Goldsboro Retail Space For
For Sale
Contact for pricing
Pending
N Spence Ave, Goldsboro, NC 27534
34,895 SF retail space adjacent to Walmart Supercenter.
Property Size34,895 SF
Days on Market145
Property Features for N Spence Ave
General Information
Standard status
Pending
Size
34,895 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$547,387
Building Details
Year Built
1988
Buildings
1
Tenancy
Multi
Listing Agency:
Exclusive Realty
(248) 833-6601
Listed By:
Steve Sagmani · License #MI 6502426558
Source:
Crexi
Added: Mar 26
Changed: Aug 13
Last Checked: Aug 14 at 8:18AM
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 Exclusive Realty
Investment Insights
Based on property information with market context.
This 34,895 SF retail space, constructed in 1987, is located in Goldsboro, NC, adjacent to a Walmart Supercenter. Zoned GB, the property offers potential for various retail applications. The building is located in the Goldsboro area and provides a foundation for establishing or expanding a business presence in the market. An assumable loan at 3.5% interest is available until July 2027, which then adjusts to 2.5% interest for 5 years after 2027 for qualified buyers.
Key Highlights
- Assumable Loan at 3.5% Interest until July 2027 (for Qualified Buyers).
- 34,895 SF of inline retail space.
- Located next to a Walmart Supercenter.
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
$428,245
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
5.28%
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%
$8,564,900
$8.6M
Cap Rate 7%
$6,117,786
$6.1M
Cap Rate 9%
$4,758,278
$4.8M
Market Conditions
NOI Build-Up for 34,895 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
$628.1K $18.00/SF
− Vacancy
−$16.3K −$0.47/SF
EGI
$611.8K $17.53/SF
− OpEx
−$183.5K −$5.26/SF
NOI
$428.2K $12.27/SF
Area
Wayne County, NC
Vacancy
2.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$8,564,900
Cap Rate 7%
$6,117,786
Cap Rate 9%
$4,758,278
Alternative Uses
Best Use
Retail
$6.12M
$5.35M – $7.14M
NOI $428,245 @ 7.0% cap · market cap 5.28%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$28.05M
$24.55M – $32.73M
NOI $1,963,811 @ 7.0% cap · market cap 24.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
373
Businesses Nearby
269k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 35%
Shops & Services 30%
Dining 29%
Hotels & Casinos 4%
Walmart
Superstores
93,651 visits/mo
0.2 miles
Sheetz
Shops & Services
34,703 visits/mo
0.0 miles
Dollar Tree
Shops & Services
23,291 visits/mo
0.1 miles
Bojangles' Famous Chicken 'n Biscuits
Dining
20,213 visits/mo
0.1 miles
Ollie's Bargain Outlet
Shops & Services
15,727 visits/mo
0.1 miles
Demographics for 27534, NC
30,844
Population
15,158
Households
2
Avg Household Size
38
Median Age
29%
College-Educated
91%
High-School Grad
73.1 sq mi
ZIP Area
422
Density / Sq Mi
$59,950
Median Household Income
$39,686
Median Earnings
$1,106
Median Rent
$187,700
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - 34,895 SF retail space adjacent to Walmart Supercenter.
Where is this retail space located?
The property is located at N Spence Ave Goldsboro, NC.
What is the asking price?
The asking price for this property is $8,109,442.
What are key features of this property?
This property features: Assumable Loan at **3.5% Interest until July 2027** (for Qualified Buyers).; 34,895 SF of inline retail space.; Located next to a Walmart Supercenter.
