Flex Space with Multiple
For Sale
$1,750,000
614 Washington Street, Whiteville, NC 28472
COMMERCIAL - Whiteville, NC
Property Size13,869 SF
Lot Size14.55 Acres
Price / SF$126.18
Days on Market483
Property Features for 614 Washington Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
SEE IMAGES
Subdivision
Not In Subdivision
Directions
from listing office on Jefferson St in Whiteville ... go around the Whiteville courthouse onto Washington St towards Hwy 701 ... cross over Hwy 701 ... property will be on the right just past the Primary School
Standard status
Active
APN
099712
Size
13,869 SF
Lot size
14.55 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
SEE AGENT REMARKS
Legal Description
SEE AGENT REMARKS
Utilities
Heating system
Electric (Heating)
Amenities
full kitchen
laundry area
4 bathrooms
Building Details
Year built
1944
Listing Agency:
Atlantic Blue Coast Realty LLC
(910) 914-6084
Listed By:
Eric D Hill · License #250127
(910) 625-8199
Added: Apr 24, 2025
Changed: Aug 19
Last Checked: Aug 19 at 2:06PM
MLS# 100503312
Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex-space property includes a main building listed at 13,869 square feet, with areas served by permanent and temporary heating, cooling, and ventilation systems. The building contains four bathrooms, including one with a shower, along with a full kitchen and laundry area. Built in 1944, the property also includes several additional structures with varying conditions.
The 14.55-acre assemblage includes multiple parcels and multiple zoning designations, with portions inside Whiteville city limits and portions outside. Additional improvements include an approximately 1,700-square-foot lifted building, a 7,200+/- square-foot covered concrete pad used for parking or storage, and large fenced areas. The property is located just off Hwy 701 with access to Hwy 74/76, and part of the land is within a flood zone.
The 14.55-acre assemblage includes multiple parcels and multiple zoning designations, with portions inside Whiteville city limits and portions outside. Additional improvements include an approximately 1,700-square-foot lifted building, a 7,200+/- square-foot covered concrete pad used for parking or storage, and large fenced areas. The property is located just off Hwy 701 with access to Hwy 74/76, and part of the land is within a flood zone.
Key Highlights
- 13,869‑square‑foot main building with permanent and temporary heating, cooling, and ventilation areas
- 14.55‑acre assemblage consisting of multiple parcels
- Approximately 1,700‑square‑foot lifted building included
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
$160,785
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
9.19%
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%
$3,215,700
$3.2M
Cap Rate 7%
$2,296,929
$2.3M
Cap Rate 9%
$1,786,500
$1.8M
Market Conditions
NOI Build-Up for 13,869 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
$277.9K $20.04/SF
− Vacancy
−$30.6K −$2.20/SF
EGI
$247.4K $17.84/SF
− OpEx
−$86.6K −$6.24/SF
NOI
$160.8K $11.59/SF
Area
Columbus County, NC
Vacancy
11.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
35.00%
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%
$3,215,700
Cap Rate 7%
$2,296,929
Cap Rate 9%
$1,786,500
Alternative Uses
Best Use
Flex RnD
$2.30M
$2.01M – $2.68M
NOI $160,785 @ 7.0% cap · market cap 9.19%
Second Best
Industrial
$1.15M
$1.01M – $1.35M
NOI $80,734 @ 7.0% cap · market cap 4.61%
Theoretical Best
Office A
$3.36M
$2.94M – $3.93M
NOI $235,502 @ 7.0% cap · market cap 13.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
346
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 28472, NC
17,308
Population
8,073
Households
2.1
Avg Household Size
44
Median Age
18%
College-Educated
91%
High-School Grad
197.9 sq mi
ZIP Area
87
Density / Sq Mi
$48,963
Median Household Income
$36,535
Median Earnings
$788
Median Rent
$141,000
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Carolina Country Catering — Whiteville, NC 28472
Frequently Asked Questions
What type of property is this?
Flex space - Multi-structure commercial property with heated and cooled areas, a kitchen, laundry area, and four bathrooms.
Where is this flex space located?
The property is located at 614 Washington Street Whiteville, NC.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 13,869‑square‑foot main building with permanent and temporary heating, cooling, and ventilation areas; 14.55‑acre assemblage consisting of multiple parcels; Approximately 1,700‑square‑foot lifted building included
