Renovated Office
For Sale
Contact for pricing
207 Queen Elizabeth Ave, Manteo, NC 27954
Waterfront downtown setting near restaurants, boutiques, galleries, and the Manteo waterfront.
Property Size1,742 SF
Price / SF$275.26
Days on Market9
Property Features for 207 Queen Elizabeth Ave
General Information
Standard status
Active
Size
1,742 SF
Class
Class A
Property subtype
OFFICE
Listing Agency:
Robert F. Harrell & Associates
(252) 441-7887
Listed By:
Bobby Harrell · License #77804
(252) 441-7887
Source:
Moodyscre
Added: Aug 13
Changed: Aug 16
Last Checked: Aug 20 at 7:52AM
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 Robert F. Harrell & Associates
Investment Insights
Based on property information with market context.
Units 1 and 2 comprise a 1,742-square-foot office condominium at 207 Queen Elizabeth Avenue. The property has undergone a comprehensive renovation featuring wood-paneled interiors, substantial custom trim, and refined finishes throughout. The result is a polished professional setting within a distinctive commercial building.
The property is positioned in Downtown Manteo along the waterfront, with restaurants, boutiques, galleries, and other downtown amenities within walking distance. Its central setting provides a professional office environment connected to the surrounding historic downtown district and waterfront area.
The property is positioned in Downtown Manteo along the waterfront, with restaurants, boutiques, galleries, and other downtown amenities within walking distance. Its central setting provides a professional office environment connected to the surrounding historic downtown district and waterfront area.
Key Highlights
- 1,742‑square‑foot office condominium
- Includes Units 1 & 2
- Located at 207 Queen Elizabeth Avenue, Manteo, NC 27954
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
$21,322
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
4.45%
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%
$426,440
$426.4K
Cap Rate 7%
$304,600
$304.6K
Cap Rate 9%
$236,911
$236.9K
Market Conditions
NOI Build-Up for 1,742 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
$33.4K $19.20/SF
− Vacancy
−$5.0K −$2.88/SF
EGI
$28.4K $16.32/SF
− OpEx
−$7.1K −$4.08/SF
NOI
$21.3K $12.24/SF
Area
Dare County, NC
Vacancy
15.00%
Lease Rate
$19.20 /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%
$426,440
Cap Rate 7%
$304,600
Cap Rate 9%
$236,911
Alternative Uses
Best Use
Office B
$304.6K
$266.5K – $355.4K
NOI $21,322 @ 7.0% cap · market cap 4.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$420.5K
$367.9K – $490.6K
NOI $29,433 @ 7.0% cap · market cap 6.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
430
Businesses Nearby
Explore this area
Business Placement
Demographics for 27954, NC
6,510
Population
3,587
Households
1.8
Avg Household Size
46
Median Age
39%
College-Educated
95%
High-School Grad
8.9 sq mi
ZIP Area
731
Density / Sq Mi
$78,291
Median Household Income
$35,347
Median Earnings
$1,313
Median Rent
$374,200
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 units - Waterfront downtown setting near restaurants, boutiques, galleries, and the Manteo waterfront.
Where is this office units located?
The property is located at 207 Queen Elizabeth Ave Manteo, NC.
What is the asking price?
The asking price for this property is $479,500.
What are key features of this property?
This property features: 1,742‑square‑foot office condominium; Includes Units 1 & 2; Located at 207 Queen Elizabeth Avenue, Manteo, NC 27954
