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    Property profile & analytics

    1500 Gillespie St Fayetteville, NC 28306

    • Office buildings
    • 1,398 SF
    • 0.36 lot acres
    For Sale
    View listing
    $175,000
    Last Sale
    Jan 24, 2023
    $125,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-5360071
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • MLS Plumbing Co Inc / Plumbing Service / General Contractor
    • Maven Roofing / General Contractor
    • Books with EK / Accounting Firm

    Property Details for 1500 Gillespie St

    Year built
    1940
    Lot size
    0.36 lot acres
    Property size
    1,398 SF
    Zone code
    CC
    Property type
    Office buildings
    APN
    0436-35-5974
    APU
    436355974

    Description

    This exceptional 1,776-square-foot flex building, located at 1500 Gillespie St in Fayetteville, NC, presents a unique investment opportunity. Built in 1940 and extensively renovated in 2023, this Class B property offers a blend of modern office space and functional warehouse area. The 1,461 square foot office space boasts a recently updated reception area, two private offices complete with showers, a spacious conference room, an open work area perfect for collaborative projects, and a convenient kitchenette/break room. The 315-square-foot warehouse features a roll-up door for easy access, secured by a gated yard. Sitting on a 0.36-acre lot, the property is zoned CC (AOD) – Community Commercial within the Airport Overlay District – providing flexibility for a variety of business uses. Its prime location in eastern Fayetteville offers easy access to downtown Fayetteville, Business 95, Highway 87, and I-95, ensuring excellent connectivity. The surrounding area boasts a strong demographic profile, with a population of 31,084 within a three-mile radius and an average household income of $70,396. This fully vacant, single-unit building is priced at $195,000, or $109.80 per square foot, representing a compelling value in the Fayetteville market. The fenced and gated yard provides added security. This property is ready for immediate occupancy.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Fayetteville
    County
    Cumberland
    State
    North Carolina
    Longitude
    -78.8879
    Latitude
    35.0302
    CBSA code
    22180
    CBSA name
    FAYETTEVILLE, NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $1,298
    $58,549
    $33,055
    $91,604
    -
    $58,549
    $33,055
    $91,604

    Comparable in this City

    • Value Estimation by Request
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    • Value Estimation by Request
      1,962 SF

      1914 Gillespie St

      OFFICE BUILDING • 1,962 SF
      1914 Gillespie St, Fayetteville, NC 28306-1854
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    • Value Estimation by Request
      861 SF

      2834 Owen Dr

      OFFICE BUILDING • 861 SF
      2834 Owen Dr, Fayetteville, NC 28306-2937
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    • Value Estimation by Request
      1,350 SF

      4244 Cumberland Rd

      OFFICE BUILDING • 1,350 SF
      4244 Cumberland Rd, Fayetteville, NC 28306-2697
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    • Value Estimation by Request
      1,512 SF

      3851 Gillespie St

      OFFICE BUILDING • 1,512 SF
      3851 Gillespie St, Fayetteville, NC 28306-9052
      View Details
    • Value Estimation
      $565,000
      2,508 SF

      420 Chicago Dr

      OFFICE BUILDING • 2,508 SF
      420 Chicago Dr, Fayetteville, NC 28306-1586
      View Details

    Similar Nearby for Sale

    • $175,000
      1,776 SF

      Fayetteville Flex Building For Sale

      1,776 SF flex building near downtown Fayetteville, recently renovated.
      1500 Gillespie St, Fayetteville, NC 28306
      View Details
    • $3,999,000
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      Fayetteville Office Building For Sale

      Class A Office, 15,547 SF, Ample Parking
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    • $229,000
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      Prime Fayetteville Commercial Land

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    • $16,900,000
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      Fayetteville Warehouse - $16.9M

      259,960 SF Industrial Warehouse, Vacant
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    • $900,000
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      Fayetteville Commercial Land - 4.7 Acres

      Prime Fayetteville commercial land, high visibility, income producing.
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    • $1,599,999
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      Fayetteville Storefront: Prime Retail Space

      High-traffic location, ample parking, great visibility.
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    Similar Nearby for Lease

    • $2,300 /Mo

      Fayetteville Commercial Space For Rent

      Versatile 1,502 sq ft space ideal for offices or medical practices.
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    • $7,500 /Mo
      10,000 SF

      Fayetteville Office, Showroom, Warehouse Space

      10,000 SF office, showroom, and warehouse space for lease.
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    • $7 SF/Yr
      12,000 SF

      Wilmington Hwy Flex Space Opportunity

      12,000 SF Flex Space, Ideal Distribution
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    • Contact for pricing
      6,724 SF

      Hope Mills Rd Office Complex

      Fayetteville, NC Office & Industrial Space
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      View Details
    • Contact for pricing
      8,784 SF

      Fayetteville Executive Office Space

      8,784 SF Office, Ample Parking
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    • $43,200
      21,780 SF

      High-Visibility Fayetteville Commercial Lot

      Half-acre lot, prime location, high traffic.
      2801 Owen Dr, Fayetteville, NC 28306
      View Details
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    Fayetteville, NC 28306
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    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
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