Flex Office and Shop
1875 N 20th Street, Morehead City, NC 28557
For Sale
Contact for pricing
Versatile flex office, shop, and storage buildings with fenced yard space, suited for a range of light commercial uses.
Property Size6,707 SF
Lot Size6.08 Acres
Price / SF$147.61
Days on Market148
Property Features for 1875 N 20th Street
General Information
Standard status
Size
Lot size
Property subtype
Zoning
Additional Details
Fenced Yard
Building Details
Buildings
Listing Agency:
Waldrop Properties Llc
Listed By:
Michael Waldrop · License #158376
(919) 612-6696
Source:
Crexi
Added: Jun 15
Changed: Oct 26
Last Checked: Nov 8 at 7:51AM
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 Waldrop Properties Llc
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Investment Insights
Based on property information with market context.
This flex/office and shop property includes approximately 4,000 square feet of flex office space, an 1,800 square foot shop building, and two additional storage buildings totaling 907 square feet. The site also has fenced yard space with a gated entrance, supporting operations that need both building area and secure outdoor storage. Zoning is identified as CH-CZ (Highway Commercial Conditional Zoning).
Located at 1875 N. 20th Street in Morehead City, North Carolina, the property is configured to accommodate mixed-use operational needs, with separate structures for office, shop work, and storage. The fenced and gated layout helps define usable space on the approximately 6.08-acre site.
For buyers looking for a single property that combines workspace and support facilities, the combination of flex office space, a dedicated shop building, and multiple storage structures can simplify day-to-day operations. The secure yard provides practical room for staging and keeping materials on-site, while the CH-CZ zoning designation may support highway-oriented commercial activities subject to conditional zoning requirements.
Located at 1875 N. 20th Street in Morehead City, North Carolina, the property is configured to accommodate mixed-use operational needs, with separate structures for office, shop work, and storage. The fenced and gated layout helps define usable space on the approximately 6.08-acre site.
For buyers looking for a single property that combines workspace and support facilities, the combination of flex office space, a dedicated shop building, and multiple storage structures can simplify day-to-day operations. The secure yard provides practical room for staging and keeping materials on-site, while the CH-CZ zoning designation may support highway-oriented commercial activities subject to conditional zoning requirements.
Key Highlights
- Flex/office building with approximately 4,000 SF
- 1,800 SF shop building
- Two storage buildings totaling 907 SF
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$82,123
Cap Rate
8.30%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,642,460
$1.6M
Cap Rate 7%
$1,173,186
$1.2M
Cap Rate 9%
$912,478
$912.5K
Market Conditions
NOI Build-Up for 6,707 SF
Gross rent
$134.4K $20.04/SF
− Vacancy
−$8.1K −$1.20/SF
EGI
$126.3K $18.84/SF
− OpEx
−$44.2K −$6.59/SF
NOI
$82.1K $12.24/SF
Area
Carteret County, NC
Vacancy
6.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,642,460
Cap Rate 7%
$1,173,186
Cap Rate 9%
$912,478
Alternative Uses
Best Use
Flex RnD
$1.17M
$1.03M – $1.37M
NOI $82,123 @ 7.0% cap · market cap 8.30%
Second Best
Warehouse
$636.2K
$556.7K – $742.3K
NOI $44,536 @ 7.0% cap · market cap 4.50%
Theoretical Best
Office A
$2.01M
$1.76M – $2.35M
NOI $140,847 @ 7.0% cap · market cap 14.23%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
34
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 28557, NC
14,910
Population
9,168
Households
1.6
Avg Household Size
50
Median Age
40%
College-Educated
93%
High-School Grad
14.2 sq mi
ZIP Area
1,050
Density / Sq Mi
$67,753
Median Household Income
$38,534
Median Earnings
$1,143
Median Rent
$331,800
Median Home Value
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Market
Vacancy Rate% for Industrial in South region
Frequently Asked Questions
What type of property is this?
Flex space - Versatile flex office, shop, and storage buildings with fenced yard space, suited for a range of light commercial uses.
Where is this flex space located?
The property is located at 1875 N 20th Street Morehead City, NC.
What is the asking price?
The asking price for this property is $990,000.
What are key features of this property?
This property features: Flex/office building with approximately 4,000 SF; 1,800 SF shop building; Two storage buildings totaling 907 SF
