Restaurant Building with Bar
For Sale
$1,600,000
509 Front Street, Beaufort, NC 28516
Commercial Sale, Beaufort, NC
Property Size3,700 SF
Price / SF$432.43
Days on Market597
Property Features for 509 Front Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
HBD
Parking features
On Street
Subdivision
Harborside Suites
Directions
Take 70 east to new bypass bridge to Turner St exit. Turn on Turner street, take all the way down to Front street. Turn left onto Front street, listing is on the left
Standard status
Active
APN
73050519795100h
Size
3,700 SF
Taxes and HOA fees
Tax Year
2023
Tax Description
UH HARBORSIDE SUITES
Tax Annual Amount
5143
HOA Fee
$8,914 Annually
Legal Description
UH HARBORSIDE SUITES
Utilities
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Central Air
Building Details
Year built
1945
Flooring type
Carpet
Building materials
Brick
Roof type
Flat
Listing Agency:
Beaufort Realty
(252) 728-5462
Listed By:
McCall-Vick Real Estate Team · License #163090
(252) 241-1917
Added: Jan 16, 2025
Changed: Aug 19
Last Checked: Sep 5 at 5:06PM
MLS# 100483925
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 3,700-square-foot brick restaurant building dates to 1945 and is currently operated as a Ribeyes restaurant. The interior includes a dining room, kitchen access, a ramp leading to the bar and entertainment area, and a second entrance from the bar area. The property is offered as real estate only; restaurant equipment belongs to the tenant and will not convey.
Located on Front Street along Taylor's Creek in Beaufort, the property carries HBD zoning. Parking includes on-street spaces, along with one dedicated owner space in a gravel parking lot. The building has a flat roof, central air, electric heat, and heat-pump heating.
Located on Front Street along Taylor's Creek in Beaufort, the property carries HBD zoning. Parking includes on-street spaces, along with one dedicated owner space in a gravel parking lot. The building has a flat roof, central air, electric heat, and heat-pump heating.
Key Highlights
- 3,700 square feet of restaurant space
- HBD zoning
- Brick building constructed in 1945
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
$48,405
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
3.03%
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%
$968,100
$968.1K
Cap Rate 7%
$691,500
$691.5K
Cap Rate 9%
$537,833
$537.8K
Market Conditions
NOI Build-Up for 3,700 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
$70.2K $18.96/SF
− Vacancy
−$5.6K −$1.52/SF
EGI
$64.5K $17.44/SF
− OpEx
−$16.1K −$4.36/SF
NOI
$48.4K $13.08/SF
Area
Carteret County, NC
Vacancy
8.00%
Lease Rate
$18.96 /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%
$968,100
Cap Rate 7%
$691,500
Cap Rate 9%
$537,833
Alternative Uses
Best Use
Specialty Retail
$691.5K
$605.1K – $806.8K
NOI $48,405 @ 7.0% cap · market cap 3.03%
Second Best
Retail
$612.7K
$536.1K – $714.8K
NOI $42,890 @ 7.0% cap · market cap 2.68%
Theoretical Best
Office A
$1.11M
$971.3K – $1.30M
NOI $77,700 @ 7.0% cap · market cap 4.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
499
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28516, NC
11,204
Population
7,183
Households
1.6
Avg Household Size
52
Median Age
27%
College-Educated
89%
High-School Grad
125.7 sq mi
ZIP Area
89
Density / Sq Mi
$63,257
Median Household Income
$36,227
Median Earnings
$869
Median Rent
$292,300
Median Home Value
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 - Brick commercial building with dining, kitchen, and bar areas in a waterfront commercial setting.
Where is this conventional restaurant located?
The property is located at 509 Front Street Beaufort, NC.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 3,700 square feet of restaurant space; HBD zoning; Brick building constructed in 1945
