Hickman Road Storage
For Sale
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160 Hickman Road North West Hickman Road Boat Storage, Calabash, NC 28467
Commercially zoned storage facility with rental home and development potential.
Property Size1,231 SF
Lot Size2.25 Acres
Price / SF$337.04
Days on Market156
Property Features for 160 Hickman Road North West Hickman Road Boat Storage
General Information
Standard status
Active
Size
1,231 SF
Lot size
2.25 Acres
Property subtype
Special Purpose
Building Details
Year Built
1969
Listing Agency:
Coldwell Banker Sea Coast Advantage
Listed By:
Kenny Sherman · License #SC
Source:
Crexi
Added: Mar 18
Changed: Aug 9
Last Checked: Jul 23 at 3:34PM
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.
This commercially zoned property, situated on 2.25 acres, is currently operating as Hickman Rd Boat Storage. It includes a rental home that provides cash flow. An additional 1.5 acres at the rear of the property offer potential for further development. The property benefits from a location on Hickman Road, characterized by high traffic volume and visibility, and is positioned just off Highway 17 near Brunswick Plantation. Its location provides convenient access to Sunset Beach and Cherry Grove Beach, as well as local seafood vendors, watersports, live entertainment venues, and coastal amenities. The property contains 1,231 square feet.
Key Highlights
- Commercially zoned 2.25 acres ideal for boat storage
- Owner financing considered
- Rental home provides immediate cash flow
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
$12,555
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
3.03%
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%
$251,100
$251.1K
Cap Rate 7%
$179,357
$179.4K
Cap Rate 9%
$139,500
$139.5K
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
−$5.4K −$4.37/SF
NOI
$12.6K $10.20/SF
Area
Brunswick County, NC
Vacancy
6.60%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
30.00%
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%
$251,100
Cap Rate 7%
$179,357
Cap Rate 9%
$139,500
Alternative Uses
Best Use
Industrial
$179.4K
$156.9K – $209.3K
NOI $12,555 @ 7.0% cap · market cap 3.03%
Second Best
Self Storage
$178.1K
$155.9K – $207.8K
NOI $12,468 @ 7.0% cap · market cap 3.01%
Theoretical Best
Multifamily LT 5
$15.07M
$13.19M – $17.59M
NOI $1,055,101 @ 7.0% cap · market cap 254.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
42
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Commercially zoned storage facility with rental home and development potential.
Where is this self storage facility located?
The property is located at 160 Hickman Road North West Hickman Road Boat Storage Calabash, NC.
What is the asking price?
The asking price for this property is $414,900.
What are key features of this property?
This property features: Commercially zoned 2.25 acres ideal for boat storage; Owner financing considered; Rental home provides immediate cash flow
