Two-Story Commercial Building For
For Sale
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3410 BRIDGES ST, Morehead City, NC 28557
Two-story commercial building with ample parking in Morehead City.
Property Size26,224 SF
Price / SF$188.76
Days on Market98
Property Features for 3410 BRIDGES ST
General Information
Standard status
Active
Size
26,224 SF
Property subtype
Hospitality
Occupancy
75%
Net Operating Income
$470,268
Building Details
Year Built
1985
Stories
1
Units
70
Listing Agency:
Mumford Company
Listed By:
Justin Pinkard · License #VA 0226031997
Source:
Crexi
Added: May 20
Changed: Aug 16
Last Checked: Aug 24 at 10:30PM
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 Mumford Company
Investment Insights
Based on property information with market context.
This two-story commercial building features exterior corridor wood frame construction and a brick facade. The roof is pitched and made of asphalt shingles. An asphalt parking lot provides approximately 70 parking spaces. The building has a total size of 26,224 square feet.
Key Highlights
- ±70 Parking Spaces available
- Eye‑catching brick façade
- Wood frame construction
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
$164,424
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
3.32%
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%
$3,288,480
$3.3M
Cap Rate 7%
$2,348,914
$2.3M
Cap Rate 9%
$1,826,933
$1.8M
Market Conditions
NOI Build-Up for 26,224 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
$393.4K $15.00/SF
− Vacancy
−$47.2K −$1.80/SF
EGI
$346.2K $13.20/SF
− OpEx
−$181.7K −$6.93/SF
NOI
$164.4K $6.27/SF
Area
Carteret County, NC
Vacancy
12.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
52.50%
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%
$3,288,480
Cap Rate 7%
$2,348,914
Cap Rate 9%
$1,826,933
Alternative Uses
Best Use
Hotel Hospitality
$2.35M
$2.06M – $2.74M
NOI $164,424 @ 7.0% cap · market cap 3.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.87M
$6.88M – $9.18M
NOI $550,704 @ 7.0% cap · market cap 11.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
992
Businesses Nearby
Explore this area
Business Placement
Demographics for 28557, NC
14,910
Population
9,168
Households
1.6
Avg Household Size
50
Median Age
40%
College-Educated
93%
High-School Grad
14.2 sq mi
ZIP Area
1,050
Density / Sq Mi
$67,753
Median Household Income
$38,534
Median Earnings
$1,143
Median Rent
$331,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Hotel - Two-story commercial building with ample parking in Morehead City.
Where is this hotel located?
The property is located at 3410 BRIDGES ST Morehead City, NC.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: ±70 Parking Spaces available; Eye‑catching brick façade; Wood frame construction
