Conventional Restaurant with Additional
For Sale
$2,000,000
Pending
2107 N New River Dr, Surf City, NC 28445
Active bar and restaurant property across from the beach with sewer availability for multiple units.
Property Size4,570 SF
Days on Market334
Property Features for 2107 N New River Dr
General Information
Standard status
Pending
Size
4,570 SF
Property subtype
Commercial
Building Details
Year Built
1976
Listing Agency:
Coastal Realty Associates LLC
(910) 389-1688
Listed By:
Hugh A Cannady · License #350491
Source:
Coastalrealtyassociates
Added: Oct 1, 2025
Changed: Aug 29
Last Checked: Aug 29 at 9:34PM
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 Coastal Realty Associates LLC
Investment Insights
Based on property information with market context.
This conventional restaurant property includes an active bar and restaurant situated on the front portion of a two-parcel assemblage. The front parcel covers .64 acres and is positioned across from the beach, with potential ocean and sound views. A separate rear parcel adds .62 acres to the offering and broadens the site's configuration.
The combined property totals 1.26 acres at 2107 N New River Dr in Surf City. C-1 zoning applies, and sewer is available for multiple units. The existing improvements date to 1976. The property information also identifies potential for Mixed Use or Residential rezoning, subject to applicable approvals.
The combined property totals 1.26 acres at 2107 N New River Dr in Surf City. C-1 zoning applies, and sewer is available for multiple units. The existing improvements date to 1976. The property information also identifies potential for Mixed Use or Residential rezoning, subject to applicable approvals.
Key Highlights
- Two‑parcel property totaling 1.26 acres
- Active bar and restaurant on the front .64‑acre parcel
- Front parcel located across from the beach at 2107 N New River Dr
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
$58,610
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
2.93%
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%
$1,172,200
$1.2M
Cap Rate 7%
$837,286
$837.3K
Cap Rate 9%
$651,222
$651.2K
Market Conditions
NOI Build-Up for 4,570 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
$82.3K $18.00/SF
− Vacancy
−$4.1K −$0.90/SF
EGI
$78.1K $17.10/SF
− OpEx
−$19.5K −$4.27/SF
NOI
$58.6K $12.83/SF
Area
Onslow County, NC
Vacancy
5.00%
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%
$1,172,200
Cap Rate 7%
$837,286
Cap Rate 9%
$651,222
Alternative Uses
Best Use
Specialty Retail
$837.3K
$732.6K – $976.8K
NOI $58,610 @ 7.0% cap · market cap 2.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$992.8K
$868.7K – $1.16M
NOI $69,493 @ 7.0% cap · market cap 3.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
70
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28445, NC
10,243
Population
8,832
Households
1.2
Avg Household Size
38
Median Age
42%
College-Educated
92%
High-School Grad
103.7 sq mi
ZIP Area
99
Density / Sq Mi
$89,250
Median Household Income
$56,844
Median Earnings
$1,318
Median Rent
$332,500
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Active bar and restaurant property across from the beach with sewer availability for multiple units.
Where is this conventional restaurant located?
The property is located at 2107 N New River Dr Surf City, NC.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Two‑parcel property totaling 1.26 acres; Active bar and restaurant on the front .64‑acre parcel; Front parcel located across from the beach at 2107 N New River Dr
