Restaurant Building with Walk-In
For Sale
$950,000
2405 Neuse Boulevard, New Bern, NC 28562
Existing food-service infrastructure includes cold storage, natural gas, and tankless hot water equipment.
Property Size2,847 SF
Price / SF$333.68
Days on Market677
Property Features for 2405 Neuse Boulevard
General Information
Standard status
Active
Size
2,847 SF
Property subtype
Commercial
Zoning
COMMERCIAL
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$2,945
Amenities
walk-in fridge
walk-in freezer
modern tankless water heater
No
Yes
Natural Gas
Open Lot
Public
1.46
160 x 400
Stucco
Parking Lot,Asphalt,On Site
Slab
City Street,State Road,4+ Lanes
2847.0
Building Details
Year Built
1975
Listing Agency:
Stone Auction & Realty
(812) 374-3721
Listed By:
David Shimp · License #228835
(812) 374-3721
Source:
Baystreetrealtygroup
Added: Oct 22, 2024
Changed: Aug 28
Last Checked: Aug 29 at 6:28AM
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 Stone Auction & Realty
Investment Insights
Based on property information with market context.
The restaurant building at 2405 Neuse Boulevard includes a walk-in refrigerator, walk-in freezer, tankless water heater, and natural gas service. These existing systems support food-service operations and provide a practical starting point for a restaurant concept.
The property includes a spacious lot with outdoor area that can accommodate dining or future expansion plans. The building was constructed in 1975 and is located minutes from a major hospital and key employers in New Bern.
The property includes a spacious lot with outdoor area that can accommodate dining or future expansion plans. The building was constructed in 1975 and is located minutes from a major hospital and key employers in New Bern.
Key Highlights
- Walk‑in refrigerator and walk‑in freezer included
- Natural gas connection supports cooking and heating
- Tankless water heater installed
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
$36,820
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
3.88%
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%
$736,400
$736.4K
Cap Rate 7%
$526,000
$526.0K
Cap Rate 9%
$409,111
$409.1K
Market Conditions
NOI Build-Up for 2,847 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
$51.2K $18.00/SF
− Vacancy
−$2.2K −$0.76/SF
EGI
$49.1K $17.24/SF
− OpEx
−$12.3K −$4.31/SF
NOI
$36.8K $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%
$736,400
Cap Rate 7%
$526,000
Cap Rate 9%
$409,111
Alternative Uses
Best Use
Specialty Retail
$526.0K
$460.3K – $613.7K
NOI $36,820 @ 7.0% cap · market cap 3.88%
Second Best
Industrial
$264.3K
$231.3K – $308.3K
NOI $18,500 @ 7.0% cap · market cap 1.95%
Theoretical Best
Office A
$938.6K
$821.3K – $1.10M
NOI $65,705 @ 7.0% cap · market cap 6.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
725
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28562, NC
39,375
Population
18,812
Households
2.1
Avg Household Size
45
Median Age
33%
College-Educated
93%
High-School Grad
151.7 sq mi
ZIP Area
260
Density / Sq Mi
$74,620
Median Household Income
$40,215
Median Earnings
$1,131
Median Rent
$246,400
Median Home Value
Market
Vacancy Rate% for Retail 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?
Conventional restaurant - Existing food-service infrastructure includes cold storage, natural gas, and tankless hot water equipment.
Where is this conventional restaurant located?
The property is located at 2405 Neuse Boulevard New Bern, NC.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Walk‑in refrigerator and walk‑in freezer included; Natural gas connection supports cooking and heating; Tankless water heater installed
