Brick Ranch-Style Office
For Sale
Contact for pricing
Pending
608 N Ellis Avenue, Dunn, NC 28334
The layout includes reception space, private offices, a kitchen, bathroom, and separate storage structures.
Property Size881 SF
Lot Size0.21 Acres
Days on Market813
Property Features for 608 N Ellis Avenue
General Information
Standard status
Pending
Size
881 SF
Lot size
0.21 Acres
Property subtype
Industrial
Zoning
Commercial
Building Details
Year Built
1955
Buildings
3
Construction
brick
Listing Agency:
Coldwell Banker Advantage Henderson
Listed By:
Pam Johnson · License #NC
(910) 237-3347
Source:
Crexi
Added: Jun 12, 2024
Changed: Sep 1
Last Checked: Sep 1 at 4:45PM
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 Coldwell Banker Advantage Henderson
Investment Insights
Based on property information with market context.
Built in 1955, this 881-square-foot brick ranch-style office property occupies approximately 0.21 acres at 608 N Ellis Avenue in Dunn, North Carolina. The interior includes a lobby, two offices, a kitchen, and a bathroom, providing a straightforward configuration for office use.
Two storage buildings are also included on the property. The site is currently zoned Commercial, and the property information indicates that residential zoning may be pursued through rezoning. Its address places the office within Dunn and provides an established setting for a compact professional workspace with supporting storage improvements.
Two storage buildings are also included on the property. The site is currently zoned Commercial, and the property information indicates that residential zoning may be pursued through rezoning. Its address places the office within Dunn and provides an established setting for a compact professional workspace with supporting storage improvements.
Key Highlights
- 881‑square‑foot office building on approximately 0.21 acres
- Brick ranch‑style construction built in 1955
- Lobby, 2 offices, kitchen, and bathroom
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
$9,600
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
5.36%
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%
$192,000
$192.0K
Cap Rate 7%
$137,143
$137.1K
Cap Rate 9%
$106,667
$106.7K
Market Conditions
NOI Build-Up for 881 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
$15.3K $17.40/SF
− Vacancy
−$2.5K −$2.87/SF
EGI
$12.8K $14.53/SF
− OpEx
−$3.2K −$3.63/SF
NOI
$9.6K $10.90/SF
Area
Harnett County, NC
Vacancy
16.50%
Lease Rate
$17.40 /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%
$192,000
Cap Rate 7%
$137,143
Cap Rate 9%
$106,667
Alternative Uses
Best Use
Office B
$137.1K
$120.0K – $160.0K
NOI $9,600 @ 7.0% cap · market cap 5.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$191.8K
$167.8K – $223.8K
NOI $13,425 @ 7.0% cap · market cap 7.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
538
Businesses Nearby
Explore this area
Business Placement
Demographics for 28334, NC
23,697
Population
10,339
Households
2.3
Avg Household Size
42
Median Age
18%
College-Educated
86%
High-School Grad
160.3 sq mi
ZIP Area
148
Density / Sq Mi
$54,527
Median Household Income
$37,967
Median Earnings
$826
Median Rent
$171,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - The layout includes reception space, private offices, a kitchen, bathroom, and separate storage structures.
Where is this office building located?
The property is located at 608 N Ellis Avenue Dunn, NC.
What is the asking price?
The asking price for this property is $179,000.
What are key features of this property?
This property features: 881‑square‑foot office building on approximately 0.21 acres; Brick ranch‑style construction built in 1955; Lobby, 2 offices, kitchen, and bathroom
