Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Land For Sale in New Bern Title is generated by Realmo AI

    1906 Penn Street, New Bern, NC 28562

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Small lot located within New Bern city limits available for sale.

    Type:Lots/Land
    Added:
    Apr 20, 2025
    Days on Market:
    411
    Last Refresh:
    May 28 at 6:48 pm

    Property Features for 1906 Penn Street

    General Information

    Standard status
    Active
    Property subtype
    Lots/Land

    We can help!

    Listing Contact
    JACK SANFORD

    Listing agent JACK SANFORD License #309104

    Listing office eXp Realty

    Listing date Apr 20, 2025

    Source Exitrealty

    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 eXp Realty

    HighLights

    • Located within New Bern city limits.
    • Small lot size.

    Overview

    This is a small lot located within the city limits of New Bern, North Carolina. The property is available for sale.
    Location Intelligence

    Current Use by Public Records

    Land

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New Bern
    County
    Craven
    State
    North Carolina
    Longitude
    -77.068474
    Latitude
    35.096559

    Nearby Similar for Sale

    • $350,000
      1,840 SF

      Turnkey Medical Office Opportunity

      Move-in ready medical office in high-visibility New Bern location.
      3680 Neuse Boulevard, New Bern, NC 28560
      View Details
    • $599,000
      4,327 SF

      Multi-Unit Investment Opportunity

      Four rentable units on one parcel for simplified management.
      3100 Trent Road, New Bern, NC 28562
      View Details
    • $280,000
      1,080 SF

      Professional Office Building For Sale

      Well-located office building suitable for various professional uses.
      2102 Trent Boulevard, New Bern, NC 28560
      View Details
    • $1,200,000

      6.55 Acres in New Bern

      Road-front property with visibility and accessibility potential in developing area.
      E Us 70 Highway, New Bern, NC 28560
      View Details
    • $1,533
      1,000 SF

      New Bern Office Suite Available

      Convenient office suite with recent renovations in New Bern, NC.
      1319 S Glenburnie Road, New Bern, NC 28562
      View Details
    • $700,000

      30-Acre Mixed-Use Development Opportunity

      30 acres in New Bern, NC, for mixed-use development.
      2810 Neuse Boulevard, New Bern, NC 28562
      View Details
    • $555,000

      Wooded Land with Waterfront Potential

      8-10 acres of wooded land with Brices Creek access.
      2711 Old Airport Road, New Bern, NC 28562
      View Details
    • $395,000

      Tranquil Lake Campground Opportunity

      Camp/glamp ground on 42 acres with lake and potential.
      485 Saints Delight Church Road, New Bern, NC 28560
      View Details
    • $700,000

      30-Acre Mixed-Use Development Opportunity

      30 acres in New Bern, NC, for mixed-use development.
      2810 Neuse Boulevard, New Bern, NC 28562
      View Details
    • $35,000

      Corner Lot in Fairfield Harbour

      Residential lot in gated waterfront community with recreational amenities.
      1205 Barkentine Drive, New Bern, NC 28560
      View Details
    • $50,000

      Buildable Homesite in Coastal Community

      Opportunity to design a custom residence in Fairfield Harbour.
      5015 Bucco Reef Road, New Bern, NC 28560
      View Details
    • $68,000

      Residential Land in Taberna Neighborhood

      0.79-acre cul-de-sac lot in desirable Taberna neighborhood.
      404 Mellen Court, New Bern, NC 28562
      View Details

    FAQs

    What type of property is this?
    Land - Small lot located within New Bern city limits available for sale.
    Where is this land located?
    The property is located at 1906 Penn Street New Bern, NC.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Located within New Bern city limits.; Small lot size.
    (757) 678-3408
    We can help!
    Listing Contact
    JACK SANFORD
    Real Estate License ID: 309104
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1906 Penn Street, New Bern, NC 28562
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!