Two-Story Office
For Sale
$995,000
608 Arendell Street, Morehead City, NC 28557
Commercial Sale, Morehead City, NC
Property Size2,380 SF
Lot Size0.13 Acres
Price / SF$418.07
Days on Market146
Property Features for 608 Arendell Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
DB
Parking features
Off Street, Garage
Fireplace
1
Subdivision
Not In Subdivision
Lot features
Third Row
View
Water
Directions
Arendell Street / Hwy 70 to 6th Street downtown Morehead City. Subject property located at 608 Arendell St. (North side of street)
Standard status
Active
APN
638620717482000
Size
2,380 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
L5 B8 MOREHEAD CITY
Legal Description
L5 B8 MOREHEAD CITY
Utilities
Utilities
Water Available
Heating system
Electric (Heating), Heat Pump (Heating)
Cooling system
Heat Pump, Central Air
Water source
Public
Amenities
private rear yard
dedicated workshop and storage area
heated and cooled one-car garage
full kitchen/break room
Building Details
Year built
1910
Number of units
1
Flooring type
Tile, Wood
Building materials
Wood Frame
Roof type
Shingle, Composition
Listing Agency:
Hamad Realty
(252) 726-3473
Listed By:
Samer Hamad · License #188498
(252) 342-9294
Added: Apr 22
Changed: Sep 12
Last Checked: Sep 14 at 10:06AM
MLS# 100568977
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 two-story office property contains 2,380 square feet and was built in 1910 with wood-frame construction. The interior includes four rooms configured for private offices, consultations, or treatment areas, along with two restrooms and a full kitchen or break room. Tile and wood flooring, central air, heat-pump heating and cooling, and electric heat are included. A one-car garage is heated and cooled, while additional improvements include a workshop, storage area, and private rear yard.
The property occupies 0.13 acres in Morehead City’s Waterfront District, directly across from City Park. It carries DB, or Downtown Business, zoning and is positioned near waterfront dining, festivals, and community events. Public water is available, with off-street parking and garage parking on site. Dedicated residential use requires approval of a Special Use Permit from Morehead City.
The property occupies 0.13 acres in Morehead City’s Waterfront District, directly across from City Park. It carries DB, or Downtown Business, zoning and is positioned near waterfront dining, festivals, and community events. Public water is available, with off-street parking and garage parking on site. Dedicated residential use requires approval of a Special Use Permit from Morehead City.
Key Highlights
- 2,380 SF two‑story office property on 0.13 acres
- Four rooms suited to office, consultation, or treatment layouts
- DB (Downtown Business) 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
$36,842
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
3.70%
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%
$736,840
$736.8K
Cap Rate 7%
$526,314
$526.3K
Cap Rate 9%
$409,356
$409.4K
Market Conditions
NOI Build-Up for 2,380 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
$57.1K $24.00/SF
− Vacancy
−$8.0K −$3.36/SF
EGI
$49.1K $20.64/SF
− OpEx
−$12.3K −$5.16/SF
NOI
$36.8K $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%
$736,840
Cap Rate 7%
$526,314
Cap Rate 9%
$409,356
Alternative Uses
Best Use
Office B
$526.3K
$460.5K – $614.0K
NOI $36,842 @ 7.0% cap · market cap 3.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$714.0K
$624.8K – $833.0K
NOI $49,980 @ 7.0% cap · market cap 5.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
475
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office units - DB-zoned commercial property with flexible rooms, kitchen, restrooms, garage, and rear outdoor space.
Where is this office units located?
The property is located at 608 Arendell Street Morehead City, NC.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 2,380 SF two‑story office property on 0.13 acres; Four rooms suited to office, consultation, or treatment layouts; DB (Downtown Business) zoning
