Built-Out Office
For Sale
$550,000
231 New Bridge Street, Jacksonville, NC 28540
COMMERCIAL - Jacksonville, NC
Property Size3,817 SF
Lot Size0.45 Acres
Price / SF$144.09
Days on Market50
Property Features for 231 New Bridge Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
DTB
Subdivision
Not In Subdivision
Directions
From 17, turn onto Chaney Ave, right onto New Bridge St, property is on the left
Standard status
Active
APN
410-22
Size
3,817 SF
Lot size
0.45 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
NEW BRIDGE ST
Tax Annual Amount
2765
Legal Description
NEW BRIDGE ST
Utilities
Heating system
Electric (Heating)
Amenities
2 bathrooms
dedicated storage/utility room
large central reception/meeting area
Building Details
Year built
1940
Listing Agency:
Brown Properties of NC, Inc
(910) 989-3351
Listed By:
Jeb Brown · License #249760
(910) 378-6687
Added: Jul 1
Changed: Aug 19
Last Checked: Aug 19 at 7:06PM
MLS# 100585624
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.
This 3,817-square-foot office property offers a professionally configured interior with approximately 15 private offices and exam or consultation rooms. The layout includes multiple hallways, a central reception and meeting area, flexible room sizes, two bathrooms, and a dedicated storage and utility room. Multiple entry points support varied circulation throughout the space. Built in 1940, the property has electric heating and is zoned DTB.
The property is located in downtown Jacksonville at 231 New Bridge Street, near the courthouse. Rear off-street parking provides on-site vehicle access, while the combination of enclosed rooms and shared areas accommodates a range of professional office configurations.
The property is located in downtown Jacksonville at 231 New Bridge Street, near the courthouse. Rear off-street parking provides on-site vehicle access, while the combination of enclosed rooms and shared areas accommodates a range of professional office configurations.
Key Highlights
- 3,817‑square‑foot office property in downtown Jacksonville
- Approximately 15 private offices and exam or consultation rooms
- Central reception and meeting area with multiple 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 units - Configured professional workspace with private rooms, reception space, storage, bathrooms, and rear off-street parking.
Where is this office units located?
The property is located at 231 New Bridge Street 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‑square‑foot office property in downtown Jacksonville; Approximately 15 private offices and exam or consultation rooms; Central reception and meeting area with multiple hallways
