Restaurant Building with
For Sale
$2,550,000
302 Western Boulevard, Jacksonville, NC 28546
Restaurant property with a substantial parking area along Western Boulevard in Jacksonville.
Property Size6,390 SF
Lot Size1.60 Acres
Price / SF$399.06
Days on Market15
Property Features for 302 Western Boulevard
General Information
Standard status
Active
Size
6,390 SF
Lot size
1.60 Acres
Property subtype
Business Opportunity
Additional Details
Road Access
Yes
Building Details
Year Built
2013
Buildings
1
Listing Agency:
Joe Powers Realty
(910) 934-0339
Listed By:
Joseph Powers · License #202896
Source:
Barefootbrokers
Added: Aug 15
Changed: Aug 28
Last Checked: Aug 28 at 12:56PM
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 Joe Powers Realty
Investment Insights
Based on property information with market context.
This restaurant property includes a building constructed in 2013 on a 1.6-acre site. The improvements are described as spacious and are supported by an expansive parking area serving customer and staff needs.
The property is located at 302 Western Boulevard in Jacksonville, North Carolina, placing the site directly along Western Boulevard. The asset is offered for sale and is also available for lease, providing flexibility for restaurant-oriented occupancy or ownership.
The property is located at 302 Western Boulevard in Jacksonville, North Carolina, placing the site directly along Western Boulevard. The asset is offered for sale and is also available for lease, providing flexibility for restaurant-oriented occupancy or ownership.
Key Highlights
- 1.6‑acre restaurant property
- Building constructed in 2013
- Expansive parking area for customers and staff
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
$81,952
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
3.21%
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%
$1,639,040
$1.6M
Cap Rate 7%
$1,170,743
$1.2M
Cap Rate 9%
$910,578
$910.6K
Market Conditions
NOI Build-Up for 6,390 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
$115.0K $18.00/SF
− Vacancy
−$5.8K −$0.90/SF
EGI
$109.3K $17.10/SF
− OpEx
−$27.3K −$4.27/SF
NOI
$82.0K $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%
$1,639,040
Cap Rate 7%
$1,170,743
Cap Rate 9%
$910,578
Alternative Uses
Best Use
Specialty Retail
$1.17M
$1.02M – $1.37M
NOI $81,952 @ 7.0% cap · market cap 3.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.39M
$1.21M – $1.62M
NOI $97,169 @ 7.0% cap · market cap 3.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,226
Businesses Nearby
214k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 38%
Shops & Services 28%
Apparel 25%
Leisure 8%
Belk
Apparel
36,213 visits/mo
0.3 miles
Barnes & Noble
Shops & Services
33,449 visits/mo
0.3 miles
Chick-fil-A
Dining
31,233 visits/mo
0.1 miles
Starbucks
Dining
27,032 visits/mo
0.4 miles
JCPenney
Apparel
17,942 visits/mo
0.4 miles
Demographics for 28546, NC
48,547
Population
21,387
Households
2.3
Avg Household Size
30
Median Age
25%
College-Educated
95%
High-School Grad
103.9 sq mi
ZIP Area
467
Density / Sq Mi
$60,552
Median Household Income
$39,487
Median Earnings
$1,174
Median Rent
$212,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant property with a substantial parking area along Western Boulevard in Jacksonville.
Where is this conventional restaurant located?
The property is located at 302 Western Boulevard Jacksonville, NC.
What is the asking price?
The asking price for this property is $2,550,000.
What are key features of this property?
This property features: 1.6‑acre restaurant property; Building constructed in 2013; Expansive parking area for customers and staff
