Flex Space with
For Sale
$4,500,000
312 Herring Avenue E, Wilson, NC 27893
COMMERCIAL - Wilson, NC
Property Size34,000 SF
Lot Size3.00 Acres
Price / SF$132.35
Days on Market848
Property Features for 312 Herring Avenue E
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
commercial
Subdivision
Wilson
Directions
take ward blvd turn right onto Herring buildings on left
Standard status
Active
APN
3722-51-5519.000
Size
34,000 SF
Lot size
3.00 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
312 HERRING AVE E TR-A 1.00LT
Tax Annual Amount
2322
Legal Description
312 HERRING AVE E TR-A 1.00LT
Utilities
Heating system
Electric (Heating)
Building Details
Year built
1944
Listing Agency:
Green Valley Realty
(252) 292-0615
Listed By:
Abder Allan · License #282302
(252) 205-2729
Added: Apr 24, 2024
Changed: Aug 19
Last Checked: Aug 19 at 11:06PM
MLS# 100440587
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 flex-space offering combines warehouse, office, and land components across six listed properties totaling 3 acres. The 312 Herring Avenue E property includes a warehouse with second-floor office space and may be delivered vacant. Additional components include a 1,350-square-foot building at 316 Herring, land at 400 and 410 Herring, a 1,682-square-foot property at 412 Herring, and a 6,440-square-foot property at 605 Pender. Several components are leased on a month-to-month basis.
The portfolio is zoned IMX and positioned within walking distance of City Hall, Downtown, Whirligig Park, and the stadium. The 312 Herring property dates to 1944 and has electric heating. The combination of improved commercial space and land provides a varied physical profile within Wilson’s central area.
The portfolio is zoned IMX and positioned within walking distance of City Hall, Downtown, Whirligig Park, and the stadium. The 312 Herring property dates to 1944 and has electric heating. The combination of improved commercial space and land provides a varied physical profile within Wilson’s central area.
Key Highlights
- Six‑property commercial package totaling 3 acres
- 312 Herring includes a warehouse with second‑floor office space and can be delivered vacant
- IMX zoning across the offering
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
$298,350
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
6.63%
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%
$5,967,000
$6.0M
Cap Rate 7%
$4,262,143
$4.3M
Cap Rate 9%
$3,315,000
$3.3M
Market Conditions
NOI Build-Up for 34,000 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
$510.0K $15.00/SF
− Vacancy
−$51.0K −$1.50/SF
EGI
$459.0K $13.50/SF
− OpEx
−$160.7K −$4.73/SF
NOI
$298.4K $8.78/SF
Area
Wilson County, NC
Vacancy
10.00%
Lease Rate
$15.00 /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%
$5,967,000
Cap Rate 7%
$4,262,143
Cap Rate 9%
$3,315,000
Alternative Uses
Best Use
Office B
$6.12M
$5.36M – $7.14M
NOI $428,400 @ 7.0% cap · market cap 9.52%
Second Best
Flex RnD
$4.26M
$3.73M – $4.97M
NOI $298,350 @ 7.0% cap · market cap 6.63%
Theoretical Best
Office A
$8.16M
$7.14M – $9.52M
NOI $571,233 @ 7.0% cap · market cap 12.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
729
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 27893, NC
37,131
Population
18,383
Households
2
Avg Household Size
41
Median Age
15%
College-Educated
79%
High-School Grad
109.0 sq mi
ZIP Area
341
Density / Sq Mi
$40,180
Median Household Income
$31,197
Median Earnings
$894
Median Rent
$153,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- MoonRunners Food Truck — 217 South St S, Wilson, NC 27893, United States
- Howell's Unique Catering Services — Wilson, NC 27893, United States
Frequently Asked Questions
What type of property is this?
Flex space - Multi-property commercial package with warehouse, office areas, land parcels, and month-to-month occupancy.
Where is this flex space located?
The property is located at 312 Herring Avenue E Wilson, NC.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Six‑property commercial package totaling 3 acres; 312 Herring includes a warehouse with second‑floor office space and can be delivered vacant; IMX zoning across the offering
