Renovated Flex Space with RV
For Sale
$1,400,000
2108 Old Cherry Point Road, New Bern, NC 28560
Commercial Sale, New Bern, NC
Property Size12,838 SF
Lot Size1.16 Acres
Price / SF$109.05
Days on Market138
Property Features for 2108 Old Cherry Point Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Parking features
Parking Lot, Off Street, Paved or Surfaced
Subdivision
Not In Subdivision
Lot features
Corner Lot
Directions
From Hwy 70, turn onto off airport rd, make a right onto old cherry point rd, property is on the left
Standard status
Active
APN
7-017 -020
Size
12,838 SF
Lot size
1.16 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
LOT 4 & 5 GRANTHAM HOME SITES
Tax Annual Amount
2990
Legal Description
LOT 4 & 5 GRANTHAM HOME SITES
Utilities
Heating system
Electric (Heating)
Amenities
large industrial kitchen
freezer room
expansive gathering area
individual rooms with mini-splits
laundry area
built-in cabinetry
water fountains
multiple entrances and exits
13 individual bathrooms with showers
handicap accessible bathroom
Building Details
Year built
1990
Roof type
Metal
Listing Agency:
Realty ONE Group East
(252) 933-6225
Listed By:
Danielle Eason · License #306717
(252) 665-0127
Added: May 12
Changed: Sep 12
Last Checked: Sep 26 at 12:06AM
MLS# 100573715
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.
Located at 2108 Old Cherry Point Road in New Bern, this 12,838-square-foot flex space sits on 1.16 acres and was built in 1990. The building includes a reception area, four offices or meeting rooms, an industrial kitchen with freezer room, a large gathering area, seven additional rooms with individual mini-split systems, laundry, cabinetry, storage, utility closets, and multiple entrances. There are 13 bathrooms with showers, including an accessible bathroom. The second story remains available for future finishing.
Renovations completed from 2018 through 2020 included three-phase electrical service, flooring, interior paint, gathering-area improvements, and restroom updates. Exterior features include two separate paved parking areas. Seven RV hookup sites are positioned to the left of the building, with 50-amp electric and individual septic pumps connected to the main sewer line. The property is zoned Commercial and served by electric heating.
Renovations completed from 2018 through 2020 included three-phase electrical service, flooring, interior paint, gathering-area improvements, and restroom updates. Exterior features include two separate paved parking areas. Seven RV hookup sites are positioned to the left of the building, with 50-amp electric and individual septic pumps connected to the main sewer line. The property is zoned Commercial and served by electric heating.
Key Highlights
- 12,838 square feet of usable commercial space on 1.16 acres
- Seven RV hookup sites with 50‑amp electric and individual septic pumps
- 13 bathrooms with showers, including one handicap accessible 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
$83,420
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
5.96%
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%
$1,668,400
$1.7M
Cap Rate 7%
$1,191,714
$1.2M
Cap Rate 9%
$926,889
$926.9K
Market Conditions
NOI Build-Up for 12,838 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
$127.9K $9.96/SF
− Vacancy
−$8.7K −$0.68/SF
EGI
$119.2K $9.28/SF
− OpEx
−$35.8K −$2.78/SF
NOI
$83.4K $6.50/SF
Area
Craven County, NC
Vacancy
6.80%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
30.00%
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%
$1,668,400
Cap Rate 7%
$1,191,714
Cap Rate 9%
$926,889
Alternative Uses
Best Use
Flex RnD
$2.03M
$1.78M – $2.37M
NOI $142,120 @ 7.0% cap · market cap 10.15%
Second Best
Industrial
$1.19M
$1.04M – $1.39M
NOI $83,420 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$4.23M
$3.70M – $4.94M
NOI $296,285 @ 7.0% cap · market cap 21.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
262
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 28560, NC
28,005
Population
14,165
Households
2
Avg Household Size
46
Median Age
25%
College-Educated
92%
High-School Grad
122.6 sq mi
ZIP Area
228
Density / Sq Mi
$62,142
Median Household Income
$37,379
Median Earnings
$992
Median Rent
$191,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Commercial building with office, meeting, kitchen, assembly, storage, and recreation-oriented spaces across a flexible interior layout.
Where is this flex space located?
The property is located at 2108 Old Cherry Point Road New Bern, NC.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 12,838 square feet of usable commercial space on 1.16 acres; Seven RV hookup sites with 50‑amp electric and individual septic pumps; 13 bathrooms with showers, including one handicap accessible bathroom
