Renovated Office
For Sale
$995,000
1923 Lejeune Boulevard, Jacksonville, NC 28546
Commercial Sale, Jacksonville, NC
Property Size6,253 SF
Lot Size0.69 Acres
Price / SF$159.12
Days on Market361
Property Features for 1923 Lejeune Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CC
Parking features
Parking Lot
Subdivision
Not In Subdivision
Directions
WESTERN BLVD LEFT ON LEJEUNE BLVD PROPERTY ON LEFT SIDE OF ROAD
Standard status
Active
APN
352c-21
Size
6,253 SF
Lot size
0.69 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
L3 TO L7 PT L8BC SHUGART & MORGAN TO INCLUDE 20 FT ALLEY
Legal Description
L3 TO L7 PT L8BC SHUGART & MORGAN TO INCLUDE 20 FT ALLEY
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Zoned, Central Air
Water source
Public
Amenities
prominent oversized sign
reinforced concrete safe room
Building Details
Year built
1950
Flooring type
Laminate, Vinyl, Concrete, Carpet
Building materials
Block, Vinyl Siding, Steel Frame
Roof type
Membrane
Listing Agency:
Military Relocator, Inc.
(910) 938-7653
Listed By:
Rodney E Beckman · License #206065
(910) 330-8388
Added: Aug 28, 2025
Changed: Aug 19
Last Checked: Aug 23 at 6:06PM
MLS# 100527630
Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Renovated office property at 1923 Lejeune Boulevard with 16 private offices, a 27' x 48' conference room, and a usable second floor for storage or future build-out. The building also includes a reinforced 9' x 25' concrete safe room, laminate, vinyl, concrete, and carpet flooring, zoned cooling, central air, heat-pump heating, and public water and sewer. Block, vinyl siding, and steel-frame construction were completed in 1950.
The 0.69-acre property is positioned 2.2 miles from the main gate of Marine Corps Base Camp Lejeune and 1 mile from the Wilson Gate. Lejeune Boulevard frontage, a traffic count exceeding 35,000 vehicles daily, an oversized sign, and a 37+ space parking lot provide substantial on-site exposure and access. The property is located within a designated HUBZone.
The 0.69-acre property is positioned 2.2 miles from the main gate of Marine Corps Base Camp Lejeune and 1 mile from the Wilson Gate. Lejeune Boulevard frontage, a traffic count exceeding 35,000 vehicles daily, an oversized sign, and a 37+ space parking lot provide substantial on-site exposure and access. The property is located within a designated HUBZone.
Key Highlights
- 16 private offices with additional room for expansion
- 27' x 48' conference room with capacity for up to 110 people
- 37+ parking spaces with room to expand
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
$71,753
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
7.21%
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%
$1,435,060
$1.4M
Cap Rate 7%
$1,025,043
$1.0M
Cap Rate 9%
$797,256
$797.3K
Market Conditions
NOI Build-Up for 6,253 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
$112.6K $18.00/SF
− Vacancy
−$16.9K −$2.70/SF
EGI
$95.7K $15.30/SF
− OpEx
−$23.9K −$3.82/SF
NOI
$71.8K $11.48/SF
Area
Onslow County, NC
Vacancy
15.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,435,060
Cap Rate 7%
$1,025,043
Cap Rate 9%
$797,256
Alternative Uses
Best Use
Office B
$1.03M
$896.9K – $1.20M
NOI $71,753 @ 7.0% cap · market cap 7.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.36M
$1.19M – $1.58M
NOI $95,086 @ 7.0% cap · market cap 9.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
456
Businesses Nearby
Explore this area
Business Placement
Demographics for 28546, NC
48,547
Population
21,387
Households
2.3
Avg Household Size
30
Median Age
25%
College-Educated
95%
High-School Grad
103.9 sq mi
ZIP Area
467
Density / Sq Mi
$60,552
Median Household Income
$39,487
Median Earnings
$1,174
Median Rent
$212,200
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?
Office building - HUBZone office property with Camp Lejeune proximity and prominent exposure along Lejeune Boulevard.
Where is this office building located?
The property is located at 1923 Lejeune Boulevard Jacksonville, NC.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 16 private offices with additional room for expansion; 27' x 48' conference room with capacity for up to 110 people; 37+ parking spaces with room to expand
