Historic Office Building Near
For Sale
$335,900
Pending
508 Mulberry Street SW, Lenoir, NC 28645
Refurbished 2620 SF office building with historic charm.
Property Size2,620 SF
Days on Market173
Property Features for 508 Mulberry Street SW
General Information
Standard status
Pending
Size
2,620 SF
Property subtype
Commercial
Amenities
Central air
Heat Pump Cooling
Heat Pump Heating
On Street
Parking Lot
Wood Flooring
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
Changed: Aug 8
Last Checked: Jul 23 at 9:42AM
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.**
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
$30,715
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
9.14%
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%
$614,300
$614.3K
Cap Rate 7%
$438,786
$438.8K
Cap Rate 9%
$341,278
$341.3K
Market Conditions
NOI Build-Up for 2,620 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
$52.5K $20.04/SF
− Vacancy
−$11.6K −$4.41/SF
EGI
$41.0K $15.63/SF
− OpEx
−$10.2K −$3.91/SF
NOI
$30.7K $11.72/SF
Area
Caldwell County, NC
Vacancy
22.00%
Lease Rate
$20.04 /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%
$614,300
Cap Rate 7%
$438,786
Cap Rate 9%
$341,278
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
384
Businesses Nearby
Explore this area
Business Placement
Demographics for 28645, NC
46,004
Population
21,558
Households
2.1
Avg Household Size
45
Median Age
17%
College-Educated
82%
High-School Grad
329.1 sq mi
ZIP Area
140
Density / Sq Mi
$50,529
Median Household Income
$34,526
Median Earnings
$726
Median Rent
$157,800
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?
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.**
