Restaurant Building with
For Sale
$2,550,000
302 Western Boulevard, Jacksonville, NC 28546
Commercial Sale, Jacksonville, NC
Property Size6,390 SF
Lot Size1.60 Acres
Price / SF$399.06
Days on Market152
Property Features for 302 Western Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CC
Subdivision
Not In Subdivision
Directions
From Wilmington take Hwy 17 N. Turn right onto Western Blvd. Destination will be on your left.
Standard status
Active
APN
346-48.1
Size
6,390 SF
Lot size
1.60 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SR 1470
Tax Annual Amount
13423
Legal Description
SR 1470
Utilities
Heating system
Electric (Heating)
Building Details
Year built
2013
Listing Agency:
Joe Powers Realty
Listed By:
Joseph Powers · License #202896
(910) 934-0339
Added: Apr 16
Changed: Aug 19
Last Checked: Sep 14 at 1:06PM
MLS# 100567754
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 6,390-square-foot restaurant-oriented building is positioned on a 1.6-acre commercial site. The property includes an expansive parking area and is equipped with electric heating. Constructed in 2013, the building offers a substantial footprint for restaurant, sports bar, or similar commercial use.
Located along Western Boulevard in Jacksonville, the property benefits from direct placement on a heavily traveled commercial corridor. The site is zoned CC, supporting its established commercial positioning. Its combination of building area, acreage, and on-site parking provides a practical configuration for an operator seeking a restaurant-focused property.
Located along Western Boulevard in Jacksonville, the property benefits from direct placement on a heavily traveled commercial corridor. The site is zoned CC, supporting its established commercial positioning. Its combination of building area, acreage, and on-site parking provides a practical configuration for an operator seeking a restaurant-focused property.
Key Highlights
- 6,390‑square‑foot building on a 1.6‑acre site
- Restaurant‑oriented property suitable for a sports bar or similar concept
- Expansive parking area for customers and staff
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
$81,952
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
3.21%
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%
$1,639,040
$1.6M
Cap Rate 7%
$1,170,743
$1.2M
Cap Rate 9%
$910,578
$910.6K
Market Conditions
NOI Build-Up for 6,390 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
$115.0K $18.00/SF
− Vacancy
−$5.8K −$0.90/SF
EGI
$109.3K $17.10/SF
− OpEx
−$27.3K −$4.27/SF
NOI
$82.0K $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%
$1,639,040
Cap Rate 7%
$1,170,743
Cap Rate 9%
$910,578
Alternative Uses
Best Use
Specialty Retail
$1.17M
$1.02M – $1.37M
NOI $81,952 @ 7.0% cap · market cap 3.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.39M
$1.21M – $1.62M
NOI $97,169 @ 7.0% cap · market cap 3.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,226
Businesses Nearby
214k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 38%
Shops & Services 28%
Apparel 25%
Leisure 8%
Belk
Apparel
36,213 visits/mo
0.3 miles
Barnes & Noble
Shops & Services
33,449 visits/mo
0.3 miles
Chick-fil-A
Dining
31,233 visits/mo
0.1 miles
Starbucks
Dining
27,032 visits/mo
0.4 miles
JCPenney
Apparel
17,942 visits/mo
0.4 miles
Demographics for 28546, NC
48,547
Population
21,387
Households
2.3
Avg Household Size
30
Median Age
25%
College-Educated
95%
High-School Grad
103.9 sq mi
ZIP Area
467
Density / Sq Mi
$60,552
Median Household Income
$39,487
Median Earnings
$1,174
Median Rent
$212,200
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
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant-oriented commercial property with expansive on-site parking and CC zoning.
Where is this conventional restaurant located?
The property is located at 302 Western Boulevard Jacksonville, NC.
What is the asking price?
The asking price for this property is $2,550,000.
What are key features of this property?
This property features: 6,390‑square‑foot building on a 1.6‑acre site; Restaurant‑oriented property suitable for a sports bar or similar concept; Expansive parking area for customers and staff
