450 Patterson AveWinston-Salem, NC 27101

Property Details for 450 Patterson Ave

Year built

1926

Lot size

0.58 AC

Property size (Sq ft)

71,050 SF

Zone code

CI

Property type

Office properties

Property subtype

Other office properties

APN

6835-37-2364.00

APU

683537236400

Description

Bailey South, located at 450 N Patterson Ave, Winston-Salem, NC 27101, offers exceptional office space in a vibrant mixed-use development. This Class A building, totaling 75,000 square feet, underwent renovations in 2020 and features a unique blend of historic charm and modern design. The property comprises one five-story building with elevators, offering multiple tenancy options. Available spaces range from 3,320 to 8,700 square feet, with a minimum divisible space of 2,586 square feet. The building's innovative design incorporates expansive outdoor spaces, seamlessly connecting with the surrounding live-work-play community. A key feature is the second-floor retail and office entrance, conveniently accessed via a historic elevated railroad trestle directly from 4th Street, a bustling pedestrian and vehicular thoroughfare in downtown Winston-Salem. Bailey South is strategically positioned within the expanding Wake Forest Innovation Quarter, contributing significantly to the revitalization of the downtown Winston-Salem area. The property's blend of historic architecture and modern amenities makes it an ideal location for businesses seeking a unique and dynamic workspace. The building's design incorporates elements of a 10,000 square foot historic power plant, adding to its distinctive character.

• CAP approach

  CAP return

  Valuation

  6%

  $7,795,019

  6.5%

  $7,195,402

  7%

  $6,681,445

• Comparable approach

  Method

  Valuation

  Relative Method

  $9,018,587

  Geo Method

  $12,031,607

• Alternative Use

  Use

  Valuation

  Residential

  $8,922,299

  Hospitality

  $8,172,778

  Educational

  $6,799,655

  Medical

  $7,033,506

  Retail

  $10,577,241

Location Insight

City

Winston Salem

County

Forsyth

State

North Carolina

Latitude

36.0992

Longitude

-80.2414

CBSA code

49180

CBSA name

WINSTON-SALEM, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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