Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Spence Ave Goldsboro, NC 27534
    Back to Search
    Property profile & analytics

    Spence Ave Goldsboro, NC 27534

    View on Map
    • Lifestyle centers
    • 34,895 SF
    • 5.50 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Lifestyle centers

    Property Details for 0 Spence Ave

    Year built
    1988
    Lot size
    5.50 lot acres
    Property size
    34,895 SF
    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    This exceptional investment opportunity presents a 34,895 square foot, 14-tenant shopping center in Goldsboro, North Carolina. Boasting 100% occupancy and a strong NOI of $605,451, this property offers a 7.12% cap rate at an asking price of $8,500,000. Built in 1988 on a 5.5-acre lot, the single-building property benefits from a Net Lease structure with rent bumps already in place. Two key tenants, GameStop and Sun Com Mobile, have recently renewed their leases, demonstrating market confidence. The center enjoys a prime location near Seymour Johnson Air Force Base, supporting a large customer base, and is also conveniently situated near the Goldsboro YMCA, Hampton Inn, Best Western, and other significant businesses. The property's proximity to a high-volume area, combined with the strong tenant mix and favorable lease terms, makes this a compelling investment prospect for discerning buyers. The median home value within a two-mile radius is $185,000, indicating a robust local economy. This versatile space is ideal for various retail applications, offering a solid foundation for long-term growth and return on investment. The property is zoned for general business use.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Goldsboro
    County
    Wayne
    State
    North Carolina
    Longitude
    -77.9483
    Latitude
    35.3836

    Comparable in this City

    • Value Estimation by Request
      154,733 SF

      450 Berkeley Blvd

      Lifestyle centers • 154,733 SF
      450 Berkeley Blvd, Goldsboro, NC 27534
      View Details
    • Value Estimation by Request
      11,286 SF

      Berkeley Blvd

      SHOPPING CENTER, STRIP CENTER • 11,286 SF
      Berkeley Blvd, Goldsboro, NC 27534
      View Details
    • Value Estimation by Request
      13,590 SF

      1216 Pkwy Dr

      SHOPPING CENTER, STRIP CENTER • 13,590 SF
      1216 Pkwy Dr, Goldsboro, NC 27534-9434
      View Details
    • Value Estimation by Request
      0.92 Acres

      111 Nc Hwy

      SHOPPING CENTER, STRIP CENTER • 0.92 Acres
      111 Nc Hwy, Goldsboro, NC 27534
      View Details
    • Value Estimation by Request
      6,240 SF

      3415 Ash St

      SHOPPING CENTER, STRIP CENTER • 6,240 SF
      3415 Ash St, Goldsboro, NC 27534-4490
      View Details
    • Value Estimation by Request
      2,932 SF

      1814 Berkeley Blvd

      SHOPPING CENTER, STRIP CENTER • 2,932 SF
      1814 Berkeley Blvd, Goldsboro, NC 27534-3308
      View Details

    Similar Nearby for Sale

    • $2,200,000
      5,635 SF

      Retail Redevelopment Site Near Airforce

      2.41 acre retail redevelopment site near SeymourJohnson Air Force Base.
      2600 E Ash St, Goldsboro, NC 27534
      View Details
    • $12,100,000
      154,733 SF

      Neighborhood Shopping Center For Sale

      154,733 SF shopping center with diverse national tenants.
      401 N Berkeley Blvd, Goldsboro, NC 27534
      View Details
    • $425,000
      2,370 SF

      Goldsboro Retail Plaza For Sale

      Two-tenant plaza with hair salon and redevelopment potential in Goldsboro.
      698 E New Hope Rd, Goldsboro, NC 27534
      View Details
    • Contact for pricing
      Pending

      Commercial Office Building on Corner

      Classic brick building with 22 office spaces and parking.
      706 N Berkeley Blvd, Goldsboro, NC 27534
      View Details
    • $2,666,667
      2,106 SF

      Goldsboro Retail and Gas Property

      Retail and gas property for sale in Goldsboro, North Carolina.
      420 E New Hope Rd, Goldsboro, NC 27534
      View Details
    • $675,000

      Restaurant or Business Opportunity

      Restaurant or business location near convention center and hotel.
      1901 N Berkeley Blvd, Goldsboro, NC 27534
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Space at High-Traffic Interchange

      Retail space with excellent visibility and easy access.
      900 N Spence Ave, Goldsboro, NC 27534
      View Details
    • $7,500 /Mo
      5,015 SF

      Medical Office For Lease

      Medical office space available for lease near UNC Health Wayne.
      2709 Medical Office Pl, Goldsboro, NC 27534
      View Details
    • $3,500 /Mo
      2,096 SF

      Goldsboro Office Space For Rent

      Office space available for rent in Wayne Medical Pavilion.
      2400 Wayne Memorial Dr, Goldsboro, NC 27534
      View Details
    • $3,500 /Mo
      1,440 SF

      Medical Office Space For Lease

      Medical office space available for lease in Goldsboro, NC.
      1402 Wayne Memorial Dr, Goldsboro, NC 27534
      View Details
    • $208 SF/Yr

      Medical Office Space Available

      Medical office space for rent near UNC Health Wayne.
      2400 Wayne Memorial Dr, Goldsboro, NC 27534
      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.
    Spence Ave
    Goldsboro, NC 27534
    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

    Thank You for Inquiry
    Spence Ave, Goldsboro, NC, 27534
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!