Brick Office
For Sale
$925,000
305 Commerce Avenue, Morehead City, NC 28557
Commercial Sale, Morehead City, NC
Property Size4,880 SF
Lot Size0.31 Acres
Price / SF$189.55
Days on Market262
Property Features for 305 Commerce Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Parking features
Off Street
Subdivision
Not In Subdivision
Lot features
Dead End
Directions
From MHC to Bridges St. Turn onto Commerce Ave. Property will be on your left. No sign
Standard status
Active
APN
637615633889000
Size
4,880 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
L2 BRIDGES PROFFESIONAL CENTER
Legal Description
L2 BRIDGES PROFFESIONAL CENTER
Utilities
Utilities
Water Available
Heating system
Electric (Heating), Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
2000
Flooring type
Tile, Carpet
Building materials
Brick Veneer
Roof type
Shingle
Listing Agency:
Coldwell Banker Sea Coast AB
(252) 247-7600
Listed By:
Bailey Basnight Real Estate · License #281517
(252) 515-0502
Added: Dec 9, 2025
Changed: Aug 20
Last Checked: Aug 28 at 7:06AM
MLS# 100544694
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 4,880-square-foot office building occupies 0.31 acres and was built in 2000. Brick veneer construction, tile and carpet flooring, central air, electric heat, and a heat pump serve the interior. Off-street parking and a shingle roof are also included.
The property is located at 305 Commerce Avenue in Morehead City, North Carolina, within Carteret County. Public water is available, and the site is zoned Commercial. One suite is vacant, while the balance of the building is occupied, creating a configuration suited to an owner-user seeking office space alongside existing tenancy.
The property is located at 305 Commerce Avenue in Morehead City, North Carolina, within Carteret County. Public water is available, and the site is zoned Commercial. One suite is vacant, while the balance of the building is occupied, creating a configuration suited to an owner-user seeking office space alongside existing tenancy.
Key Highlights
- 4,880‑square‑foot office building on 0.31 acres
- One vacant suite with additional occupied space
- Commercial 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
$75,542
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
8.17%
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%
$1,510,840
$1.5M
Cap Rate 7%
$1,079,171
$1.1M
Cap Rate 9%
$839,356
$839.4K
Market Conditions
NOI Build-Up for 4,880 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
$117.1K $24.00/SF
− Vacancy
−$16.4K −$3.36/SF
EGI
$100.7K $20.64/SF
− OpEx
−$25.2K −$5.16/SF
NOI
$75.5K $15.48/SF
Area
Carteret County, NC
Vacancy
14.00%
Lease Rate
$24.00 /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%
$1,510,840
Cap Rate 7%
$1,079,171
Cap Rate 9%
$839,356
Alternative Uses
Best Use
Office B
$1.08M
$944.3K – $1.26M
NOI $75,542 @ 7.0% cap · market cap 8.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.46M
$1.28M – $1.71M
NOI $102,480 @ 7.0% cap · market cap 11.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
964
Businesses Nearby
Explore this area
Business Placement
Demographics for 28557, NC
14,910
Population
9,168
Households
1.6
Avg Household Size
50
Median Age
40%
College-Educated
93%
High-School Grad
14.2 sq mi
ZIP Area
1,050
Density / Sq Mi
$67,753
Median Household Income
$38,534
Median Earnings
$1,143
Median Rent
$331,800
Median Home Value
Market
Vacancy Rate% for Office 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?
Office building - Commercial-zoned office property with one vacant suite and additional occupied space.
Where is this office building located?
The property is located at 305 Commerce Avenue Morehead City, NC.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: 4,880‑square‑foot office building on 0.31 acres; One vacant suite with additional occupied space; Commercial zoning
