Historic Bed & Breakfast with Commercial
For Sale
$1,750,000
215 Pollock St, New Bern, NC 28560
Fully operational historic inn with nine private-bath guest rooms, dining and parlor spaces, plus an expansive custom commercial kitchen.
Property Size8,925 SF
Price / SF$196.08
Days on Market59
Property Features for 215 Pollock St
General Information
Standard status
Active
Size
8,925 SF
Additional Details
Business Included
Yes
Building Details
Year Built
1852
Listing Agency:
COLDWELL BANKER SEA COAST ADVANTAGE
Listed By:
KIMBERLY WYNN · License #157740
(252) 675-3306
Source:
Newbernrealestatesearch
Added: Jul 20
Changed: Sep 10
Last Checked: Sep 15 at 11:42PM
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 COLDWELL BANKER SEA COAST ADVANTAGE
Investment Insights
Based on property information with market context.
The Benjamin Ellis House is a fully operational historic bed and breakfast in the downtown historic district, built around nine tastefully appointed guest rooms, each with its own private bath. The home also includes a welcoming parlor for guest gatherings and a warm, elegant dining room used for breakfast service, along with additional intimate spaces for reading, conversation, and relaxation. A spacious, covered front porch provides an inviting outdoor setting.
A centerpiece of the property is an expansive, custom designed commercial kitchen crafted by the current owners. The kitchen is described as meeting requirements for a restaurant permit, which the remarks indicate could support additional revenue options such as private dinners, cooking demonstrations, or culinary events if the next owner chooses to expand beyond traditional lodging. Several private accommodations are also included on the grounds.
In addition to the main inn, a separate 1,857-square-foot owner’s cottage was completely redesigned and renovated in 2019/2020. Above the detached garage, there is also a 511-square-foot one-bedroom apartment that can provide added flexibility for staff quarters, extended family, or long-term rental potential.
A centerpiece of the property is an expansive, custom designed commercial kitchen crafted by the current owners. The kitchen is described as meeting requirements for a restaurant permit, which the remarks indicate could support additional revenue options such as private dinners, cooking demonstrations, or culinary events if the next owner chooses to expand beyond traditional lodging. Several private accommodations are also included on the grounds.
In addition to the main inn, a separate 1,857-square-foot owner’s cottage was completely redesigned and renovated in 2019/2020. Above the detached garage, there is also a 511-square-foot one-bedroom apartment that can provide added flexibility for staff quarters, extended family, or long-term rental potential.
Key Highlights
- Benjamin Ellis House historic bed & breakfast built in 1852, fully operational in Downtown New Bern
- Nine guest rooms, each with a private bath
- Dining room and parlor for guest use, plus a welcoming covered front porch
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
$115,427
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
6.60%
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%
$2,308,540
$2.3M
Cap Rate 7%
$1,648,957
$1.6M
Cap Rate 9%
$1,282,522
$1.3M
Market Conditions
NOI Build-Up for 8,925 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
$160.7K $18.00/SF
− Vacancy
−$6.7K −$0.76/SF
EGI
$153.9K $17.24/SF
− OpEx
−$38.5K −$4.31/SF
NOI
$115.4K $12.93/SF
Area
Craven County, NC
Vacancy
4.20%
Lease Rate
$18.00 /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%
$2,308,540
Cap Rate 7%
$1,648,957
Cap Rate 9%
$1,282,522
Alternative Uses
Best Use
Specialty Retail
$1.65M
$1.44M – $1.92M
NOI $115,427 @ 7.0% cap · market cap 6.60%
Second Best
Industrial
$828.5K
$724.9K – $966.6K
NOI $57,994 @ 7.0% cap · market cap 3.31%
Theoretical Best
Office A
$2.94M
$2.57M – $3.43M
NOI $205,978 @ 7.0% cap · market cap 11.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
891
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28560, NC
28,005
Population
14,165
Households
2
Avg Household Size
46
Median Age
25%
College-Educated
92%
High-School Grad
122.6 sq mi
ZIP Area
228
Density / Sq Mi
$62,142
Median Household Income
$37,379
Median Earnings
$992
Median Rent
$191,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Bed & breakfast - Fully operational historic inn with nine private-bath guest rooms, dining and parlor spaces, plus an expansive custom commercial kitchen.
Where is this bed & breakfast located?
The property is located at 215 Pollock St New Bern, NC.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Benjamin Ellis House historic bed & breakfast built in 1852, fully operational in Downtown New Bern; Nine guest rooms, each with a private bath; Dining room and parlor for guest use, plus a welcoming covered front porch
