Office Building with Private
For Sale
$550,000
231 New Bridge St, Jacksonville, NC 28540
Professionally configured workspace offers private rooms, central reception, storage, and rear off-street parking.
Property Size3,817 SF
Price / SF$144.09
Days on Market41
Property Features for 231 New Bridge St
General Information
Standard status
Active
Size
3,817 SF
Amenities
2 bathrooms
dedicated storage/utility room
flexible room sizes
Building Details
Year Built
1940
Listing Agency:
Brown Properties of NC, Inc
(910) 378-6687
Listed By:
Jeb Brown · License #249760
Source:
Barefootbrokers
Added: Jul 22
Changed: Aug 29
Last Checked: Aug 30 at 7:17PM
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 Brown Properties of NC, Inc
Investment Insights
Based on property information with market context.
The 3,817-square-foot office building at 231 New Bridge St is configured with approximately 15 private offices and exam or consultation rooms. Interior features include several connecting hallways, a central reception and meeting area, two bathrooms, a dedicated storage and utility room, and rooms sized for either private offices or shared workstations. Multiple entry points support flexible circulation throughout the property.
Situated in downtown Jacksonville near the courthouse, the property includes off-street parking behind the building. Constructed in 1940, the professional office layout is suited to medical, legal, financial services, or creative operations based on the stated configuration and intended uses.
Situated in downtown Jacksonville near the courthouse, the property includes off-street parking behind the building. Constructed in 1940, the professional office layout is suited to medical, legal, financial services, or creative operations based on the stated configuration and intended uses.
Key Highlights
- 3,817 SF office building at 231 New Bridge St
- Approximately 15 private offices and exam/consult rooms
- Central reception and meeting area with multiple connecting hallways
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
$47,242
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
8.59%
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%
$944,840
$944.8K
Cap Rate 7%
$674,886
$674.9K
Cap Rate 9%
$524,911
$524.9K
Market Conditions
NOI Build-Up for 3,817 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
$82.4K $21.60/SF
− Vacancy
−$3.7K −$0.97/SF
EGI
$78.7K $20.63/SF
− OpEx
−$31.5K −$8.25/SF
NOI
$47.2K $12.38/SF
Area
Onslow County, NC
Vacancy
4.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
40.00%
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%
$944,840
Cap Rate 7%
$674,886
Cap Rate 9%
$524,911
Alternative Uses
Best Use
Healthcare Medical
$674.9K
$590.5K – $787.4K
NOI $47,242 @ 7.0% cap · market cap 8.59%
Second Best
Office B
$625.7K
$547.5K – $730.0K
NOI $43,800 @ 7.0% cap · market cap 7.96%
Theoretical Best
Office A
$829.2K
$725.5K – $967.4K
NOI $58,043 @ 7.0% cap · market cap 10.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
816
Businesses Nearby
Explore this area
Business Placement
Demographics for 28540, NC
49,739
Population
21,466
Households
2.3
Avg Household Size
32
Median Age
23%
College-Educated
92%
High-School Grad
110.3 sq mi
ZIP Area
451
Density / Sq Mi
$61,462
Median Household Income
$32,313
Median Earnings
$1,014
Median Rent
$201,700
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 - Professionally configured workspace offers private rooms, central reception, storage, and rear off-street parking.
Where is this office building located?
The property is located at 231 New Bridge St Jacksonville, NC.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 3,817 SF office building at 231 New Bridge St; Approximately 15 private offices and exam/consult rooms; Central reception and meeting area with multiple connecting hallways
