Historic Office Building Near
508 Mulberry Street SW Lenoir, NC 28645
508 Mulberry Street SW, Lenoir, NC, 28645
$335,900
For Sale
$335,900
Refurbished 2620 SF office building with historic charm.
Property Size2,620 SF
Price / SF$128.21
Days on Market145
Property Features for 508 Mulberry Street SW
General Information
- Standard status
- Active
- Size
- 2,620 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1890
Listing agency
BERKSHIRE HATHAWAY HOMESERVICES BLUE RIDGE REALTORS
(828) 438-3660
Listed by
DEBORAH MURRAY
Source
Corcoran
Added: Feb 27 Updated: Jul 6 at 10:06AM Checked: Jul 21 at 6:06AM
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 BERKSHIRE HATHAWAY HOMESERVICES BLUE RIDGE REALTORS
Investment Insights
Based on property information with market context.
This former historic home, now an office building, is situated on Mulberry Street, directly across from the UNC Health Caldwell hospital campus in downtown Lenoir. Originally constructed in 1890, the 2620 square-foot building has been refurbished while retaining many of its original historic features. The interior includes hardwood floors and an arched cased opening leading to the reception area and main office, along with two additional large offices on the first floor, one of which features a natural gas fireplace. The main level also includes a full kitchen, half bath, laundry/utility room, and a separate storage room. Upstairs, there are three large offices with extensive bookcases and a full bath with a shower and vintage vanity sink. The building has a basement with several sections and both interior and exterior access. It is equipped with central heat and air, a natural gas water heater, and a newer roof, and features a wrap-around porch. The original fireplace chimneys are closed. Additional amenities include an approximately 375 square-foot outbuilding with electricity, suitable for a workshop or storage, located at the rear of the building. Parallel parking is available on the street, with additional parking in the rear, steps from the rear entrance. Zoned O-I (Office/Institutional), Mulberry Street sees approximately 5,000 cars per day and is walkable to downtown restaurants, banks, and coffee shops. The location is suitable for financial, medical/dental, legal, and administrative commercial businesses.
Key Highlights
- Prime location directly across from UNC Health Caldwell hospital campus in downtown Lenoir.
- Zoned O‑I (Office/Institutional), ideal for financial, medical, legal, or administrative businesses.
- Refurbished 2620 sq ft historic building with original features and excellent condition.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $52.5k | $20.04 |
| − Vacancy | −$11.6k | −$4.41 |
| EGI | $41.0k | $15.63 |
| − OpEx | −$10.2k | −$3.91 |
| NOI | $30.7k | $11.72 |
2,620 SF · lease $20.04/SF/yr · vacancy 22.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$438.8K
$383.9K – $511.9K
NOI $30,715 @ 7.0% cap · market cap 9.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$597.9K
$523.2K – $697.6K
NOI $41,853 @ 7.0% cap · market cap 12.46%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Farmer Don CPA
Accounting Firm
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FAQs
What type of property is this?
Office building - Refurbished 2620 SF office building with historic charm.
Where is this office building located?
The property is located at 508 Mulberry Street SW Lenoir, NC.
What is the asking price?
The asking price for this property is $335,900.
What are key features of this property?
This property features: Prime location directly across from UNC Health Caldwell hospital campus in downtown Lenoir.; Zoned O‑I (Office/Institutional), ideal for financial, medical, legal, or administrative businesses.; **Refurbished 2620 sq ft historic building with original features and excellent condition.**
