27-Unit Retail
For Sale
$789,000
411 Western Boulevard, Jacksonville, NC 28546
Flexible retail and office configuration with multiple entrances, restrooms, break areas, and separate utility metering.
Property Size7,172 SF
Price / SF$110.01
Days on Market27
Property Features for 411 Western Boulevard
General Information
Standard status
Active
Size
7,172 SF
Additional Details
Traffic Count
30,000 vehicles/day
Office Units
27
Amenities
front and rear entrances
restrooms
break areas
Building Details
Year Built
1985
Buildings
1
Tenancy
Multi
Listing Agency:
Keller Williams Innovate-Wilmington
(704) 813-0561
Listed By:
Greg A Edgerton · License #330041
Source:
Bradberrygarnerrealestate
Added: Aug 3
Changed: Aug 28
Last Checked: Aug 28 at 1:05PM
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 Keller Williams Innovate-Wilmington
Investment Insights
Based on property information with market context.
This 1985 retail property at 411 Western Boulevard is arranged as 27 units and supports office, retail, retail-service, and potential medical or dental uses. The layout can be reconfigured into four larger sections, each with its own front and rear entrance, restroom, and break area. Four power meters are already in place to support separate occupancy or operational layouts.
The property benefits from visibility along Western Boulevard, where traffic counts exceed 30,000 vehicles per day. Nineteen units are currently available for lease, providing a mix of existing and future occupancy options within the building. Its Jacksonville location and established multi-unit format accommodate both owner-user and investment-oriented plans without requiring a single large-format layout.
The property benefits from visibility along Western Boulevard, where traffic counts exceed 30,000 vehicles per day. Nineteen units are currently available for lease, providing a mix of existing and future occupancy options within the building. Its Jacksonville location and established multi-unit format accommodate both owner-user and investment-oriented plans without requiring a single large-format layout.
Key Highlights
- 27 units within the building, with 19 units currently available for lease
- Four power meters support separate utility arrangements
- Can be organized into 4 larger sections
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
$66,510
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
8.43%
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%
$1,330,200
$1.3M
Cap Rate 7%
$950,143
$950.1K
Cap Rate 9%
$739,000
$739.0K
Market Conditions
NOI Build-Up for 7,172 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
$103.3K $14.40/SF
− Vacancy
−$8.3K −$1.15/SF
EGI
$95.0K $13.25/SF
− OpEx
−$28.5K −$3.97/SF
NOI
$66.5K $9.27/SF
Area
Onslow County, NC
Vacancy
8.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,330,200
Cap Rate 7%
$950,143
Cap Rate 9%
$739,000
Alternative Uses
Best Use
Office B
$1.18M
$1.03M – $1.37M
NOI $82,299 @ 7.0% cap · market cap 10.43%
Second Best
Retail
$950.1K
$831.4K – $1.11M
NOI $66,510 @ 7.0% cap · market cap 8.43%
Theoretical Best
Office A
$1.56M
$1.36M – $1.82M
NOI $109,060 @ 7.0% cap · market cap 13.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
27
Office units
30,000 VPD
Traffic count
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,247
Businesses Nearby
Explore this area
Business Placement
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Flexible retail and office configuration with multiple entrances, restrooms, break areas, and separate utility metering.
Where is this retail space located?
The property is located at 411 Western Boulevard Jacksonville, NC.
What is the asking price?
The asking price for this property is $789,000.
What are key features of this property?
This property features: 27 units within the building, with 19 units currently available for lease; Four power meters support separate utility arrangements; Can be organized into 4 larger sections
