Flex Space with Multiple
For Sale
$2,500,000
4612 N College Road, Castle Hayne, NC 28429
COMMERCIAL - Castle Hayne, NC
Property Size5,208 SF
Lot Size1.98 Acres
Price / SF$480.03
Days on Market300
Property Features for 4612 N College Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
I2
Vegetation
Partially Wooded, Brush
Exterior features
Storage
Lot features
Partially Cleared, Wetlands
Standard status
Active
Size
5,208 SF
Lot size
1.98 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Pt Lot 4 John Sutton Jr Div
Tax Annual Amount
3078
Legal Description
Pt Lot 4 John Sutton Jr Div
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2020
Floors in Building
1
Flooring type
Concrete, Vinyl
Building materials
Metal Siding, Vinyl Siding
Roof type
Metal
Additional Structures
Storage
Listing Agency:
NCRE Group Inc.
(919) 868-3623
Listed By:
Nicole Locklear · License #195237
(919) 868-3623
Added: Oct 15, 2025
Changed: Aug 4
Last Checked: Aug 10 at 6:06PM
MLS# 10127799
Copyright © 2026 Doorify 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.
A versatile flex space property at 4612 N College Road offers flexible options across four separate buildings on a 1.98-acre lot. The on-site improvements include a 56 x 22 modular office with a conference room, reception area, four offices, two restrooms, and a kitchen. A 75 x 40 metal building includes a 72 x 20 lean-to and a 16 x 12 roll-up door, supported by an 18 ft ceiling height and electric service (220V).
Additional structures include a 24 x 24 building with electric, featuring a 12 x 12 overhead door and a pedestrian door, and a 20 x 20 building with an 8 x 8 roll-up door and a pedestrian door. The property includes large on-site parking for employees, clientele, and delivery vehicles, plus outdoor storage. Interior finishes include vinyl and concrete flooring, with forced air heating and central air cooling. The roof is metal, and the property was built in 2020.
The site is positioned in Castle Hayne with convenient access to major highways and the Wilmington area, supporting a range of office, showroom, or service-oriented business uses.
Additional structures include a 24 x 24 building with electric, featuring a 12 x 12 overhead door and a pedestrian door, and a 20 x 20 building with an 8 x 8 roll-up door and a pedestrian door. The property includes large on-site parking for employees, clientele, and delivery vehicles, plus outdoor storage. Interior finishes include vinyl and concrete flooring, with forced air heating and central air cooling. The roof is metal, and the property was built in 2020.
The site is positioned in Castle Hayne with convenient access to major highways and the Wilmington area, supporting a range of office, showroom, or service-oriented business uses.
Key Highlights
- 1.98‑acre flex space zoned I2 with large on‑site parking and outdoor storage
- Four separate buildings, including a 56 x 22 modular office and a 75 x 40 metal building
- 56 x 22 modular office with conference room, reception area, 4 offices, 2 restrooms, and kitchen
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
$87,387
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
3.50%
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%
$1,747,740
$1.7M
Cap Rate 7%
$1,248,386
$1.2M
Cap Rate 9%
$970,967
$971.0K
Market Conditions
NOI Build-Up for 5,208 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
$120.6K $23.16/SF
− Vacancy
−$4.1K −$0.79/SF
EGI
$116.5K $22.37/SF
− OpEx
−$29.1K −$5.59/SF
NOI
$87.4K $16.78/SF
Area
New Hanover County, NC
Vacancy
3.40%
Lease Rate
$23.16 /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%
$1,747,740
Cap Rate 7%
$1,248,386
Cap Rate 9%
$970,967
Alternative Uses
Best Use
Office B
$1.25M
$1.09M – $1.46M
NOI $87,387 @ 7.0% cap · market cap 3.50%
Second Best
Warehouse
$874.1K
$764.9K – $1.02M
NOI $61,189 @ 7.0% cap · market cap 2.45%
Theoretical Best
Office A
$1.69M
$1.48M – $1.97M
NOI $118,323 @ 7.0% cap · market cap 4.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
127
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 28429, NC
8,802
Population
3,906
Households
2.3
Avg Household Size
43
Median Age
25%
College-Educated
89%
High-School Grad
39.7 sq mi
ZIP Area
222
Density / Sq Mi
$73,259
Median Household Income
$37,337
Median Earnings
$870
Median Rent
$231,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex space on 1.98 acres zoned I2, featuring four buildings with office and multiple overhead/service doors.
Where is this flex space located?
The property is located at 4612 N College Road Castle Hayne, NC.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 1.98‑acre flex space zoned I2 with large on‑site parking and outdoor storage; Four separate buildings, including a 56 x 22 modular office and a 75 x 40 metal building; 56 x 22 modular office with conference room, reception area, 4 offices, 2 restrooms, and kitchen
