Building Details

Year built 1969

Listing Agency: Chicora Advantage, LLC dba Coldwell Banker Sea Coast Advantage Show Phone

Listed By: Kenny E Sherman · License #312402 Show Phone

Added: Jul 29 Changed: Sep 8 Last Checked: Oct 5 at 1:06AM

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MLS# 100592629

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 2.25-acre commercial property supports self-storage use and includes a rental home that contributes an additional on-site income component. The property contains 1,231 square feet and was built in 1969. Electric heating serves the improvements, with water available and a septic tank providing wastewater service.

Located at 160 Hickman Road NW in Calabash, the property sits near Highway 17 and Brunswick Plantation. The site is also positioned near Sunset Beach and Cherry Grove Beach, placing it within the broader coastal Brunswick County market. Zoning is designated COCLD.

Key Highlights

• 2.25‑acre commercial property designated for storage use
• On‑site rental home included with the property
• 1,231 square feet; built in 1969

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

$15,246

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

4.07%

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%

$304,920 $304.9K

Cap Rate 7%

$217,800 $217.8K

Cap Rate 9%

$169,400 $169.4K

Market Conditions

NOI Build-Up for 1,231 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

$19.2K $15.60/SF

− Vacancy

−$1.3K −$1.03/SF

EGI

$17.9K $14.57/SF

− OpEx

−$2.7K −$2.19/SF

NOI

$15.2K $12.38/SF

Area

Brunswick County, NC

Vacancy

6.60%

Lease Rate

$15.60 /SF/Yr

Expense Ratio

15.00%

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%

$304,920

Cap Rate 7%

$217,800

Cap Rate 9%

$169,400

Alternative Uses

Best Use

Warehouse

$217.8K

$190.6K – $254.1K (±1% cap)

NOI $15,246 @ 7.0% cap · market cap 4.07%

Second Best

Self Storage

$178.1K

$155.9K – $207.8K (±1% cap)

NOI $12,468 @ 7.0% cap · market cap 3.33%

Theoretical Best

Multifamily LT 5

$15.07M

$13.19M – $17.59M (±1% cap)

NOI $1,055,101 @ 7.0% cap · market cap 281.44%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Self storage facilities

Suggested Use

Top Pick Restaurant Auto Repair Shop Auto Parts Store Law Firm Furniture & Home Goods Gym & Fitness Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Yes

Paved road access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

38

Businesses Nearby

Explore this area Business Placement

Demographics for 28467, NC

11,770

Population

8,098

Households

1.5

Avg Household Size

65

Median Age

31%

College-Educated

97%

High-School Grad

17.4 sq mi

ZIP Area

676

Density / Sq Mi

$72,840

Median Household Income

$38,909

Median Earnings

$1,346

Median Rent

$281,000

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this self storage facilities located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Self storage facility - Commercially zoned storage property with an on-site rental home and available water service.

Where is this self storage facility located?

The property is located at 160 Hickman Road NW Calabash, NC.

What is the asking price?

The asking price for this property is $374,900.

What are key features of this property?

This property features: 2.25‑acre commercial property designated for storage use; On‑site rental home included with the property; 1,231 square feet; built in 1969