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    Property profile & analytics

    235 Pennsylvania Ave Southern Pines, NC 28387-6125

    • Office buildings
    • 0.90 lot acres
    OFF-MARKET
    Last Sale
    Aug 31, 2021
    $825,000
    Value Estimations
    $880,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-5197066
    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

    • Tina Adams Remax of the Pines / Real Estate Agency
    • Bell Manley Real Estate / Real Estate Agency
    • Laura Lycans / Real Estate Agency
    • Real Estate Investments & Services / Real Estate Agency
    • TCI Software / Tech Support Center / (Bike/Boat/Book/etc) Store

    Property Details for 235 Pennsylvania Ave

    Year built
    1985
    Lot size
    0.90 lot acres
    Zone code
    MULTI
    Property type
    Office buildings
    APN
    37831
    APU
    37831

    Description

    This exceptional 4,995 square foot office building, situated at 235 E Pennsylvania Ave in Southern Pines, NC, presents a fantastic leasing opportunity. Built in 1973 and extensively renovated in 2021, this Class B property boasts 15 individual suites within a single-story building, ideal for multiple tenants. The 0.89-acre lot provides ample parking with 26 spaces. Conveniently located on the corner of E Pennsylvania Avenue and N Ashe Street, the building offers easy access to the vibrant downtown area, including restaurants, retail shops, and the post office. Shared amenities include a reception area, conference room, and kitchenette. Utilities are included in the lease, with high-speed wireless internet available for an additional monthly fee of $35. The property is zoned for Central Business with Downtown Overlay Zoning District and features the APN 858106373979. This is a rare opportunity to secure professional office space in the desirable Downtown Southern Pines submarket of Moore County.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $945,000
      ML approach
      $930,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Southern Pines
    County
    Moore
    State
    North Carolina
    Longitude
    -79.3903
    Latitude
    35.1726
    CBSA code
    38240
    CBSA name
    PINEHURST-SOUTHERN PINES, NC MICROPOLITAN 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
    2024
    $5,730
    $379,450
    $519,340
    $898,790
    -
    $379,450
    $519,340
    $898,790

    Comparable in this City

    • Value Estimation by Request
      0.21 Acres

      361 Bennett St

      OFFICE BUILDING • 0.21 Acres
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    • Value Estimation
      $635,000
      1.83 Acres

      300 Broad St

      OFFICE BUILDING • 1.83 Acres
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    • Value Estimation by Request
      1.00 Acres

      801 Mechanic St

      OFFICE BUILDING • 1.00 Acres
      801 Mechanic St, Southern Pines, NC 28387-5219
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    • Value Estimation
      $595,000
      19.55 Acres

      263 Yadkin Rd

      OFFICE BUILDING • 19.55 Acres
      263 Yadkin Rd, Southern Pines, NC 28387-3415
      View Details
    • Value Estimation by Request
      0.40 Acres

      1375 Old Us 1st Hwy

      OFFICE BUILDING • 0.40 Acres
      1375 Old Us 1st Hwy, Southern Pines, NC 28387-6301
      View Details
    • Value Estimation by Request
      0.44 Acres

      155 New York Ave Ste, Unit 300

      OFFICE BUILDING • 0.44 Acres
      155 New York Ave Ste, Southern Pines, NC 28387-5446
      View Details

    Similar Nearby for Sale

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      Southern Pines Office Building For Sale

      Office building in Southern Pines, walking distance to amenities.
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    • $3,500,000

      Industrial Building with Office Space

      44,500 SF industrial/manufacturing building with offices near Southern Pines.
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      Southern Pines Shopping Center

      Prime retail center, high occupancy.
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    • New
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      Residential Land in Southern Pines

      Residential land available in Southern Pines, North Carolina.
      665 N Hale St, Southern Pines, NC 28387
      View Details
    • New
      $630,000
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      Renovated Duplex Near Downtown

      Southern Pines duplex, renovated in 2023, near downtown amenities.
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    • New
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      Southern Pines Homesite Opportunity

      Rare 5-acre homesite near downtown Southern Pines, North Carolina.
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    Similar Nearby for Lease

    • New
      $5,500 /Mo
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      Southern Pines Professional Office Space

      Multi-tenanted building perfect for medical or health care services.
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    • New
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      Downtown Southern Pines Office Space

      Individual office space in downtown Southern Pines, available immediately.
      115 E Pennsylvania Ave Unit, Southern Pines, NC 28387
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      Downtown Southern Pines Office/Retail

      Prime Southern Pines location, flexible space.
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    • New
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      Downtown Southern Pines Office Space

      Single office in multi-tenant building, walking distance to amenities.
      250 W Pennsylvania Ave, Southern Pines, NC 28387
      View Details
    • New
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      Southern Pines Office Suite Available

      Multi-tenant office suite for lease in Southern Pines, NC.
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      View Details
    • New
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      Southern Pines Office Suite For Lease

      Office suite for lease near downtown Southern Pines, NC.
      1295 Hwy Unit, Southern Pines, NC 28387
      View Details
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    Southern Pines, NC 28387-6125
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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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