthage, NC 28327. The property, built in 1998 and renovated in 2005, sits on a 1.23-acre lot and is a single-story Class A building. Currently operating under a single-tenant, absolute NNN lease with Walgreens, the property boasts a 10.8-year remaining lease term with four, five-year options, each including a 5% rent increase. The current annual net operating income (NOI) is $210,000, resulting in a 7.00% capitalization rate at the asking price of $3,000,000 ($294.23 per square foot). The tenant has demonstrated strong performance, reporting exceptional sales with an average annual growth rate of 5.7% since 2017, and enjoys a prime location as the only freestanding drugstore within a 10-mile radius, serving a substantial customer base. This hands-off investment offers a secure income stream with a nationally recognized tenant and significant potential for future growth. The property's APN is 8577-08-99-6056. This is a truly exceptional opportunity for a savvy investor seeking a stable, high-performing asset in a desirable market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Carthage
    County
    Moore
    State
    North Carolina
    Longitude
    -79.4031
    Latitude
    35.3404

    Comparable in this City

    • Value Estimation by Request
      7,443 SF

      104 Mcneill St

      Individual retail properties • 7,443 SF
      104 Mcneill St, Carthage, NC 28327
      View Details
    • Value Estimation
      $400,000
      0.54 Acres

      May St

      CONVENIENCE STORE (W/FUEL PUMP) • 0.54 Acres
      May St, Carthage, NC 28327
      View Details
    • Value Estimation
      $2,225,000
      3.95 Acres

      950 Monroe St

      CONVENIENCE STORE (W/FUEL PUMP) • 3.95 Acres
      950 Monroe St, Carthage, NC 28327-9310
      View Details
    • Value Estimation
      $250,000
      2.64 Acres

      7249 Us 15th 501st Hwy

      CONVENIENCE STORE (W/FUEL PUMP) • 2.64 Acres
      7249 Us 15th 501st Hwy, Carthage, NC 28327-9508
      View Details
    • Value Estimation
      $455,000
      0.60 Acres

      3828 Us 15th 501st Hwy

      CONVENIENCE STORE (W/FUEL PUMP) • 0.60 Acres
      3828 Us 15th 501st Hwy, Carthage, NC 28327-7918
      View Details
    • Value Estimation
      $265,000
      2.25 Acres

      1002 Mcreynolds St

      CONVENIENCE STORE (W/FUEL PUMP) • 2.25 Acres
      1002 Mcreynolds St, Carthage, NC 28327-7406
      View Details

    Similar Nearby for Sale

    • $589,000
      0.67 Acres

      Carthage Commercial Building Investment

      High-traffic location, income potential, flexible use.
      3741 Us Hwy 501 Hwy, Carthage, NC 28327
      View Details
    • $400,000
      1.26 Acres

      Carthage, NC Outparcel Investment

      1.26-acre commercial lot, prime location.
      7475 Nc-22 Outparcel A, Carthage, NC 28327
      View Details
    • $59,900
      1.01 Acres

      Land Near Downtown Carthage

      Over one acre lot near shops and restaurants.
      Currie St, Carthage, NC 28327
      View Details
    • $70,000
      Pending

      Carthage Land for Sale

      2.97 acres in Carthage, NC, offered for land value.
      416 Thurlow Lake Rd, Carthage, NC 28327
      View Details
    • $2,046,863
      124.70 Acres

      Carthage Land Near Whispering Pines

      124+/- acre land parcel near Whispering Pines, Carthage, NC
      Goldenrod Dr, Carthage, NC 28327
      View Details
    • $6,148,475
      332 SF

      Large Acreage in Thriving Sandhills

      332.35 acres with development potential in Carthage, North Carolina.
      5410 Nc 24-27 Hwy, Carthage, NC 28327
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Space in Carthage, NC

      Multi-tenant retail space available near Sandhills Community College.
      Carthage, NC 28327
      View Details
    • $20 SF/Yr
      2,698 SF

      Retail Building Near County Courthouse

      Free-standing retail building in proximity to local amenities.
      201 Monroe St, Carthage, NC 28327
      View Details
    • Contact for pricing
      1 SF

      Whispering Pines Commercial Land Opportunity

      2.67 Acres, Single Tenant Potential
      0 Airport Rd & Woodsdale Ln, Whispering Pines, NC 28327
      View Details
    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.
    1006 Monroe St
    Carthage, NC 28327
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.