The NRSA Commercial Real Estate Listing Service aims to highlight existing property that is for lease or for sale along major thoroughfares within the Neighborhood Revitalization Strategy Area (NRSA) in an effort to boost marketing efforts and investment interest. This program offers direct incentives in the form of a vendor fee toreal estate agents and Community Development Corporations (CDCs) that represent properties forlease or sale that are listed with this program. The incentives are:
- A fee of $1,000 (or 1% of value for a three year lease; whichever is more up to a maximum of $2,000) to a real estate agent who successfully leases a property to a business that opens in the listed space.
- A fee of $1,000 (or 1% of sales price; whichever is more up to a maximum of $2,000) to a real estate agent who successfully sells a property to a business that opens in the listed space.
- A fee of $1,000 (or 1% of value for a three year lease or 1% of sale amount; whichever is more up to a maximum of $2,000) to a CDC which substantially assists a business to open in a listed space. (Substantial assistance could include but not be limited to, showing property to buyer/renter, assist with negotiation of sale/lease price, provide other technical assistance to assist the new business to begin operations.)
The listing service and finder’s fee is only available on properties listed with the program that are located along major thoroughfares with the NRSA. Eligible thoroughfare areas include:
- Martin Luther King, Jr. Drive – between N. Cleveland Ave. on the north and Waughtown Street on the south.
- Patterson Avenue – between Indiana Ave. on the north and Liberty Street on the south.
- Northwest Blvd. – between University Parkway on the west and Liberty Street on the east.
- Liberty Street – between Akron Drive on the north and Patterson Avenue on the south.
- New Walkertown Road - between Martin Luther King, Jr. Drive on the west and Carver School Road on the east.
- Waughtown Street - between Mock Street on the West and Reynolds Park Road on the east.
- Peters Creek Parkway – between Interstate 421/Business 40 on the north and Link Road on the south.
- Indiana Avenue – between Patterson Avenue on the north and 28th Street on the south.
- Cherry Street between Reynolds Blvd. on the south and Brownsboro Road on the north.
- Akron Drive between Indiana Avenue on the west and Liberty Street on the east.
To see if your property is eligible, consult the NRSA Economic Development Incentives Program Area map [pdf]. Since all major thoroughfares covered by this program are within the NRSA, they are also eligible for other financial assistance programs offered by the Business Development Division.
To be eligible for the commercial listing service, properties and their representatives must meet the following requirements:
- Properties must be for sale or lease along sections of the previously mentioned major thoroughfares.
- Properties must be listed through a North Carolina licensed real estate agent or duly incorporated CDC.
- A business must open in the leased or sold space within one year of the contract date.
- New property uses of businesses placed in listed properties must be retail, restaurant and/or office space.
Ineligible Property Uses
Funding for this program comes from federal Community Development Block Grant (CDBG) allocations, which restricts the usage of funds. The following types of property uses will not be eligible for the incentives of the commercial listing service:
- Government facilities
- Schools and educational facilities
- Facilities used for exhibitions, spectator events, or cultural events
- Hospitals; nursing homes; or other health care facilities
- Real estate investment
- Gambling Centers
- Internet Cafes
- Payday Loan and Cash Advance business locations
Current Property Listings
To view current properties in the NRSA Commercial Real Estate Listing Service, please go to available property listings. If you wish to have your property listed in this service, you must complete a City of Winston-Salem Vendor Contract. To learn more, please contact Ken Millett at (336) 747-7472 or mailto:firstname.lastname@example.org