Shell Drive Warehouse
For Sale
Contact for pricing
640 Shell Dr, Spring Lake, NC
21,600 SF warehouse in Spring Lake, North Carolina.
Property Size21,600 SF
Lot Size3.25 Acres
Price / SF$167.59
Days on Market416
Property Features for 640 Shell Dr
General Information
Standard status
Active
Size
21,600 SF
Lot size
3.25 Acres
Property subtype
INDUSTRIAL
Listing Agency:
Marcus & Millichap | Raleigh
(919) 674-1104
Listed By:
Todd Phillips · License #241055
(919) 674-1120
Source:
Moodyscre
Added: Jun 23, 2025
Changed: Aug 9
Last Checked: Aug 12 at 12:27PM
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 Marcus & Millichap | Raleigh
Investment Insights
Based on property information with market context.
This property offers a 21,600-square-foot warehouse space located on Shell Drive in Spring Lake, North Carolina. It is suitable for warehouse and industrial use.
Key Highlights
- 21,600 SF warehouse
- Located in Spring Lake, North Carolina
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
$219,833
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
6.07%
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%
$4,396,660
$4.4M
Cap Rate 7%
$3,140,471
$3.1M
Cap Rate 9%
$2,442,589
$2.4M
Market Conditions
NOI Build-Up for 21,600 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
$337.0K $15.60/SF
− Vacancy
−$22.9K −$1.06/SF
EGI
$314.0K $14.54/SF
− OpEx
−$94.2K −$4.36/SF
NOI
$219.8K $10.18/SF
Area
Cumberland County, NC
Vacancy
6.80%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
30.00%
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%
$4,396,660
Cap Rate 7%
$3,140,471
Cap Rate 9%
$2,442,589
Alternative Uses
Best Use
Industrial
$3.14M
$2.75M – $3.66M
NOI $219,833 @ 7.0% cap · market cap 6.07%
Second Best
Warehouse
$2.40M
$2.10M – $2.79M
NOI $167,688 @ 7.0% cap · market cap 4.63%
Theoretical Best
Office A
$5.16M
$4.52M – $6.02M
NOI $361,304 @ 7.0% cap · market cap 9.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
37
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
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
- Security Mini Storage — 17 Roanoke Ave, Roanoke Rapids, NC 27870
Frequently Asked Questions
What type of property is this?
Warehouse - 21,600 SF warehouse in Spring Lake, North Carolina.
Where is this warehouse located?
The property is located at 640 Shell Dr Spring Lake, NC.
What is the asking price?
The asking price for this property is $3,620,000.
What are key features of this property?
This property features: 21,600 SF warehouse; Located in Spring Lake, North Carolina
