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    Property profile & analytics

    504 Spence Ave Goldsboro, NC 27534-4203

    • Strip malls
    • 8,600 SF
    • 0.61 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-4030733
    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

    • Goldsboro Insurance Market, Inc. / Insurance Agency
    • SolFit / Gym & Fitness Center
    • Exclusively You Personal Training / Gym & Fitness Center
    • Open House Goldsboro Nc $100 K And Below / Real Estate Agency

    Property Details for 504 Spence Ave

    Year built
    1987
    Construction
    STEEL FRAME
    Lot size
    0.61 lot acres
    Property size
    8,600 SF
    Zone code
    GB
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    3519337951
    APU
    3519337951

    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
    Goldsboro
    County
    Wayne
    State
    North Carolina
    Longitude
    -77.9474
    Latitude
    35.3773
    CBSA code
    24140
    CBSA name
    GOLDSBORO, 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
    $8,984
    $340,550
    $269,570
    $610,120
    -
    $340,550
    $269,570
    $610,120

    Comparable in this City

    • Value Estimation
      $890,000
      30,900 SF

      648 Spence Ave

      SHOPPING CENTER, STRIP CENTER • 30,900 SF
      648 Spence Ave, Goldsboro, NC 27534-4233
      View Details
    • Value Estimation
      $515,000
      20,142 SF

      163 Nc 111th S Hwy

      SHOPPING CENTER, STRIP CENTER • 20,142 SF
      163 Nc 111th S Hwy, Goldsboro, NC 27534-9220
      View Details
    • Value Estimation
      $1,425,000
      69,124 SF

      1203 Berkeley Blvd

      SHOPPING CENTER, STRIP CENTER • 69,124 SF
      1203 Berkeley Blvd, Goldsboro, NC 27534-3419
      View Details
    • Value Estimation by Request
      11,990 SF

      1210 Pkwy Dr

      SHOPPING CENTER, STRIP CENTER • 11,990 SF
      1210 Pkwy Dr, Goldsboro, NC 27534-9433
      View Details
    • Value Estimation by Request
      8,473 SF

      204 Berkeley Blvd

      SHOPPING CENTER, STRIP CENTER • 8,473 SF
      204 Berkeley Blvd, Goldsboro, NC 27534-5635
      View Details
    • Value Estimation by Request
      7,075 SF

      2103 Wayne Memorial Dr

      SHOPPING CENTER, STRIP CENTER • 7,075 SF
      2103 Wayne Memorial Dr, Goldsboro, NC 27534-1721
      View Details

    Similar Nearby for Sale

    • $12,100,000
      154,733 SF

      Neighborhood Shopping Center For Sale

      154,733 SF shopping center with diverse national tenants.
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      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
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    • 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
    • $399,000
      3.60 Acres

      Commercial Land Near Goldsboro, NC

      3.6-acre commercial lot with high visibility and access.
      Nc 111 Hwy, Goldsboro, NC 27534
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    • Contact for pricing
      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
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    • $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

    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
    • Contact for pricing

      Retail Space in Goldsboro, NC

      Located on a major commercial corridor near national retailers.
      2503 E Ash St, 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
    • Contact for pricing

      Medical Office Space Available

      Medical office space for rent near UNC Health Wayne.
      2400 Wayne Memorial Dr, Goldsboro, NC 27534
      View Details
    • Contact for pricing

      All-Inclusive Goldsboro Coworking Space

      Coworking space with comprehensive amenities included in Goldsboro, NC.
      201 N Spence Ave, 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 Unit, Goldsboro, NC 27534
      View Details
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    504 Spence Ave
    Goldsboro, NC 27534-4203
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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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