Furnished Office Suite with Private
For Sale
Under Contract
$165,000
110 West Drive, Atlantic Beach, NC 28512
SINGLE_FAMILY - Atlantic Beach, NC
Property Size370 SF
Lot Size0.01 Acres
Price / SF$445.95
Days on Market103
Property Features for 110 West Drive
General Information
Property type
Residential
Property subtype
Office
Zoning
Cir-B
Subdivision
The Lookouts in The Grove
View
Ocean
Directions
From Morehead City, Go over Atlantic Beach Bridge, Continue Straight onto West Drive, Unit B will be on your Right.
Standard status
Active Under Contract
APN
637516934366000
Size
370 SF
Lot size
0.01 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
U18B LOOKOUTS IN THE GROVE PH3 ATLANTIC BEACH
HOA Fee
$860 Annually
Legal Description
U18B LOOKOUTS IN THE GROVE PH3 ATLANTIC BEACH
Utilities
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
2017
Flooring type
Wood
Building materials
Wood Frame
Roof type
Shingle
Listing Agency:
HTR Coastal Properties
(252) 648-6565
Listed By:
Team Judy K. · License #233057
(919) 320-7091
Added: Apr 29
Changed: Aug 4
Last Checked: Aug 9 at 8:06PM
MLS# 100570247
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 furnished commercial office space is positioned within Lookouts in The Grove at the Circle and is presented as a turnkey option for business use. The space is nicely decorated and includes a private restroom, with a layout designed to support both functionality and comfort.
Located in the heart of Atlantic Beach, the property is described as highly walkable, with nearby restaurants and shops, and a short stroll to beach access via sidewalks. The office also features current ocean views, providing a distinctive coastal work environment.
The property is offered for sale under zoning Cir-B, with an indicated size of 370 square feet and an indicated lot size of 0.005 acres.
Located in the heart of Atlantic Beach, the property is described as highly walkable, with nearby restaurants and shops, and a short stroll to beach access via sidewalks. The office also features current ocean views, providing a distinctive coastal work environment.
The property is offered for sale under zoning Cir-B, with an indicated size of 370 square feet and an indicated lot size of 0.005 acres.
Key Highlights
- 2017‑built commercial office space with wood frame construction and wood flooring
- Heating includes electric heat and a heat pump; cooling is provided by a heat pump
- Public water service
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
$5,728
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
3.47%
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%
$114,560
$114.6K
Cap Rate 7%
$81,829
$81.8K
Cap Rate 9%
$63,644
$63.6K
Market Conditions
NOI Build-Up for 370 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
$8.9K $24.00/SF
− Vacancy
−$1.2K −$3.36/SF
EGI
$7.6K $20.64/SF
− OpEx
−$1.9K −$5.16/SF
NOI
$5.7K $15.48/SF
Area
Carteret County, NC
Vacancy
14.00%
Lease Rate
$24.00 /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%
$114,560
Cap Rate 7%
$81,829
Cap Rate 9%
$63,644
Alternative Uses
Best Use
Office B
$81.8K
$71.6K – $95.5K
NOI $5,728 @ 7.0% cap · market cap 3.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$111.0K
$97.1K – $129.5K
NOI $7,770 @ 7.0% cap · market cap 4.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
291
Businesses Nearby
Explore this area
Business Placement
Demographics for 28512, NC
3,011
Population
8,944
Households
0.3
Avg Household Size
61
Median Age
56%
College-Educated
99%
High-School Grad
6.1 sq mi
ZIP Area
494
Density / Sq Mi
$80,375
Median Household Income
$45,075
Median Earnings
$1,008
Median Rent
$529,400
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 - Fully furnished office suite with a private restroom and ocean views, set within a mixed-use development.
Where is this office units located?
The property is located at 110 West Drive Atlantic Beach, NC.
What is the asking price?
The asking price for this property is $165,000.
What are key features of this property?
This property features: 2017‑built commercial office space with wood frame construction and wood flooring; Heating includes electric heat and a heat pump; cooling is provided by a heat pump; Public water service
