Former Restaurant with
For Sale
Contact for pricing
413 W Main St, Havelock, NC 28532
Former restaurant with drive-thru, ideal for restaurant or commercial use.
Property Size2,694 SF
Price / SF$252.04
Days on Market1147
Property Features for 413 W Main St
General Information
Standard status
Active
Size
2,694 SF
Total Parking Spaces
43
Property subtype
Retail
Zoning
HC - Highway Commercial
Occupancy
100%
Lease Type
NN
Investment Type
Stabilized
Building Details
Year Built
1984
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
SVN | Efird Commercial Real Estate
(910) 769-1915
Listed By:
Win Edwards · License #NC 243984
Source:
Crexi
Added: Jun 21, 2023
Changed: Aug 8
Last Checked: Aug 8 at 4:14AM
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 SVN | Efird Commercial Real Estate
Investment Insights
Based on property information with market context.
This property, formerly a Wendy's restaurant, features a spacious interior and a functional layout. The 2,694 square-foot property includes a drive-thru, offering convenience for customers. The property is suitable for restaurant or other commercial real estate use.
Key Highlights
- Drive‑thru for customer convenience.
- Spacious interior.
- Well‑designed layout.
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
$34,842
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
5.13%
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%
$696,840
$696.8K
Cap Rate 7%
$497,743
$497.7K
Cap Rate 9%
$387,133
$387.1K
Market Conditions
NOI Build-Up for 2,694 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
$48.5K $18.00/SF
− Vacancy
−$2.0K −$0.76/SF
EGI
$46.5K $17.24/SF
− OpEx
−$11.6K −$4.31/SF
NOI
$34.8K $12.93/SF
Area
Craven County, NC
Vacancy
4.20%
Lease Rate
$18.00 /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%
$696,840
Cap Rate 7%
$497,743
Cap Rate 9%
$387,133
Alternative Uses
Best Use
Specialty Retail
$497.7K
$435.5K – $580.7K
NOI $34,842 @ 7.0% cap · market cap 5.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$888.2K
$777.2K – $1.04M
NOI $62,174 @ 7.0% cap · market cap 9.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
328
Businesses Nearby
33k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 65%
Shops & Services 29%
Electronics 6%
Burger King
Dining
9,317 visits/mo
0.4 miles
KFC
Dining
4,970 visits/mo
0.4 miles
Dairy Queen
Dining
3,401 visits/mo
0.2 miles
AutoZone
Shops & Services
2,790 visits/mo
0.2 miles
Family Dollar
Shops & Services
2,449 visits/mo
0.3 miles
Demographics for 28532, NC
20,340
Population
8,677
Households
2.3
Avg Household Size
33
Median Age
19%
College-Educated
93%
High-School Grad
165.4 sq mi
ZIP Area
123
Density / Sq Mi
$65,772
Median Household Income
$38,839
Median Earnings
$1,270
Median Rent
$193,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Drive through restaurant - Former restaurant with drive-thru, ideal for restaurant or commercial use.
Where is this drive through restaurant located?
The property is located at 413 W Main St Havelock, NC.
What is the asking price?
The asking price for this property is $679,000.
What are key features of this property?
This property features: Drive‑thru for customer convenience.; Spacious interior.; Well‑designed layout.
