Golf Course and Country
For Sale
Contact for pricing
Pending
401 Taberna Way, New Bern, NC 28562
Eighteen-hole golf property with practice facilities, tennis courts, pool, and a full-service restaurant venue.
Property Size10,000 SF
Lot Size219.00 Acres
Days on Market385
Property Features for 401 Taberna Way
General Information
Standard status
Pending
Size
10,000 SF
Lot size
219.00 Acres
Property subtype
Special Purpose
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Business Included
Yes
Patio
Yes
Amenities
practice range
short game area
olympic size pool
snack bar
tennis courts
Listing Agency:
Century 21 Zaytoun-raines
Listed By:
Melinda Bianchi · License #NC
(908) 482-1395
Source:
Crexi
Added: Aug 16, 2025
Changed: Sep 4
Last Checked: Sep 3 at 11:25AM
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 Century 21 Zaytoun-raines
Investment Insights
Based on property information with market context.
This 219-acre golf and country club property includes an 18-hole Bermuda grass course identified as a Jack Nicklaus Signature Design. The improvements also feature an expansive practice range, a short-game area, tennis courts, and an Olympic-size pool with an adjoining snack bar.
A 10,000-square-foot restaurant provides a full kitchen, bar, and outdoor patio. The combination of golf, recreation, dining, and event-oriented amenities supports a broad country club operating profile, with the property also identified as suitable for weddings and events. A large membership is associated with the club.
A 10,000-square-foot restaurant provides a full kitchen, bar, and outdoor patio. The combination of golf, recreation, dining, and event-oriented amenities supports a broad country club operating profile, with the property also identified as suitable for weddings and events. A large membership is associated with the club.
Key Highlights
- 219‑acre Bermuda grass golf property
- 18‑hole Jack Nicklaus Signature Design course
- Expansive practice range and short‑game area
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
$129,330
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%
$2,586,600
$2.6M
Cap Rate 7%
$1,847,571
$1.8M
Cap Rate 9%
$1,437,000
$1.4M
Market Conditions
NOI Build-Up for 10,000 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
$180.0K $18.00/SF
− Vacancy
−$7.6K −$0.76/SF
EGI
$172.4K $17.24/SF
− OpEx
−$43.1K −$4.31/SF
NOI
$129.3K $12.93/SF
Area
Craven County, NC
Vacancy
4.20%
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%
$2,586,600
Cap Rate 7%
$1,847,571
Cap Rate 9%
$1,437,000
Alternative Uses
Best Use
Specialty Retail
$1.85M
$1.62M – $2.16M
NOI $129,330 @ 7.0% cap · market cap 3.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.30M
$2.88M – $3.85M
NOI $230,788 @ 7.0% cap · market cap 5.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
17
Businesses Nearby
Explore this area
Business Placement
Demographics for 28562, NC
39,375
Population
18,812
Households
2.1
Avg Household Size
45
Median Age
33%
College-Educated
93%
High-School Grad
151.7 sq mi
ZIP Area
260
Density / Sq Mi
$74,620
Median Household Income
$40,215
Median Earnings
$1,131
Median Rent
$246,400
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Golf course & driving range - Eighteen-hole golf property with practice facilities, tennis courts, pool, and a full-service restaurant venue.
Where is this golf course & driving range located?
The property is located at 401 Taberna Way New Bern, NC.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: 219‑acre Bermuda grass golf property; 18‑hole Jack Nicklaus Signature Design course; Expansive practice range and short‑game area
