101 Gillespie StFayetteville, NC 28301

Property Details for 101 Gillespie St

Year built

1916

Lot size

0.06 AC

Property size (Sq ft)

2,145 SF

Zone code

DT

Property type

Retail properties

Property subtype

Retail space

APN

0437-63-4962

APU

437634962

Description

This exceptional five-story, 10,725 square foot executive office building, located at 101 Gillespie Street in Fayetteville, North Carolina, presents a compelling investment opportunity. Built in 1970, this Class C property offers significant potential for redevelopment and repurposing. Its prime downtown location at Market Square provides easy access to amenities and high visibility. The building's unique mixed-use potential allows for creative adaptation, including restaurant space on the ground floor, office space on upper floors, and even short- or long-term residential rentals. While requiring a complete upfit, the property's historic significance, as Fayetteville's first skyscraper and a listing on the National Register of Historic Places, opens doors to potential tax incentives such as Historic Tax Credits, Opportunity Zone Incentives, and New Market Credits. The presence of a nearby downtown parking lot further enhances its appeal. This is a chance to acquire a piece of Fayetteville's history and capitalize on its revitalization potential. The asking price is $2,650,000. The property's versatility and location make it an attractive investment for those seeking a unique and potentially high-return project. The building's substantial square footage and multiple floors provide ample space for a variety of uses.

• CAP approach

  CAP return

  Valuation

  6%

  $778,555

  6.5%

  $718,667

  7%

  $667,333

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,391,960

  Geo Method

  $1,240,756

• Alternative Use

  Use

  Valuation

  Residential

  $606,222

  Hospitality

  $555,296

  Educational

  $462,000

  Medical

  $477,889

  Retail

  $718,667

Location Insight

City

Fayetteville

County

Cumberland

State

North Carolina

Latitude

35.0522

Longitude

-78.8782

CBSA code

22180

CBSA name

FAYETTEVILLE, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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