Corner Commercial
For Sale
Contact for pricing
100 Whitman Ave, Castle Hayne, NC 28429
Corner-site property includes an existing structure suitable for office or retail conversion.
Property Size1,259 SF
Price / SF$388.40
Days on Market162
Property Features for 100 Whitman Ave
General Information
Standard status
Active
Size
1,259 SF
Property subtype
RETAIL
Listing Agency:
Maus, Warwick, Matthews & Co.
(901) 428-4873
Listed By:
Ginny Dunn · License #333240
(901) 428-4873
Source:
Moodyscre
Added: Mar 23
Changed: Aug 31
Last Checked: Aug 31 at 2:56AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Maus, Warwick, Matthews & Co.
Investment Insights
Based on property information with market context.
This commercial land offering includes an existing 1,259-square-foot structure on a 0.53-acre corner parcel. The building may support conversion to office or retail space, providing an existing improvement for a future commercial repositioning plan.
The property is located along Castle Hayne Rd at 100 Whitman Ave in Castle Hayne, North Carolina. Its corner configuration and placement along Castle Hayne Rd provide a defined commercial site with convenient access and a visible roadside setting.
The property is located along Castle Hayne Rd at 100 Whitman Ave in Castle Hayne, North Carolina. Its corner configuration and placement along Castle Hayne Rd provide a defined commercial site with convenient access and a visible roadside setting.
Key Highlights
- 0.53‑acre corner lot along Castle Hayne Rd
- Existing 1,259‑square‑foot structure
- Existing building supports potential office or retail conversion
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
$17,985
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
3.68%
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%
$359,700
$359.7K
Cap Rate 7%
$256,929
$256.9K
Cap Rate 9%
$199,833
$199.8K
Market Conditions
NOI Build-Up for 1,259 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
$26.1K $20.76/SF
− Vacancy
−$444 −$0.35/SF
EGI
$25.7K $20.41/SF
− OpEx
−$7.7K −$6.12/SF
NOI
$18.0K $14.28/SF
Area
New Hanover County, NC
Vacancy
1.70%
Lease Rate
$20.76 /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%
$359,700
Cap Rate 7%
$256,929
Cap Rate 9%
$199,833
Alternative Uses
Best Use
Retail
$256.9K
$224.8K – $299.8K
NOI $17,985 @ 7.0% cap · market cap 3.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$408.6K
$357.6K – $476.7K
NOI $28,604 @ 7.0% cap · market cap 5.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
182
Businesses Nearby
60k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 39%
Shops & Services 29%
Groceries 28%
Home Improvements & Furnishings 5%
McDonald's
Dining
19,362 visits/mo
0.4 miles
Food Lion Grocery Store
Groceries
16,512 visits/mo
0.4 miles
Exxon
Shops & Services
4,775 visits/mo
0.4 miles
Han-Dee Hugo's
Shops & Services
4,311 visits/mo
0.4 miles
Advance Auto Parts
Shops & Services
3,440 visits/mo
0.3 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Corner-site property includes an existing structure suitable for office or retail conversion.
Where is this commercial land located?
The property is located at 100 Whitman Ave Castle Hayne, NC.
What is the asking price?
The asking price for this property is $489,000.
What are key features of this property?
This property features: 0.53‑acre corner lot along Castle Hayne Rd; Existing 1,259‑square‑foot structure; Existing building supports potential office or retail conversion
