Historic Bed & Breakfast with
For Sale
$1,750,000
215 Pollock Street, New Bern, NC 28560
Commercial Sale, New Bern, NC
Property Size8,925 SF
Lot Size0.49 Acres
Price / SF$196.08
Days on Market383
Property Features for 215 Pollock Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-2 Commercial
Parking features
Off Street, Driveway, Paved or Surfaced, Garage
Subdivision
New Bern Downtown Historic
Directions
From Hwy 70, take exit to downtown New Bern Historic District. Cross bridge into downtown area on East Front Street, Pollock Street is your second left. Property is down on the left.
Standard status
Active
APN
8-001-B-161
Size
8,925 SF
Lot size
0.49 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
215 & 217 POLLOCK
Tax Annual Amount
7721
Legal Description
215 & 217 POLLOCK
Utilities
Heating system
Electric (Heating), Heat Pump (Heating), Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
parlor
dining room
covered front porch
commercial kitchen
off-street parking
Building Details
Year built
1852
Flooring type
Carpet, Tile, Wood, Lvt/lvp
Building materials
Wood Siding, Wood Frame
Roof type
Metal
Listing Agency:
COLDWELL BANKER SEA COAST ADVANTAGE · Coldwell Banker Real Estate
(252) 638-3500
Listed By:
KIMBERLY WYNN · License #157740
(252) 675-3306
Added: Aug 30, 2025
Changed: Sep 12
Last Checked: Sep 16 at 12:06AM
MLS# 100528244
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.
The Benjamin Ellis House is an operating bed-and-breakfast on a 0.49-acre property in New Bern’s downtown historic district. Built in 1852, the inn contains 8,925 square feet with nine guest rooms, each having a private bath, plus a parlor, dining room, covered front porch, and restored period interiors. The property also includes a custom commercial kitchen that meets requirements for a restaurant permit.
A separate 1,857-square-foot owner’s cottage was redesigned and renovated in 2019/2020. Above the detached garage, a 511 SF one-bedroom apartment provides additional private accommodation. Off-street paved parking, a driveway, and garage parking are available, while public water, central air, heat pump and electric heating, natural gas, wood-frame construction with wood siding, and a metal roof serve the property.
Zoned C-2 Commercial, the inn is within walking distance of New Bern’s riverfront, parks, restaurants, breweries, boutique shopping, event venues, Tryon Palace, and the North Carolina History Center. The property has operated as a bed-and-breakfast for 40 years.
A separate 1,857-square-foot owner’s cottage was redesigned and renovated in 2019/2020. Above the detached garage, a 511 SF one-bedroom apartment provides additional private accommodation. Off-street paved parking, a driveway, and garage parking are available, while public water, central air, heat pump and electric heating, natural gas, wood-frame construction with wood siding, and a metal roof serve the property.
Zoned C-2 Commercial, the inn is within walking distance of New Bern’s riverfront, parks, restaurants, breweries, boutique shopping, event venues, Tryon Palace, and the North Carolina History Center. The property has operated as a bed-and-breakfast for 40 years.
Key Highlights
- Nine guest rooms, each with a private bath
- Custom commercial kitchen meets requirements for a restaurant permit
- Separate 1,857‑square‑foot owner’s cottage renovated in 2019/2020
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
$72,921
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
4.17%
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%
$1,458,420
$1.5M
Cap Rate 7%
$1,041,729
$1.0M
Cap Rate 9%
$810,233
$810.2K
Market Conditions
NOI Build-Up for 8,925 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
$140.3K $15.72/SF
− Vacancy
−$7.7K −$0.86/SF
EGI
$132.6K $14.86/SF
− OpEx
−$59.7K −$6.68/SF
NOI
$72.9K $8.17/SF
Area
Craven County, NC
Vacancy
5.50%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
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%
$1,458,420
Cap Rate 7%
$1,041,729
Cap Rate 9%
$810,233
Alternative Uses
Best Use
Apartment 5plus
$1.04M
$911.5K – $1.22M
NOI $72,921 @ 7.0% cap · market cap 4.17%
Second Best
Hotel Hospitality
$408.8K
$357.7K – $476.9K
NOI $28,616 @ 7.0% cap · market cap 1.64%
Theoretical Best
Office A
$2.94M
$2.57M – $3.43M
NOI $205,978 @ 7.0% cap · market cap 11.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
891
Businesses Nearby
Well-served
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Shark Tooth Island — 312 S Front St, New Bern, NC 28560
- The Captain's Stay Bed & Breakfast — 718 Pollock St, New Bern, NC 28562
- Aerie Bed & Breakfast — 509 Pollock St, New Bern, NC 28562
- The Jarvis at 220 — 220 Pollock St, New Bern, NC 28560
- Hanna House Bed & Breakfast — 4943 218 Pollock St, New Bern, NC 28560
Frequently Asked Questions
What type of property is this?
Bed & breakfast - Operating inn with guest accommodations, private baths, commercial kitchen, owner’s cottage, and detached-garage apartment.
Where is this bed & breakfast located?
The property is located at 215 Pollock Street New Bern, NC.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Nine guest rooms, each with a private bath; Custom commercial kitchen meets requirements for a restaurant permit; Separate 1,857‑square‑foot owner’s cottage renovated in 2019/2020
