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    844 15Th St Washington, NC 27889

    Sponsored
    For Sale
    $4,650,000

    Prime Retail, 52,270 SF, 18 Units

    Property size:
    52,270 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    This exceptional 52,270 square foot shopping center in Washington, NC, presents a compelling investment opportunity. Situated on a 4.5-acre lot with a prominent 430-foot road frontage on Minuteman Lane and a stoplight corner location on 15th Street, this property boasts high visibility and accessibility. The center features 18 retail units, 17 of which are currently leased, generating immediate income. With over 270 parking spaces in a paved lot and a daily traffic count of 18,500 vehicles on 15th Street, this property offers significant potential for growth and expansion. Built in 1971, the center is zoned commercial (APN: 5676-84-2679) and offers a strong return on investment at $88.96 per square foot. The asking price is $4,650,000. This location offers a thriving business environment, enhanced by the city's attractive cost of living, access to a skilled workforce, and excellent transportation links. The property's size and location make it ideal for a variety of retail businesses seeking a strong presence in a growing community. The substantial parking and high traffic count ensure ample customer access. This is a rare opportunity to acquire a well-established, income-producing shopping center in a desirable location.

    Property Features for 844 15Th St

    General Information

    Property type
    Lifestyle centers
    Square Feet
    52,270 SF
    Lot Size
    196,020 SF

    Building Details

    Year Built
    1971
    Units
    18

    HighLights

    • $4,650,000 asking price for this 52,270 square foot shopping center.
    • Located at 844 W 15th St, Washington, NC 27889 (APN: 5676‑84‑2679), this 4.5‑acre property features 18 units.
    • Built in 1971, the center offers 270+ parking spaces and high visibility with 430 feet of road frontage on a major thoroughfare.
    • Currently, 17 of the 18 units are leased, providing immediate income potential.
    • The property is zoned commercial and offers significant expansion opportunities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Jones Insurance Agency ... Auto Insurance Agency Beaufort County Republican ... Political Party Office

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Hair Salon Auto Repair Shop Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Washington
    County
    Beaufort
    State
    North Carolina
    Longitude
    -77.0566937
    Latitude
    35.5604358

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    FAQs

    What type of property is this?
    Lifestyle center - Prime Retail, 52,270 SF, 18 Units
    Where is this lifestyle center located?
    The property is located at 844 15Th St Washington, NC.
    What is the asking price?
    The asking price for this property is $4,650,000.
    What are key features of this property?
    This property features: $4,650,000 asking price for this 52,270 square foot shopping center.; Located at 844 W 15th St, Washington, NC 27889 (APN: 5676-84-2679), this 4.5-acre property features 18 units.; Built in 1971, the center offers 270+ parking spaces and high visibility with 430 feet of road frontage on a major thoroughfare.
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    844 15Th St Washington, NC 27889
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    Washington, NC 27889
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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.

    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
    844 15Th St Washington, NC 27889
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