Mixed-Use Property with Office
For Sale
$125,000
108 S Lee St, Whiteville, NC 28472
Flexible property with light-business zoning, a lobby, kitchen, and fenced rear yard near the local post office.
Property Size700 SF
Price / SF$178.57
Days on Market8
Property Features for 108 S Lee St
General Information
Standard status
Active
Size
700 SF
Zoning
light business
Additional Details
Highway Access
Yes
Office Units
2
Amenities
greeting/lobby area
kitchen
fenced back yard
Building Details
Year Built
1953
Listing Agency:
Atlantic Blue Coast Realty LLC
(910) 625-8199
Listed By:
Eric D Hill · License #250127
Source:
Barefootbrokers
Added: Aug 23
Changed: Aug 29
Last Checked: Aug 29 at 3:55PM
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 Atlantic Blue Coast Realty LLC
Investment Insights
Based on property information with market context.
This 700-square-foot mixed-use property was built in 1953 and includes two offices, one bathroom, a greeting and lobby area, and a kitchen. The mostly fenced backyard provides additional site area and may accommodate parking. The property has previously served as office space and was also recently used as a residential rental.
Zoned for residential or light-business use, the property supports professional office, small medical, retail, and other compatible applications identified in the listing information. It is located across from the post office and near schools, shopping, dining, and banks. Major highways connecting Wilmington, Myrtle Beach, and Brunswick County beaches are minutes away, as are area beaches.
Zoned for residential or light-business use, the property supports professional office, small medical, retail, and other compatible applications identified in the listing information. It is located across from the post office and near schools, shopping, dining, and banks. Major highways connecting Wilmington, Myrtle Beach, and Brunswick County beaches are minutes away, as are area beaches.
Key Highlights
- 700 square feet with two offices and one bathroom
- Zoned for residential or light‑business use
- Greeting and lobby area plus kitchen
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
$9,020
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
7.22%
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%
$180,400
$180.4K
Cap Rate 7%
$128,857
$128.9K
Cap Rate 9%
$100,222
$100.2K
Market Conditions
NOI Build-Up for 700 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
$16.8K $24.00/SF
− Vacancy
−$2.4K −$3.38/SF
EGI
$14.4K $20.62/SF
− OpEx
−$5.4K −$7.73/SF
NOI
$9.0K $12.89/SF
Area
Columbus County, NC
Vacancy
14.10%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$180,400
Cap Rate 7%
$128,857
Cap Rate 9%
$100,222
Alternative Uses
Best Use
Mixed Use
$128.9K
$112.8K – $150.3K
NOI $9,020 @ 7.0% cap · market cap 7.22%
Second Best
Office B
$125.4K
$109.7K – $146.3K
NOI $8,777 @ 7.0% cap · market cap 7.02%
Theoretical Best
Office A
$169.8K
$148.6K – $198.1K
NOI $11,886 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
429
Businesses Nearby
Explore this area
Business Placement
Demographics for 28472, NC
17,308
Population
8,073
Households
2.1
Avg Household Size
44
Median Age
18%
College-Educated
91%
High-School Grad
197.9 sq mi
ZIP Area
87
Density / Sq Mi
$48,963
Median Household Income
$36,535
Median Earnings
$788
Median Rent
$141,000
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?
Mixed-use property - Flexible property with light-business zoning, a lobby, kitchen, and fenced rear yard near the local post office.
Where is this mixed-use property located?
The property is located at 108 S Lee St Whiteville, NC.
What is the asking price?
The asking price for this property is $125,000.
What are key features of this property?
This property features: 700 square feet with two offices and one bathroom; Zoned for residential or light‑business use; Greeting and lobby area plus kitchen
