Office Unit in Pleasure Island
New
For Sale
$380,000
1009 N Lake Park Boulevard, Carolina Beach, NC 28428
Commercial Sale, Carolina Beach, NC
Property Size960 SF
Price / SF$395.83
Days on Market2
Property Features for 1009 N Lake Park Boulevard
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
HB
Parking features
Parking Lot, Driveway
Subdivision
Pleasure Island Plaza
Lot features
Level
Directions
Head South on Hwy 421/Carolina Beach Rd onto Carolina Beach. At 3rd stop light take Right into Pleasure Island Plaza and unit B1 is in far left corner of Plaza
Standard status
Active
APN
R08814-001-003-006
Size
960 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
Unit B1 Pleasure Island Plaza II
Tax Annual Amount
1603
Legal Description
Unit B1 Pleasure Island Plaza II
Utilities
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Central Air
Building Details
Year built
1983
Flooring type
Carpet
Building materials
Aluminum Siding, Wood Siding, Wood Frame
Roof type
Shingle
Listing Agency:
Network Real Estate
(910) 458-8881
Listed By:
Kevin S McKoy · License #186237
(910) 515-6498
Added: Sep 15
Changed: Sep 16
Last Checked: Sep 16 at 11:06PM
MLS# 100603756
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 960-square-foot office unit is located within Pleasure Island Plaza and includes a carpeted interior, central air conditioning, and heat-pump heating. The property was built in 1983 and uses a combination of wood frame, aluminum siding, and wood siding construction, with a shingle roof. HB zoning and an established tenant on a month-to-month lease add existing operational context for a buyer.
The office plaza sits beside Ace Hardware, across from Publix Supermarket, and opposite the island’s Proximity development. On-site parking is provided through a parking lot and driveway. The property is located at 1009 N Lake Park Boulevard in Carolina Beach, North Carolina.
The office plaza sits beside Ace Hardware, across from Publix Supermarket, and opposite the island’s Proximity development. On-site parking is provided through a parking lot and driveway. The property is located at 1009 N Lake Park Boulevard in Carolina Beach, North Carolina.
Key Highlights
- 960 square feet of office space in Pleasure Island Plaza
- Established tenant in place on a month‑to‑month lease
- HB 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
$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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
100%
Occupancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office 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?
Office units - Office unit with an established month-to-month tenant, central air, and HB zoning.
Where is this office units located?
The property is located at 1009 N Lake Park Boulevard 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 feet of office space in Pleasure Island Plaza; Established tenant in place on a month‑to‑month lease; HB zoning
