Renovated Live-Work
For Sale
$1,099,900
119 Turner St, Beaufort, NC 28516
Two-level property pairs leased retail space with an upstairs one-bedroom residence.
Property Size2,003 SF
Price / SF$549.13
Days on Market36
Property Features for 119 Turner St
General Information
Standard status
Active
Size
2,003 SF
Building Details
Year Built
1940
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Keller Williams Crystal Coast
(252) 518-5222
Listed By:
Mary Cheatham King Real Estate team
Source:
Bradberrygarnerrealestate
Added: Jul 24
Changed: Aug 28
Last Checked: Aug 25 at 4:10AM
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 Keller Williams Crystal Coast
Investment Insights
Based on property information with market context.
Built in 1940, this 2,003-square-foot live-work property combines a ground-floor retail operation with an independently configured upper level. The first floor contains approximately 1,000 square feet, including 495 square feet of public-facing area, and is occupied by a gift and coffee shop under lease through February 2027.
The renovated second floor includes one bedroom, one bath, and an open floor plan. Interior features include restored windows, hardwood flooring, white kitchen cabinetry, reclaimed wood countertops with a marine-grade finish, stainless steel appliances, and an updated bathroom with a tile shower. The upper level is currently operated as an Airbnb and also provides a residential option above the commercial space.
The property is located in downtown Beaufort at 119 Turner St, with access to the waterfront and Front Street’s shops, dining, and views along Taylor's Creek.
The renovated second floor includes one bedroom, one bath, and an open floor plan. Interior features include restored windows, hardwood flooring, white kitchen cabinetry, reclaimed wood countertops with a marine-grade finish, stainless steel appliances, and an updated bathroom with a tile shower. The upper level is currently operated as an Airbnb and also provides a residential option above the commercial space.
The property is located in downtown Beaufort at 119 Turner St, with access to the waterfront and Front Street’s shops, dining, and views along Taylor's Creek.
Key Highlights
- 2,003‑square‑foot live‑work property built in 1940
- Ground‑floor retail space totals approximately 1,000 square feet
- 495 square feet of first‑floor retail area is dedicated to public use
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
$31,006
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
2.82%
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%
$620,120
$620.1K
Cap Rate 7%
$442,943
$442.9K
Cap Rate 9%
$344,511
$344.5K
Market Conditions
NOI Build-Up for 2,003 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
$48.1K $24.00/SF
− Vacancy
−$6.7K −$3.36/SF
EGI
$41.3K $20.64/SF
− OpEx
−$10.3K −$5.16/SF
NOI
$31.0K $15.48/SF
Area
Carteret County, NC
Vacancy
14.00%
Lease Rate
$24.00 /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%
$620,120
Cap Rate 7%
$442,943
Cap Rate 9%
$344,511
Alternative Uses
Best Use
Office B
$442.9K
$387.6K – $516.8K
NOI $31,006 @ 7.0% cap · market cap 2.82%
Second Best
Specialty Retail
$374.3K
$327.6K – $436.7K
NOI $26,204 @ 7.0% cap · market cap 2.38%
Theoretical Best
Office A
$600.9K
$525.8K – $701.1K
NOI $42,063 @ 7.0% cap · market cap 3.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
514
Businesses Nearby
Explore this area
Business Placement
Demographics for 28516, NC
11,204
Population
7,183
Households
1.6
Avg Household Size
52
Median Age
27%
College-Educated
89%
High-School Grad
125.7 sq mi
ZIP Area
89
Density / Sq Mi
$63,257
Median Household Income
$36,227
Median Earnings
$869
Median Rent
$292,300
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?
Live-work space - Two-level property pairs leased retail space with an upstairs one-bedroom residence.
Where is this live-work space located?
The property is located at 119 Turner St Beaufort, NC.
What is the asking price?
The asking price for this property is $1,099,900.
What are key features of this property?
This property features: 2,003‑square‑foot live‑work property built in 1940; Ground‑floor retail space totals approximately 1,000 square feet; 495 square feet of first‑floor retail area is dedicated to public use
