Vacant Retail Space at Village
For Sale
$425,000
9004 Louise Avenue, Emerald Isle, NC 28594
Commercial Sale, Emerald Isle, NC
Property Size1,380 SF
Price / SF$307.97
Days on Market142
Property Features for 9004 Louise Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Village West
Subdivision
Village West
Directions
Emerald Dr to Islander Dr. Go towards ocean and Village West in on your right. Turn right on Louise Avenue & Units 10 & 11 (previously EJW Outdoors & Bike Shop) on your right.
Standard status
Active
APN
538310464151011
Size
1,380 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
Village West Condos - Unit 10 & 11 Emerald Isle
Tax Annual Amount
1396
HOA Fee
$3,540 Annually
Legal Description
Village West Condos - Unit 10 & 11 Emerald Isle
Utilities
Sewer type
Septic Tank
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Heat Pump
Water source
Public
Amenities
community swimming pool
Building Details
Year built
2021
Flooring type
Lvt/lvp
Building materials
Composition
Roof type
Metal
Listing Agency:
Bluewater Real Estate - EI
(252) 354-5921
Listed By:
Cynthia A Earnhardt · License #174192
(252) 646-3244
Added: Apr 3
Changed: Aug 21
Last Checked: Aug 22 at 10:06AM
MLS# 100564805
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 vacant retail property combines Units 10 and 11 within Village West, a mixed-use commercial destination in Emerald Isle. The space includes designer interior improvements, LVT/LVP flooring, heat-pump heating and cooling, and electric service. The current configuration can remain consolidated or be divided into two units through interior modifications. Designer-installed fixtures and improvements shown in the property materials convey with the sale.
The property is located near Western Ocean Regional Beach Access, Islander Hotel Resort, Salty Pirate Water Park, area campgrounds, bike paths, and beach-oriented destinations. Assigned parking is provided at one space per unit in a private gated lot, and owners have access to the community swimming pool. The property was built in 2021 and uses public water and a septic tank. Village West zoning applies, with both a master HOA and a per-unit condo HOA.
The property is located near Western Ocean Regional Beach Access, Islander Hotel Resort, Salty Pirate Water Park, area campgrounds, bike paths, and beach-oriented destinations. Assigned parking is provided at one space per unit in a private gated lot, and owners have access to the community swimming pool. The property was built in 2021 and uses public water and a septic tank. Village West zoning applies, with both a master HOA and a per-unit condo HOA.
Key Highlights
- Combined Units 10 & 11 create a flexible retail configuration
- Vacant space with designer interior improvements conveying with the sale
- Built in 2021 with LVT/LVP flooring and heat‑pump HVAC
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
$15,997
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
3.76%
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%
$319,940
$319.9K
Cap Rate 7%
$228,529
$228.5K
Cap Rate 9%
$177,744
$177.7K
Market Conditions
NOI Build-Up for 1,380 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
$24.8K $18.00/SF
− Vacancy
−$2.0K −$1.44/SF
EGI
$22.9K $16.56/SF
− OpEx
−$6.9K −$4.97/SF
NOI
$16.0K $11.59/SF
Area
Carteret County, NC
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$319,940
Cap Rate 7%
$228,529
Cap Rate 9%
$177,744
Alternative Uses
Best Use
Retail
$228.5K
$200.0K – $266.6K
NOI $15,997 @ 7.0% cap · market cap 3.76%
Second Best
Mixed Use
$148.0K
$129.5K – $172.7K
NOI $10,360 @ 7.0% cap · market cap 2.44%
Theoretical Best
Office A
$414.0K
$362.3K – $483.0K
NOI $28,980 @ 7.0% cap · market cap 6.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
212
Businesses Nearby
Explore this area
Business Placement
Demographics for 28594, NC
3,849
Population
6,802
Households
0.6
Avg Household Size
58
Median Age
52%
College-Educated
98%
High-School Grad
5.7 sq mi
ZIP Area
675
Density / Sq Mi
$89,432
Median Household Income
$42,697
Median Earnings
$1,688
Median Rent
$563,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Finished, flexible commercial space with coastal-modern improvements and access to assigned parking in a gated private lot.
Where is this retail space located?
The property is located at 9004 Louise Avenue Emerald Isle, NC.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Combined Units 10 & 11 create a flexible retail configuration; Vacant space with designer interior improvements conveying with the sale; Built in 2021 with LVT/LVP flooring and heat‑pump HVAC
