Former Credit Union
For Sale
Contact for pricing
416 S Main St, Shelby, NC 28152
Brick building with flexible layout and ample parking.
Property Size4,800 SF
Lot Size1.50 Acres
Price / SF$177.08
Days on Market873
Property Features for 416 S Main St
General Information
Standard status
Active
Size
4,800 SF
Class
B
Lot size
1.50 Acres
Property subtype
Office
Zoning
GB
Building Details
Year Built
2004
Buildings
1
Stories
1
Units
2
Listing Agency:
Foothills Commercial Real Estate LLC
(980) 404-1111
Listed By:
Bill McCarter · License #NC 100715
Source:
Crexi
Added: Apr 12, 2024
Changed: Aug 27
Last Checked: Aug 28 at 3:01PM
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 Foothills Commercial Real Estate LLC
Investment Insights
Based on property information with market context.
This property, formerly a State Employees Credit Union, features quality brick construction with a rigid metal frame, offering layout flexibility. The building is currently subdivided for two tenants. The property includes approximately 1.5 acres and a paved parking lot with 54 spaces, including 3 handicapped spaces. It has over 210 feet of road frontage on South Main Street (NC150), with an Average Annual Daily Traffic (AADT) count of 7700 vehicles per day. Municipal water and sewer services are provided by the town of Boiling Springs. The building has a total size of 4800 square feet.
Key Highlights
- 1.5 acres of land included with the property.
- High traffic location with over 210 feet of road frontage on South Main Street (NC150) and an AADT of 7700 vehicles per day.
- Quality brick construction with rigid metal frame allowing flexible layout configurations.
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
$65,774
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
7.74%
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%
$1,315,480
$1.3M
Cap Rate 7%
$939,629
$939.6K
Cap Rate 9%
$730,822
$730.8K
Market Conditions
NOI Build-Up for 4,800 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
$106.6K $22.20/SF
− Vacancy
−$18.9K −$3.93/SF
EGI
$87.7K $18.27/SF
− OpEx
−$21.9K −$4.57/SF
NOI
$65.8K $13.70/SF
Area
Cleveland County, NC
Vacancy
17.70%
Lease Rate
$22.20 /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%
$1,315,480
Cap Rate 7%
$939,629
Cap Rate 9%
$730,822
Alternative Uses
Best Use
Office B
$939.6K
$822.2K – $1.10M
NOI $65,774 @ 7.0% cap · market cap 7.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.22M
$1.07M – $1.42M
NOI $85,329 @ 7.0% cap · market cap 10.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
41
Businesses Nearby
Explore this area
Business Placement
Demographics for 28152, NC
25,643
Population
11,134
Households
2.3
Avg Household Size
40
Median Age
23%
College-Educated
90%
High-School Grad
79.5 sq mi
ZIP Area
323
Density / Sq Mi
$55,926
Median Household Income
$36,149
Median Earnings
$904
Median Rent
$188,200
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?
Office building - Brick building with flexible layout and ample parking.
Where is this office building located?
The property is located at 416 S Main St Shelby, NC.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 1.5 acres of land included with the property.; High traffic location with over 210 feet of road frontage on South Main Street (NC150) and an AADT of 7700 vehicles per day.; Quality brick construction with rigid metal frame allowing flexible layout configurations.
