Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    403 Gillespie St Fayetteville, NC 28301
    Property profile & analytics

    403 Gillespie St, Fayetteville, NC 28301

    View on Map
    • Retail residential properties
    • 4,366 SF
    • 0.73 lot acres
    For Lease
    $2,200/Mo
    View Listing →
    Downtown Fayetteville Retail/Office Space For Lease
    $2,200/Mo
    4,410 SF

    Downtown Fayetteville Retail/Office Space

    Three-unit retail/office strip in downtown Fayetteville, NC.

    403 Gillespie Street, Fayetteville, NC 28301
    View Listing
    Property ID
    US53-4722020
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail residential properties

    Property Details for 403 Gillespie St

    Year built
    2016
    Lot size
    0.73 lot acres
    Zone code
    LC
    Property type
    Retail residential properties
    APN
    0437-51-8663
    APU
    437518663

    Description

    This exceptional commercial leasing opportunity in downtown Fayetteville, NC, presents a 4,410 square foot, three-bay strip center ideally located less than half a mile from the Cumberland County Courthouse. The property, built in 2018, sits on a 0.73-acre lot and is zoned CC/LC. Four individual suites are available, each approximately 1,470 square feet (minimum divisible space), or the entire 4,410 square feet can be leased contiguously. Units are delivered as vanilla shell spaces, offering flexibility for tenant build-out. The strategic location near City Hall, the Chamber of Commerce, Cumberland County Jail, Sheriff's Office, and Courthouse makes it perfect for businesses such as legal practices, accounting firms, and government-related services. Excellent access to major roadways including MLK Highway, US-301, Morganton Road, Raeford Road, Bragg Boulevard, and Ramsey Street, ensures high visibility and convenient access. The property's proximity to the Cross Creek Mall district further enhances its appeal. This prime location offers significant potential for businesses seeking high traffic and visibility in a thriving downtown area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $865,000
      6.5%
      $800,000
      7%
      $740,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $583,000
      Market price range: $146k - $584k

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $735,000
      AUTO REPAIR, GARAGE
      $730,000
      NEIGHBORHOOD: SHOPPING CENTER
      $575,000
      OFFICE BUILDING
      $575,000
      RETAIL STORES
      $530,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Fayetteville
    County
    Cumberland
    State
    North Carolina
    Longitude
    -78.8802
    Latitude
    35.0459
    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
    2019
    $4,051
    $101,322
    $288,435
    $389,757
    -
    $101,322
    $288,435
    $389,757

    Comparable in this City

    • Value Estimation by Request
      1,406 SF

      113 Gillespie St

      STORES & APARTMENTS
      113 Gillespie St, Fayetteville, NC 28301-5643
      View Details
    • Value Estimation by Request
      1,300 SF

      227 Hay St

      STORES & APARTMENTS
      227 Hay St, Fayetteville, NC 28301-5533
      View Details
    • Value Estimation
      $775,000
      4,980 SF

      1045 Bragg Blvd, Unit A

      STORES & APARTMENTS
      1045 Bragg Blvd, Fayetteville, NC 28301-4511
      View Details
    • Value Estimation
      $650,000
      3,950 SF

      223 Franklin St

      STORES & APARTMENTS
      223 Franklin St, Fayetteville, NC 28301-5525
      View Details
    • Value Estimation by Request
      20,762 SF

      414 Ray Ave

      STORES & APARTMENTS
      414 Ray Ave, Fayetteville, NC 28301-4916
      View Details
    • Value Estimation
      $515,000
      3,154 SF

      112 Old St

      STORES & APARTMENTS
      112 Old St, Fayetteville, NC 28301-5034
      View Details

    Similar Nearby for Sale

    • $100,000

      Fayetteville Commercial Lot For Sale

      High-visibility commercial lot suitable for retail, office, or mixed-use development.
      321 Robeson St, Fayetteville, NC 28301
      View Details
    • Contact for pricing
      3,049 SF

      Historic Downtown Fayetteville Mixed-Use Building

      Two-story mixed-use building in the heart of historic downtown.
      116 Hay St, Fayetteville, NC 28301
      View Details
    • $800,000
      3,049 SF

      Historic Downtown Fayetteville Mixed-Use Building

      Two-story building with retail space and residential living area.
      116 Hay St, Fayetteville, NC 28301
      View Details
    • Contact for pricing

      Corner Commercial Property on Pamalee

      High-visibility commercial property with flexible space and access.
      1813 Pamalee Dr, Fayetteville, NC 28301
      View Details
    • Contact for pricing
      0.12 Acres

      Residential Lot in Fayetteville, NC

      Residential lot near downtown, shopping, and major roadways.
      213 Waddell Dr, Fayetteville, NC 28301
      View Details
    • Contact for pricing
      0.17 Acres

      Commercial Lot on Murchison Road

      Commercial lot available for development in Fayetteville, North Carolina.
      1808 Murchison Rd, Fayetteville, NC 28301
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Downtown Fayetteville Mixed-Use Opportunity

      Premier mixed-use destination in Downtown Fayetteville near Segra Stadium.
      421 Hay St, Fayetteville, NC 28301
      View Details
    • Contact for pricing

      Fayetteville Flex Space Available

      Multi-use spaces with roll-up doors, suitable for various businesses.
      726 Ramsey St, Fayetteville, NC 28301
      View Details
    • Contact for pricing
      8,448 SF

      Industrial Warehouses Near Downtown Fayetteville

      Two warehouse buildings available for lease near Highway-87.
      554 Cool Spring St, Fayetteville, NC 28301
      View Details
    • Contact for pricing

      Downtown Fayetteville Office Suite

      Remodeled office suite in downtown Fayetteville with utilities included.
      310 Dick St, Fayetteville, NC 28301
      View Details
    • $2,900 /Mo

      Downtown Fayetteville Office Suites For Rent

      Remodeled office suites in downtown Fayetteville, utilities included.
      310 Dick St, Fayetteville, NC 28301
      View Details
    • $1,800 /Mo

      Fayetteville Commercial Flex and Office

      Versatile commercial spaces in downtown Fayetteville, NC.
      450 W Russell St, Fayetteville, NC 28301
      View Details
    View Listing
    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.
    403 Gillespie St
    Fayetteville, NC 28301
    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
    403 Gillespie St, Fayetteville, NC, 28301
    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!