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    Commercial Office Building on Corner Title is generated by Realmo AI

    706 N Berkeley Boulevard, Goldsboro, NC 27534

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    For Sale
    $975,000

    Classic brick building with 22 office spaces and parking.

    Type:Commercial/Industrial
    Property size:
    5,264 SF
    Lot size:
    0.42 Acres
    Price / SF:
    $185/SF
    Added:
    Mar 12, 2026
    Days on Market:
    71
    Last Refresh:
    Apr 6 at 3:43 am

    Property Features for 706 N Berkeley Boulevard

    General Information

    Standard status
    Active
    Size
    5,264 SF
    Lot size
    0.42 Acres
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    1993

    We can help!

    Listing Contact
    Wes Eagles

    Listing agent Wes Eagles License #162442

    Listing office RE/MAX Complete

    Listing date Mar 12, 2026

    Source Exitrealty

    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 RE/MAX Complete

    HighLights

    • Prime location on a corner lot within 1/4 mile of Hwy 70.
    • Features 22 office spaces, conference room, and large reception area.
    • Investment opportunity to lease individual offices or entire floors.
    • Includes 24 parking spaces including handicap space and access.
    • Three floors, each with its own HVAC unit.
    • Renovations completed in 2017 including paint and carpet.

    Overview

    This classic brick commercial office building is situated on a 100 x 185 corner lot, located within 1/4 mile of Hwy 70. The building features a total of 22 office spaces, a conference room, and a large reception area. Renovations, including paint and carpet, were completed in 2017. There are four bathrooms, with two located on each of the first and second floors. The property includes two common workspace areas, two kitchenette/break areas, and three walk-in storage closets, as well as a walk-in attic and an outside storage area. The exterior is landscaped and includes 24 parking spaces, including one handicap space, with handicap access to the first floor. Road signage is in place. The building offers possibilities for office or retail space, as well as an investment opportunity to lease individual offices or an entire floor. The building has three floors, each with its own HVAC unit. The property size is 5264 square feet.

    Financial Insights

    Value Estimation Calculated for Office B

    Conservative
    $761.8K
    NOI $68,563 @ 9.00% cap · cautious / downside scenario
    Moderate
    $979.5K
    NOI $68,563 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.37M
    NOI $68,563 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    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.
         Calculated for Office B

    Component $ $/SF
    Gross rent $113.7k $21.60
    − Vacancy −$22.3k −$4.23
    EGI $91.4k $17.37
    − OpEx −$22.9k −$4.34
    NOI $68.6k $13.02
    5,264 SF · lease $21.60/SF/yr · vacancy 19.60% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Office B
    $979.5K
    $857.0K – $1.14M (±1% cap)
    NOI $68,563 @ 7.0% cap · market cap 7.03%
    Second Best
    Retail
    $922.9K
    $807.5K – $1.08M (±1% cap)
    NOI $64,602 @ 7.0% cap · market cap 6.63%
    Theoretical Best
    Specialty Retail
    $4.23M
    $3.70M – $4.94M (±1% cap)
    NOI $296,246 @ 7.0% cap · market cap 30.38%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Academics Plus, Inc. Tutoring Service Smith Legal PLLC Law Firm Academic Abundance Charitable Organization

    Suggested Use

    Law Firm Real Estate Agency Restaurant Dental Office Spa & Massage Center Hair Salon Building Supply Gym & Fitness Center Nail Salon Kitchen & Bath Showroom

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Goldsboro
    County
    Wayne
    State
    North Carolina
    Longitude
    -77.9405
    Latitude
    35.3761

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    FAQs

    What type of property is this?
    Office building - Classic brick building with 22 office spaces and parking.
    Where is this office building located?
    The property is located at 706 N Berkeley Boulevard Goldsboro, NC.
    What is the asking price?
    The asking price for this property is $975,000.
    What are key features of this property?
    This property features: Prime location on a corner lot within 1/4 mile of Hwy 70.; Features 22 office spaces, conference room, and large reception area.; Investment opportunity to lease individual offices or entire floors.
    (919) 778-8194
    We can help!
    Listing Contact
    Wes Eagles
    Real Estate License ID: 162442
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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