Versatile Campus in Growing
For Sale
Contact for pricing
178 N Railroad Street, Coats, NC 27521
Two-building campus ideal for religious, school, office, or creative uses.
Property Size3,594 SF
Price / SF$194.49
Days on Market688
Property Features for 178 N Railroad Street
General Information
Standard status
Active
Size
3,594 SF
Property subtype
Special Purpose
Zoning
RMST: Residential Main Street Transitional
Investment Type
Owner/User
Building Details
Year Built
1980
Buildings
2
Listing Agency:
Century 21 Triangle Group Fuquay Varina
(919) 552-4517
Listed By:
Gina Clapp · License #288841
Source:
Crexi
Added: Oct 14, 2024
Changed: Aug 26
Last Checked: Aug 29 at 5:55AM
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 Fuquay Varina
Investment Insights
Based on property information with market context.
This two-building campus in Coats, Harnett County, presents an investment opportunity suitable for religious uses, schools, offices, non-profits, and creative projects. The property features a church building with a spacious sanctuary and five offices or classrooms. Additionally, there is a second building, a fellowship hall, which includes a large gathering space and a kitchen. The adaptable campus is ideal for new or expanding churches, offices, non-profits, or innovative reuse projects. The zoning also allows for various housing opportunities. The property is located minutes away from Fuquay-Varina, Angier, Lillington, Erwin, Dunn, and Benson. The property size is 3594 square feet.
Key Highlights
- Versatile 2‑building campus ideal for religious uses, schools, offices, non‑profits, and creative projects.
- Investment opportunity with potential for rental income, particularly to religious groups.
- Located in the rapidly growing Town of Coats, a developing Triangle growth hub.
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
$39,163
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
5.60%
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%
$783,260
$783.3K
Cap Rate 7%
$559,471
$559.5K
Cap Rate 9%
$435,144
$435.1K
Market Conditions
NOI Build-Up for 3,594 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
$62.5K $17.40/SF
− Vacancy
−$10.3K −$2.87/SF
EGI
$52.2K $14.53/SF
− OpEx
−$13.1K −$3.63/SF
NOI
$39.2K $10.90/SF
Area
Harnett County, NC
Vacancy
16.50%
Lease Rate
$17.40 /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%
$783,260
Cap Rate 7%
$559,471
Cap Rate 9%
$435,144
Alternative Uses
Best Use
Office B
$559.5K
$489.5K – $652.7K
NOI $39,163 @ 7.0% cap · market cap 5.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$782.4K
$684.6K – $912.8K
NOI $54,766 @ 7.0% cap · market cap 7.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
184
Businesses Nearby
Explore this area
Business Placement
Demographics for 27521, NC
6,345
Population
2,896
Households
2.2
Avg Household Size
38
Median Age
21%
College-Educated
80%
High-School Grad
26.0 sq mi
ZIP Area
244
Density / Sq Mi
$57,540
Median Household Income
$40,742
Median Earnings
$912
Median Rent
$201,700
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Church & religious facility - Two-building campus ideal for religious, school, office, or creative uses.
Where is this church & religious facility located?
The property is located at 178 N Railroad Street Coats, NC.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Versatile 2‑building campus ideal for religious uses, schools, offices, non‑profits, and creative projects.; Investment opportunity with potential for rental income, particularly to religious groups.; Located in the rapidly growing Town of Coats, a developing Triangle growth hub.
