Office Unit with Existing
New
For Sale
$380,000
1009 N Lake Park #B1, Carolina Beach, NC 28428
Established office occupancy provides an immediate income-producing use within a neighborhood retail plaza.
Property Size960 SF
Price / SF$395.83
Days on Market3
Property Features for 1009 N Lake Park #B1
General Information
Standard status
Active
Size
960 SF
Property subtype
Commercial
Amenities
Central air
Concrete
Architectural Shingle Roof
Carpet Flooring
Central Air Cooling
Electric Heating
Heat Pump Heating
Heating Heating
Level
On Site
Parking Lot
Paved
Shared Driveway
Building Details
Year Built
1983
Tenancy
Single
Owner Occupied
No
Abandoned
No
Listing Agency:
NETWORK REAL ESTATE
Listed By:
KEVIN S MCKOY · License #186237
(910) 458-8881
Source:
Corcoran
Added: Sep 15
Changed: Sep 17
Last Checked: Sep 16 at 2:53PM
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 NETWORK REAL ESTATE
Investment Insights
Based on property information with market context.
This 960-square-foot office unit is located within a commercial plaza constructed in 1983. The space is occupied by an established tenant under a month-to-month lease, providing an existing operating arrangement for the next owner.
The property is at 1009 N Lake Park #B1 in Carolina Beach, positioned beside Ace Hardware and across from Publix Supermarket and the new Proximity development. Its plaza setting places the office near established retail and surrounding commercial activity.
The property is at 1009 N Lake Park #B1 in Carolina Beach, positioned beside Ace Hardware and across from Publix Supermarket and the new Proximity development. Its plaza setting places the office near established retail and surrounding commercial activity.
Key Highlights
- 960‑square‑foot office unit
- Established tenant in place on a month‑to‑month lease
- Located in a commercial plaza built in 1983
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
$16,108
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
4.24%
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%
$322,160
$322.2K
Cap Rate 7%
$230,114
$230.1K
Cap Rate 9%
$178,978
$179.0K
Market Conditions
NOI Build-Up for 960 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
$22.2K $23.16/SF
− Vacancy
−$756 −$0.79/SF
EGI
$21.5K $22.37/SF
− OpEx
−$5.4K −$5.59/SF
NOI
$16.1K $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%
$322,160
Cap Rate 7%
$230,114
Cap Rate 9%
$178,978
Alternative Uses
Best Use
Office B
$230.1K
$201.4K – $268.5K
NOI $16,108 @ 7.0% cap · market cap 4.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$311.6K
$272.6K – $363.5K
NOI $21,811 @ 7.0% cap · market cap 5.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
689
Businesses Nearby
Explore this area
Business Placement
Demographics for 28428, NC
6,848
Population
6,268
Households
1.1
Avg Household Size
51
Median Age
48%
College-Educated
98%
High-School Grad
5.2 sq mi
ZIP Area
1,317
Density / Sq Mi
$87,670
Median Household Income
$41,138
Median Earnings
$1,515
Median Rent
$490,100
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?
Office units - Established office occupancy provides an immediate income-producing use within a neighborhood retail plaza.
Where is this office units located?
The property is located at 1009 N Lake Park #B1 Carolina Beach, NC.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: 960‑square‑foot office unit; Established tenant in place on a month‑to‑month lease; Located in a commercial plaza built in 1983
