Restaurant Building with Kitchen
For Sale
$950,000
2405 Neuse Boulevard, New Bern, NC 28562
Commercial Sale, New Bern, NC
Property Size2,847 SF
Lot Size1.46 Acres
Price / SF$333.68
Days on Market713
Property Features for 2405 Neuse Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMERCIAL
Parking features
Parking Lot
Subdivision
Not In Subdivision
Lot features
Open Lot
Directions
From Downtown New Bern take Broad St. Broad St turns in to Neuse Blvd. Go through Simmons St intersection and property will be on your left.
Standard status
Active
APN
8-052 -089
Size
2,847 SF
Lot size
1.46 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
HWY 70 NEUSE LAND
Tax Annual Amount
2945
Legal Description
HWY 70 NEUSE LAND
Utilities
Utilities
Water Available
Heating system
Electric (Heating), Heat Pump (Heating)
Cooling system
Heat Pump
Water source
Public
Amenities
walk-in fridge
walk-in freezer
tankless water heater
natural gas connection
Building Details
Year built
1975
Building materials
Stucco
Roof type
Flat
Listing Agency:
PRIME REALTY NC, LLC
(252) 637-7463
Listed By:
Sonja Badger · License #228835
(252) 617-0861
Added: Oct 20, 2024
Changed: Sep 21
Last Checked: Oct 2 at 3:06AM
MLS# 100472235
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 2405 Neuse Boulevard in New Bern, this 2,847-square-foot restaurant property sits on 1.46 acres with COMMERCIAL zoning. The 1975 building features stucco construction, a flat roof, and a parking lot. Interior equipment includes a walk-in fridge and walk-in freezer, while a tankless water heater and natural gas connection are also in place.
Building systems include heat-pump heating with electric service and heat-pump cooling. Public water is available through the public water source. The property is positioned in New Bern, Craven County, near a major hospital and key employers, as described in the property information. Its sizable site provides outdoor area associated with the restaurant building.
Building systems include heat-pump heating with electric service and heat-pump cooling. Public water is available through the public water source. The property is positioned in New Bern, Craven County, near a major hospital and key employers, as described in the property information. Its sizable site provides outdoor area associated with the restaurant building.
Key Highlights
- 2,847‑square‑foot restaurant building on 1.46 acres
- COMMERCIAL zoning in New Bern, NC
- Walk‑in fridge and walk‑in freezer included
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
$56,251
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
5.92%
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%
$1,125,020
$1.1M
Cap Rate 7%
$803,586
$803.6K
Cap Rate 9%
$625,011
$625.0K
Market Conditions
NOI Build-Up for 2,847 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
$85.8K $30.12/SF
− Vacancy
−$5.4K −$1.89/SF
EGI
$80.4K $28.23/SF
− OpEx
−$24.1K −$8.47/SF
NOI
$56.3K $19.76/SF
Area
Craven County, NC
Vacancy
6.29%
Lease Rate
$30.12 /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%
$1,125,020
Cap Rate 7%
$803,586
Cap Rate 9%
$625,011
Alternative Uses
Best Use
Retail
$803.6K
$703.1K – $937.5K
NOI $56,251 @ 7.0% cap · market cap 5.92%
Second Best
Specialty Retail
$526.0K
$460.3K – $613.7K
NOI $36,820 @ 7.0% cap · market cap 3.88%
Theoretical Best
Office A
$938.6K
$821.3K – $1.10M
NOI $65,705 @ 7.0% cap · market cap 6.92%
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
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
725
Businesses Nearby
Under-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 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 cold-storage equipment, natural gas, and public water support food-service operations.
Where is this conventional restaurant located?
The property is located at 2405 Neuse Boulevard New Bern, NC.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 2,847‑square‑foot restaurant building on 1.46 acres; COMMERCIAL zoning in New Bern, NC; Walk‑in fridge and walk‑in freezer included
