Coastal Restaurant
For Sale
Under Contract
$2,000,000
2107 N New River Drive, Surf City, NC 28445
Commercial Sale, Surf City, NC
Property Size4,570 SF
Lot Size0.63 Acres
Price / SF$437.64
Days on Market240
Property Features for 2107 N New River Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C1
Parking features
Parking Lot
Subdivision
Old Settlers Beach
Lot features
Open Lot, Level, Second Row
Directions
From the Island roundabout in Surf City, turn right onto N. New River Dr. to 2107 N. New River Dr. on the left.
Standard status
Active Under Contract
APN
804-125.3
Size
4,570 SF
Lot size
0.63 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
NC HWY 210 804-125.3
Tax Annual Amount
9101
Legal Description
NC HWY 210 804-125.3
Utilities
Utilities
Water Available
Heating system
Electric (Heating)
Water source
Public
Building Details
Year built
1976
Roof type
Metal
Listing Agency:
Coastal Realty Associates LLC
(910) 270-4444
Listed By:
Hugh A Cannady · License #350491
(910) 389-1688
Added: Jan 2
Changed: Aug 20
Last Checked: Aug 30 at 7:06PM
MLS# 100547276
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 4,570-square-foot restaurant property includes an active bar and restaurant operation. Constructed in 1976, the building features a metal roof, electric heating, and a dedicated parking lot. Public water is available, with water service identified for the property.
The site is positioned across from the beach in Surf City and carries C-1 zoning. Its existing commercial improvements and restaurant configuration provide a defined operating use, while the available water service supports the current property infrastructure.
The site is positioned across from the beach in Surf City and carries C-1 zoning. Its existing commercial improvements and restaurant configuration provide a defined operating use, while the available water service supports the current property infrastructure.
Key Highlights
- 4,570‑square‑foot restaurant property with active bar and restaurant operation
- Across from the beach in Surf City
- C‑1 zoning
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
$58,610
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
2.93%
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%
$1,172,200
$1.2M
Cap Rate 7%
$837,286
$837.3K
Cap Rate 9%
$651,222
$651.2K
Market Conditions
NOI Build-Up for 4,570 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
$82.3K $18.00/SF
− Vacancy
−$4.1K −$0.90/SF
EGI
$78.1K $17.10/SF
− OpEx
−$19.5K −$4.27/SF
NOI
$58.6K $12.83/SF
Area
Onslow County, NC
Vacancy
5.00%
Lease Rate
$18.00 /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%
$1,172,200
Cap Rate 7%
$837,286
Cap Rate 9%
$651,222
Alternative Uses
Best Use
Specialty Retail
$837.3K
$732.6K – $976.8K
NOI $58,610 @ 7.0% cap · market cap 2.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$992.8K
$868.7K – $1.16M
NOI $69,493 @ 7.0% cap · market cap 3.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
70
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28445, NC
10,243
Population
8,832
Households
1.2
Avg Household Size
38
Median Age
42%
College-Educated
92%
High-School Grad
103.7 sq mi
ZIP Area
99
Density / Sq Mi
$89,250
Median Household Income
$56,844
Median Earnings
$1,318
Median Rent
$332,500
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Existing bar and restaurant property across from the beach with C-1 zoning and on-site parking.
Where is this conventional restaurant located?
The property is located at 2107 N New River Drive Surf City, NC.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 4,570‑square‑foot restaurant property with active bar and restaurant operation; Across from the beach in Surf City; C‑1 zoning
