1500 Gillespie StFayetteville, NC 28306

Property Details for 1500 Gillespie St

Year built

1940

Lot size

0.36 AC

Property size (Sq ft)

1,398 SF

Zone code

CC

Property type

Office properties

Property subtype

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.

• CAP approach

  CAP return

  Valuation

  6%

  $345,189

  6.5%

  $318,636

  7%

  $295,876

• Comparable approach

  Method

  Valuation

  Relative Method

  $359,997

  Geo Method

  $320,897

• Alternative Use

  Use

  Valuation

  Residential

  $395,108

  Hospitality

  $361,917

  Educational

  $301,111

  Medical

  $311,466

  Retail

  $468,394

Location Insight

City

Fayetteville

County

Cumberland

State

North Carolina

Latitude

35.0302

Longitude

-78.8879

CBSA code

22180

CBSA name

FAYETTEVILLE, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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