Flex Office and Shop
For Sale
Contact for pricing
1875 N 20th Street, Morehead City, NC 28557
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 Market56
Property Features for 1875 N 20th Street
General Information
Standard status
Active
Size
6,707 SF
Lot size
6.08 Acres
Property subtype
Office, Industrial
Zoning
Highway Commercial Conditional Zoning
Additional Details
Fenced Yard
Yes
Building Details
Buildings
4
Listing Agency:
Waldrop Properties Llc
(919) 645-1605
Listed By:
Michael Waldrop · License #NC 158376
Source:
Crexi
Added: Jun 15
Changed: Aug 8
Last Checked: Aug 8 at 3:07PM
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
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 = 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
$82,123
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
8.30%
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%
$1,642,460
$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
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
$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 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%
$1,642,460
Cap Rate 7%
$1,173,186
Cap Rate 9%
$912,478
Alternative Uses
Best Use
Office B
$1.48M
$1.30M – $1.73M
NOI $103,824 @ 7.0% cap · market cap 10.49%
Second Best
Flex RnD
$1.17M
$1.03M – $1.37M
NOI $82,123 @ 7.0% cap · market cap 8.30%
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.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
382
Businesses Nearby
Under-served
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
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 - 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
