Flex Space with Multiple
For Sale
$900,000
1831 Clarks Road, New Bern, NC 28562
Commercial Sale, New Bern, NC
Property Size8,541 SF
Lot Size7.55 Acres
Price / SF$105.37
Days on Market464
Property Features for 1831 Clarks Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Mixed
Parking features
Paved or Surfaced, Parking Lot, Off Street, Garage
Subdivision
Not In Subdivision
Lot features
Open Lot, Interior Lot
Directions
From NB, Hwy 70W to SR 1225/Clarks exit (right lane) then make a left onto Clarks Rd. Property will be on your left about 2.5 miles. Sign in yard.
Standard status
Active
APN
8-213 -022
Size
8,541 SF
Lot size
7.55 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
WHIPPERWILL
Tax Annual Amount
980
Legal Description
WHIPPERWILL
Utilities
Sewer type
Septic Tank
Heating system
Heat Pump (Heating), Natural Gas, Electric (Heating)
Cooling system
Heat Pump
Water source
Public
Amenities
beautifully landscaped
carport
kitchen
bathroom
heated and cooled offices
gravel parking lot
large garage rolling doors
multiple entrances
vaulted ceilings
upstairs additional storage
Building Details
Year built
1980
Flooring type
Lvt/lvp, Concrete
Building materials
Metal Siding, Vinyl Siding, Wood Frame
Roof type
Metal
Listing Agency:
Realty ONE Group East
(252) 933-6225
Listed By:
Danielle Eason · License #306717
(252) 665-0127
Added: Jun 20, 2025
Changed: Sep 12
Last Checked: Sep 26 at 12:06AM
MLS# 100514797
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 mixed-zoning flex property spans 7.55 acres and combines commercial, storage, workshop, and residential improvements. The primary shop includes four heated and cooled offices, two bathrooms, electricity, multiple entrances, large rolling garage doors, vaulted ceilings, and an upper storage area measuring 990 square feet. A separate 1,301-square-foot workshop has heating, cooling, a kitchen, and a bathroom, while another metal storage building provides 1,641 square feet. The site also includes a residence with three bedrooms, two full bathrooms, a great room, kitchen, utility room, sitting room, fenced front and rear yards, and a carport.
Located outside the city limits at 1831 Clarks Road in New Bern, the property is 2.5 miles from an industrial park and approximately a 10-minute commute from the heart of New Bern. Public water and septic service are in place, with parking provided by paved and gravel areas, off-street spaces, and a garage.
Located outside the city limits at 1831 Clarks Road in New Bern, the property is 2.5 miles from an industrial park and approximately a 10-minute commute from the heart of New Bern. Public water and septic service are in place, with parking provided by paved and gravel areas, off-street spaces, and a garage.
Key Highlights
- 7.55‑acre site with mixed commercial and residential zoning
- Primary shop includes 4 heated and cooled offices, 2 bathrooms, rolling garage doors, and 990 sq ft of upper storage
- 1,301‑square‑foot heated and cooled workshop with kitchen and bathroom
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
$67,296
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
7.48%
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%
$1,345,920
$1.3M
Cap Rate 7%
$961,371
$961.4K
Cap Rate 9%
$747,733
$747.7K
Market Conditions
NOI Build-Up for 8,541 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
$86.1K $10.08/SF
− Vacancy
−$6.9K −$0.81/SF
EGI
$79.2K $9.27/SF
− OpEx
−$11.9K −$1.39/SF
NOI
$67.3K $7.88/SF
Area
Craven County, NC
Vacancy
8.04%
Lease Rate
$10.08 /SF/Yr
Expense Ratio
15.00%
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%
$1,345,920
Cap Rate 7%
$961,371
Cap Rate 9%
$747,733
Alternative Uses
Best Use
Retail
$2.41M
$2.11M – $2.81M
NOI $168,752 @ 7.0% cap · market cap 18.75%
Second Best
Office B
$2.21M
$1.93M – $2.58M
NOI $154,567 @ 7.0% cap · market cap 17.17%
Theoretical Best
Office A
$2.82M
$2.46M – $3.29M
NOI $197,116 @ 7.0% cap · market cap 21.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28562, NC
39,375
Population
18,812
Households
2.1
Avg Household Size
45
Median Age
33%
College-Educated
93%
High-School Grad
151.7 sq mi
ZIP Area
260
Density / Sq Mi
$74,620
Median Household Income
$40,215
Median Earnings
$1,131
Median Rent
$246,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Mixed-zoning commercial property with substantial workshop, office, storage, and residential improvements across a multi-building site.
Where is this flex space located?
The property is located at 1831 Clarks Road New Bern, NC.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: 7.55‑acre site with mixed commercial and residential zoning; Primary shop includes 4 heated and cooled offices, 2 bathrooms, rolling garage doors, and 990 sq ft of upper storage; 1,301‑square‑foot heated and cooled workshop with kitchen and bathroom
