Listing Agency: SVN Efird Commercial Real Estate Show Phone

Listed By: Win Edwards · License #NC 243984 Show Phone

Source: Moodyscre

Added: Dec 3, 2022 Changed: Oct 26 Last Checked: Oct 28 at 10:18AM

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Investment Insights

Based on property information with market context.

This corner retail and office property offers combined commercial space with road-facing presence on Arendell Street. The site includes frontage on both Arendell Street and Lake Avenue, supported by 12 parking spaces and city water and sewer service. The property is described as having been previously used for a pet boarding and grooming business.

The location is on Highway 70 East in Morehead City, NC, with over 125 feet of road frontage on Arendell Street. Reported average daily traffic is 34,500 vehicles per day according to NCDOT, providing strong visibility from the area’s main thoroughfare.

The property is zoned CH—Highway Commercial, and it is positioned for convenient access given its street-front configuration and dedicated parking on site.

Key Highlights

• Retail/office location on Hwy 70 East in Morehead City, NC
• Corner property with frontage on Arendell Street and Lake Avenue
• Over 125+/- ft of road frontage on Arendell Street

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$34,799

Cap Rate

7.73%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$695,980 $696.0K

Cap Rate 7%

$497,129 $497.1K

Cap Rate 9%

$386,656 $386.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,248 SF

Gross rent

$54.0K $24.00/SF

− Vacancy

−$7.6K −$3.36/SF

EGI

$46.4K $20.64/SF

− OpEx

−$11.6K −$5.16/SF

NOI

$34.8K $15.48/SF

Area

Carteret County, NC

Vacancy

14.00%

Lease Rate

$24.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$695,980

Cap Rate 7%

$497,129

Cap Rate 9%

$386,656

Alternative Uses

Best Use

Office B

$497.1K

$435.0K – $580.0K (±1% cap)

NOI $34,799 @ 7.0% cap · market cap 7.73%

Second Best

Retail

$372.3K

$325.7K – $434.3K (±1% cap)

NOI $26,059 @ 7.0% cap · market cap 5.79%

Theoretical Best

Office A

$674.4K

$590.1K – $786.8K (±1% cap)

NOI $47,208 @ 7.0% cap · market cap 10.49%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Retail space

Suggested Use

Top Pick Law Firm Electrical Service Barber Shop Carpet & Flooring Store Grocery & Convenience Store Bakery

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

34,500 VPD

Traffic count

Yes

Highway access

Yes

Paved road access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

431

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

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Retail space - Retail and office property on Arendell Street with corner frontage and 12 parking spaces.

Where is this retail space located?

The property is located at 4415 Arendell St Morehead City, NC.

What is the asking price?

The asking price for this property is $450,000.

What are key features of this property?

This property features: Retail/office location on Hwy 70 East in Morehead City, NC; Corner property with frontage on Arendell Street and Lake Avenue; Over 125+/- ft of road frontage on Arendell Street