Flex Property with Storage
For Sale
$549,000
213 Us 70 W, Havelock, NC 28532
Office, shop, and storage improvements support varied commercial operations with access to major routes.
Property Size4,032 SF
Price / SF$136.16
Days on Market35
Property Features for 213 Us 70 W
General Information
Standard status
Active
Size
4,032 SF
Building Details
Year Built
1986
Listing Agency:
Keller Williams Realty
(252) 226-9818
Listed By:
ROSS BEEBE · License #213811,NORTHCAROLINA
Source:
Bradberrygarnerrealestate
Added: Jul 27
Changed: Aug 29
Last Checked: Aug 25 at 4:10AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This flex property combines a 4,032 SF office and shop building with a separate 2,000 SF storage structure. Constructed in 1986, the improvements provide a combination of administrative, service, workspace, and storage functions for commercial or light industrial operations. The property is currently occupied by a marine service business, while the real estate may support other uses within the stated commercial and service profile.
Positioned on the western side of Havelock at 213 US 70 W, the site offers access to major routes and a visible corridor setting. The additional storage building expands the property’s functional capacity beyond the primary office and shop improvements. Business assets may be acquired separately if desired, with the offering centered on the real estate.
Positioned on the western side of Havelock at 213 US 70 W, the site offers access to major routes and a visible corridor setting. The additional storage building expands the property’s functional capacity beyond the primary office and shop improvements. Business assets may be acquired separately if desired, with the offering centered on the real estate.
Key Highlights
- 4,032 SF office/shop building
- Separate 2,000 SF storage building
- Built in 1986
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
$44,635
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
8.13%
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%
$892,700
$892.7K
Cap Rate 7%
$637,643
$637.6K
Cap Rate 9%
$495,944
$495.9K
Market Conditions
NOI Build-Up for 4,032 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
$81.3K $20.16/SF
− Vacancy
−$12.6K −$3.13/SF
EGI
$68.7K $17.03/SF
− OpEx
−$24.0K −$5.96/SF
NOI
$44.6K $11.07/SF
Area
Craven County, NC
Vacancy
15.52%
Lease Rate
$20.16 /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%
$892,700
Cap Rate 7%
$637,643
Cap Rate 9%
$495,944
Alternative Uses
Best Use
Office B
$1.04M
$912.1K – $1.22M
NOI $72,968 @ 7.0% cap · market cap 13.29%
Second Best
Flex RnD
$637.6K
$557.9K – $743.9K
NOI $44,635 @ 7.0% cap · market cap 8.13%
Theoretical Best
Office A
$1.33M
$1.16M – $1.55M
NOI $93,054 @ 7.0% cap · market cap 16.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
323
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 28532, NC
20,340
Population
8,677
Households
2.3
Avg Household Size
33
Median Age
19%
College-Educated
93%
High-School Grad
165.4 sq mi
ZIP Area
123
Density / Sq Mi
$65,772
Median Household Income
$38,839
Median Earnings
$1,270
Median Rent
$193,200
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?
Flex space - Office, shop, and storage improvements support varied commercial operations with access to major routes.
Where is this flex space located?
The property is located at 213 Us 70 W Havelock, NC.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: 4,032 SF office/shop building; Separate 2,000 SF storage building; Built in 1986
