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    Restaurant/Retail Space Near University Title is generated by Realmo AI

    1831 Weeksville Road, Elizabeth City, NC 27909

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    Claim this Listing
    For Lease
    $7,308/Mo $18 SF/Yr (calc)

    COMMERCIAL - Elizabeth City, NC

    Property size:
    4,800 SF
    Lot size:
    2.00 Acres
    Added:
    May 29, 2025
    Days on Market:
    359
    Last Refresh:
    May 22 at 2:06 am

    Property Features for 1831 Weeksville Road

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    GB
    Parking
    101
    Parking features
    Off Street, Parking Lot
    Standard status
    Active
    APN
    892317101886
    Size
    4,800 SF
    Lot size
    2.00 Acres

    Taxes and HOA fees

    Tax Year
    2022
    Tax Description
    Fee Simple
    Tax Annual Amount
    24463
    Expense value
    6800
    Expense
    SecurityDeposit
    Expense freq.
    One Time

    Utilities

    Utilities
    Natural Gas Available
    Heating system
    Heat Pump (Heating), Electric (Heating)
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1998
    Number of units
    5
    Flooring type
    Concrete, Lvt/lvp
    Building materials
    Glass, Metal Siding, Block, Steel Frame
    Roof type
    Metal

    We can help!

    Listing Contact
    Alex Rich
    Alex Rich

    Listing agent Alex Rich License #261159

    Listing office Rich Company 204 S Poindexter St., Elizabeth City, NC

    Listing date May 29, 2025

    MLS# 100510381

    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.

    HighLights

    • High‑visibility location across from Elizabeth City State University and near the U.S. Coast Guard Base
    • Large 4,800 sq ft commercial space suitable for flexible layouts
    • Ample parking available
    • Two ADA‑compliant bathrooms
    • Durable construction with metal siding and roof
    • Central air conditioning

    Overview

    This 4,800 sq ft commercial space, formerly an eat-in restaurant and market, features an open dining layout with room for flexible seating arrangements. The property includes ample parking and two ADA-compliant bathrooms. Situated across the street from Elizabeth City State University and minutes from the U.S. Coast Guard Base, the property offers visibility along one of Elizabeth City's major corridors. The property is zoned GB and located in Elizabeth City, NC.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Enterprise Rent-A-Car Car Rental Facility Miracle-Ear Hearing Aid ... Hearing Aid Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Elizabeth City
    County
    Pasquotank
    State
    North Carolina
    Longitude
    -76.214041
    Latitude
    36.276391

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    FAQs

    What type of property is this?
    Restaurant - 4,800 SF commercial space with open layout and ample parking.
    Where is this restaurant located?
    The property is located at 1831 Weeksville Road Elizabeth City, NC.
    What is the lease rate?
    The lease rate is $7,308 /Mo.
    What are key features of this property?
    This property features: High‑visibility location across from Elizabeth City State University and near the U.S. Coast Guard Base; Large 4,800 sq ft commercial space suitable for flexible layouts; Ample parking available
    (252) 256-1279
    We can help!
    Listing Contact
    Alex Rich
    Alex Rich
    Real Estate License ID: 261159
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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