Flex Space with 3
For Sale
$500,000
906 N Breazeale Avenue, Mount Olive, NC 28365
COMMERCIAL - Mount Olive, NC
Property Size1,456 SF
Lot Size0.82 Acres
Price / SF$343.41
Days on Market101
Property Features for 906 N Breazeale Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-2
Subdivision
Not In Subdivision
Directions
From Goldsboro take Hwy 117 S. to Mount Olive, Left on Hwy 55. RIght on Breazeale Ave., Property on left.
Standard status
Active
APN
02h14034001002a
Size
1,456 SF
Lot size
0.82 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
DB 1910, P 474 Wayne County NC
Tax Annual Amount
4493
Legal Description
DB 1910, P 474 Wayne County NC
Utilities
Heating system
Electric (Heating)
Building Details
Year built
1987
Listing Agency:
Kornegay Realty
(919) 658-8611
Listed By:
David Kornegay · License #165118
(919) 738-3982
Added: May 11
Changed: Aug 19
Last Checked: Aug 19 at 10:06PM
MLS# 100573030
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 property includes 1,456 square feet of finished interior space with a reception area, several offices, and two bathrooms. Three additional bays are positioned at the rear and include roll-up garage doors, creating a functional combination of office and service space. The building was constructed in 1987 and sits on a 0.82-acre parcel with substantial concrete paving.
Located at 906 N Breazeale Avenue in Mount Olive, the property fronts a four-lane roadway with reported traffic of 11,500 cars per day. C-2 zoning applies to the site. The property was previously used as a car lot, and its existing layout includes both enclosed work areas and office improvements.
Located at 906 N Breazeale Avenue in Mount Olive, the property fronts a four-lane roadway with reported traffic of 11,500 cars per day. C-2 zoning applies to the site. The property was previously used as a car lot, and its existing layout includes both enclosed work areas and office improvements.
Key Highlights
- 0.82‑acre parcel with substantial concrete paving
- 1,456 sf of finished area plus 1,662 sf of bay area
- Three rear‑access bays with roll‑up garage doors
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
$18,964
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
3.79%
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%
$379,280
$379.3K
Cap Rate 7%
$270,914
$270.9K
Cap Rate 9%
$210,711
$210.7K
Market Conditions
NOI Build-Up for 1,456 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
$31.4K $21.60/SF
− Vacancy
−$6.2K −$4.23/SF
EGI
$25.3K $17.37/SF
− OpEx
−$6.3K −$4.34/SF
NOI
$19.0K $13.02/SF
Area
Wayne County, NC
Vacancy
19.60%
Lease Rate
$21.60 /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%
$379,280
Cap Rate 7%
$270,914
Cap Rate 9%
$210,711
Alternative Uses
Best Use
Flex RnD
$947.8K
$829.4K – $1.11M
NOI $66,349 @ 7.0% cap · market cap 13.27%
Second Best
Office B
$270.9K
$237.1K – $316.1K
NOI $18,964 @ 7.0% cap · market cap 3.79%
Theoretical Best
Specialty Retail
$1.17M
$1.02M – $1.37M
NOI $81,940 @ 7.0% cap · market cap 16.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Drive-in doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
417
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 28365, NC
14,653
Population
6,541
Households
2.2
Avg Household Size
40
Median Age
16%
College-Educated
80%
High-School Grad
191.4 sq mi
ZIP Area
77
Density / Sq Mi
$52,333
Median Household Income
$32,642
Median Earnings
$922
Median Rent
$119,000
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?
Flex space - The property combines finished office space with rear-access service bays and a paved outdoor area.
Where is this flex space located?
The property is located at 906 N Breazeale Avenue Mount Olive, NC.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 0.82‑acre parcel with substantial concrete paving; 1,456 sf of finished area plus 1,662 sf of bay area; Three rear‑access bays with roll‑up garage doors
