Office Unit With
For Sale
$125,000
108 S Lee Street, Whiteville, NC 28472
Commercial Sale, Whiteville, NC
Property Size700 SF
Lot Size0.16 Acres
Price / SF$178.57
Days on Market164
Property Features for 108 S Lee Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
O&I
Subdivision
Not In Subdivision
Directions
property is located on S Lee St, directly across the street from Whiteville post office
Standard status
Active
APN
2648
Size
700 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PID: 002648
Legal Description
PID: 002648
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1953
Building materials
Composition, Asbestos, Wood Frame
Roof type
Shingle
Listing Agency:
Atlantic Blue Coast Realty LLC
(910) 914-6084
Listed By:
Eric D Hill · License #250127
(910) 625-8199
Added: Mar 23
Changed: Aug 20
Last Checked: Sep 2 at 10:06PM
MLS# 100562221
Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This approximately 700-square-foot office unit includes two offices, a bathroom, a greeting and lobby area, and a kitchen. Central air, electric heat-pump service, a shingle roof, and a mostly fenced rear yard are part of the existing improvements. The property was previously leased for office use and has also operated as a residential rental.
The building is located at 108 S Lee Street in Whiteville, across from the post office and near schools, shopping, dining, and banks. Public water and public sewer serve the property. O&I zoning supports the stated residential or light-business framework, including professional office and small medical uses. The site is within minutes of major highways connecting Wilmington, Myrtle Beach, and Brunswick County beaches.
The building is located at 108 S Lee Street in Whiteville, across from the post office and near schools, shopping, dining, and banks. Public water and public sewer serve the property. O&I zoning supports the stated residential or light-business framework, including professional office and small medical uses. The site is within minutes of major highways connecting Wilmington, Myrtle Beach, and Brunswick County beaches.
Key Highlights
- Approximately 700 square feet with 2 offices and 1 bathroom
- O&I zoning supports residential or light‑business use
- Greeting/lobby area and kitchen included
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$8,777
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.02%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$175,540
$175.5K
Cap Rate 7%
$125,386
$125.4K
Cap Rate 9%
$97,522
$97.5K
Market Conditions
NOI Build-Up for 700 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$15.1K $21.60/SF
− Vacancy
−$3.4K −$4.88/SF
EGI
$11.7K $16.72/SF
− OpEx
−$2.9K −$4.18/SF
NOI
$8.8K $12.54/SF
Area
Columbus County, NC
Vacancy
22.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$175,540
Cap Rate 7%
$125,386
Cap Rate 9%
$97,522
Alternative Uses
Best Use
Office B
$125.4K
$109.7K – $146.3K
NOI $8,777 @ 7.0% cap · market cap 7.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$169.8K
$148.6K – $198.1K
NOI $11,886 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
429
Businesses Nearby
Explore this area
Business Placement
Demographics for 28472, NC
17,308
Population
8,073
Households
2.1
Avg Household Size
44
Median Age
18%
College-Educated
91%
High-School Grad
197.9 sq mi
ZIP Area
87
Density / Sq Mi
$48,963
Median Household Income
$36,535
Median Earnings
$788
Median Rent
$141,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - O&I-zoned space includes a reception area, kitchen, two offices, and one bathroom.
Where is this office units located?
The property is located at 108 S Lee Street Whiteville, NC.
What is the asking price?
The asking price for this property is $125,000.
What are key features of this property?
This property features: Approximately 700 square feet with 2 offices and 1 bathroom; O&I zoning supports residential or light‑business use; Greeting/lobby area and kitchen included
