Multi-Building Flex Property with
For Sale
$900,000
1831 Clarks Rd, New Bern, NC 28562
Multi-structure property combines flexible work areas, storage buildings, and a residence on land zoned commercial and residential.
Property Size8,541 SF
Lot Size7.55 Acres
Price / SF$105.37
Days on Market360
Property Features for 1831 Clarks Rd
General Information
Standard status
Active
Size
8,541 SF
Lot size
7.55 Acres
Property subtype
Commercial
Additional Details
Fenced Yard
Yes
Warehouse Space
8,500 SF
Amenities
carport
storage shed
heated and cooled offices
kitchen
bathroom
vaulted ceilings
upstairs storage
Building Details
Year Built
1980
Buildings
5
Listing Agency:
Realty ONE Group East
(252) 665-0127
Listed By:
Danielle Eason · License #306717
Source:
Coastalrealtyassociates
Added: Sep 4, 2025
Changed: Aug 28
Last Checked: Aug 25 at 6:03AM
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 Realty ONE Group East
Investment Insights
Based on property information with market context.
This flex property spans 7.55 acres across four lots and includes multiple improvements for commercial, storage, and residential use. The primary 8,541-square-foot shop contains four heated and cooled offices, two bathrooms, electricity, large rolling garage doors, multiple entrances, vaulted ceilings, and 990 square feet of upper-level storage. A 1,301-square-foot workshop offers heating, cooling, a kitchen, and a bathroom, while a separate 1,641-square-foot metal storage building adds additional covered space. A 20-by-12-foot storage shed and gravel parking area are also included.
The residential component is a 2,200+ square-foot home with three bedrooms, two full bathrooms, a great room, kitchen with eat-at island, utility room, sitting room, fenced front and back yards, landscaping, and a carport. The property is outside city limits, 2.5 miles from an industrial park, and a 10-minute commute from the heart of New Bern. The land has previously been rented to several area businesses, and personal property associated with a towing business is also being offered by the owner.
The residential component is a 2,200+ square-foot home with three bedrooms, two full bathrooms, a great room, kitchen with eat-at island, utility room, sitting room, fenced front and back yards, landscaping, and a carport. The property is outside city limits, 2.5 miles from an industrial park, and a 10-minute commute from the heart of New Bern. The land has previously been rented to several area businesses, and personal property associated with a towing business is also being offered by the owner.
Key Highlights
- 7.55 acres across 4 lots zoned for both commercial and residential use
- 8,541‑square‑foot shop with 4 heated and cooled offices and 2 bathrooms
- Shop includes large rolling garage doors, multiple entrances, electricity, and 990 sq ft of upper storage
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
$67,296
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
7.48%
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%
$1,345,920
$1.3M
Cap Rate 7%
$961,371
$961.4K
Cap Rate 9%
$747,733
$747.7K
Market Conditions
NOI Build-Up for 8,541 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
$86.1K $10.08/SF
− Vacancy
−$6.9K −$0.81/SF
EGI
$79.2K $9.27/SF
− OpEx
−$11.9K −$1.39/SF
NOI
$67.3K $7.88/SF
Area
Craven County, NC
Vacancy
8.04%
Lease Rate
$10.08 /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%
$1,345,920
Cap Rate 7%
$961,371
Cap Rate 9%
$747,733
Alternative Uses
Best Use
Retail
$2.41M
$2.11M – $2.81M
NOI $168,752 @ 7.0% cap · market cap 18.75%
Second Best
Office B
$2.21M
$1.93M – $2.58M
NOI $154,567 @ 7.0% cap · market cap 17.17%
Theoretical Best
Office A
$2.82M
$2.46M – $3.29M
NOI $197,116 @ 7.0% cap · market cap 21.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Well-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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Multi-structure property combines flexible work areas, storage buildings, and a residence on land zoned commercial and residential.
Where is this flex space located?
The property is located at 1831 Clarks Rd New Bern, NC.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: 7.55 acres across 4 lots zoned for both commercial and residential use; 8,541‑square‑foot shop with 4 heated and cooled offices and 2 bathrooms; Shop includes large rolling garage doors, multiple entrances, electricity, and 990 sq ft of upper storage
