Mixed-Use Live-Work
For Sale
$1,099,900
119 Turner Street, Beaufort, NC 28516
Commercial Sale, Beaufort, NC
Property Size2,003 SF
Lot Size0.03 Acres
Price / SF$549.13
Days on Market120
Property Features for 119 Turner Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
H-BD
Parking features
On Street
Subdivision
Not In Subdivision
Directions
Hwy 70 E to Beaufort. Turn right onto Turner St. Property will be on the right.
Standard status
Active
APN
730617102381000
Size
2,003 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Part lot 19, Town of Beaufort
Legal Description
Part lot 19, Town of Beaufort
Utilities
Heating system
Electric (Heating), Heat Pump (Heating)
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
1940
Flooring type
Tile, Concrete, Wood
Building materials
Block, Brick
Listing Agency:
Keller Williams Crystal Coast · Keller Williams Realty
(252) 515-7291
Listed By:
Mary Cheatham King Real Estate team
(252) 518-5222
Added: Apr 23
Changed: Aug 20
Last Checked: Aug 20 at 1:06AM
MLS# 100569105
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 mixed-use property combines a ground-floor retail operation with a renovated residential level. The approximately 1,000-square-foot commercial area includes 495 square feet designated for public use, while the second floor provides a one-bedroom, one-bath layout with an open plan. Residential improvements include restored windows, hardwood floors, a kitchen with white cabinetry, reclaimed wood countertops, stainless steel appliances, and an updated tile-shower bath.
The first-floor gift and coffee shop is leased through February 2027. The upper residence is currently operating as an Airbnb, creating a combination of commercial and residential income uses, or a live-work arrangement. The property occupies a 0.03-acre lot in downtown Beaufort, with access to the waterfront and Front Street shops, restaurants, and Taylor's Creek views. Built in 1940, the building includes on-street parking, public water, electric heating, and heat-pump heating and cooling.
The first-floor gift and coffee shop is leased through February 2027. The upper residence is currently operating as an Airbnb, creating a combination of commercial and residential income uses, or a live-work arrangement. The property occupies a 0.03-acre lot in downtown Beaufort, with access to the waterfront and Front Street shops, restaurants, and Taylor's Creek views. Built in 1940, the building includes on-street parking, public water, electric heating, and heat-pump heating and cooling.
Key Highlights
- Approximately 1,000 SF of retail space, including 495 SF designated for public use
- First‑floor gift and coffee shop lease in place through February 2027
- Renovated second level with 1‑bedroom, 1‑bath open‑plan layout
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?
Mixed-use property - Retail and coffee space downstairs with a renovated one-bedroom residence above.
Where is this mixed-use property located?
The property is located at 119 Turner Street 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: Approximately 1,000 SF of retail space, including 495 SF designated for public use; First‑floor gift and coffee shop lease in place through February 2027; Renovated second level with 1‑bedroom, 1‑bath open‑plan layout
