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    210 Hwy Morehead City, NC 28557
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    210 Hwy, Morehead City, NC 28557

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    • Warehouses
    • 4,000 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Warehouses

    Property Details for 210 Hwy

    Property type
    Warehouses
    Property subtype
    Land

    Description

    This exceptional 4,000-square-foot warehouse, located at 210 Highway 24 in Morehead City, North Carolina, presents a unique investment opportunity. Situated in Carteret County, this single-tenant industrial property boasts a prime location on a high-traffic highway, enjoying visibility near a major retailer like Walmart. The building itself is a high-quality, recently constructed all-brick structure, built to exacting standards. Features include a durable TPO roof and hurricane-rated windows, ensuring both longevity and resilience. While much of the interior remains unfinished, this offers significant flexibility for customization to meet specific business needs. The insulation is already in place, and sheetrock is on-site, ready for installation, minimizing build-out time and costs. Exterior improvements include a completed concrete-curbed parking lot and a prominent pylon sign, incorporating LED lighting to maximize visibility to the reported 24,000 vehicles passing daily. This property is ideal for businesses seeking a modern, adaptable space in a high-traffic area with excellent visibility. The property is zoned for commercial and warehouse use. The zip code is 28557.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Morehead City
    County
    Carteret
    State
    North Carolina
    Longitude
    -76.8037
    Latitude
    34.7346

    Comparable in this City

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      5305 High St

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      $590,000
      6,090 SF

      Morehead City, NC 28557

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      $710,000
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      5010 Business Dr

      DISTRIBUTION WAREHOUSE
      5010 Business Dr, Morehead City, NC 28557-6316
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      $1,580,000
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      318 Greenfield Dr

      DISTRIBUTION WAREHOUSE
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    • Value Estimation by Request
      3,680 SF

      2411 Bridges St

      WAREHOUSE, STORAGE
      2411 Bridges St, Morehead City, NC 28557
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    • Value Estimation
      $590,000
      7,200 SF

      121 Horton Dr

      WAREHOUSE, STORAGE
      121 Horton Dr, Morehead City, NC 28557-4528
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Prime Acreage in Morehead City

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      Industrial Building on Corner Lot

      15,750 SF industrial building on 3.82-acre corner lot.
      301 Facility Dr, Morehead City, NC 28557
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    • $325,000
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      Residential Lot with Water Views

      Residential lot in Morehead City with water views.
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    • $1,300,000
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      Commercial Land Development Opportunity

      7.46-acre commercial tract with pending approvals for 60,000 SF.
      Horton Dr, Morehead City, NC 28557
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    • $235,000
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      Homesite with Calico Creek Views

      Prime Morehead City homesite with creek views, no HOA.
      2405 E Myrtle St, Morehead City, NC 28557
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    • $155,000
      0.11 Acres

      Homesite with Calico Creek Views

      Homesite in Morehead City with water views and no HOA.
      2413 E Myrtle St, Morehead City, NC 28557
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    Similar Nearby for Lease

    • $4,000 /Mo
      4,614 SF

      Highway 70 Warehouse For Lease

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      5192 Hwy 70 W, Morehead City, NC 28557
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    • Contact for pricing
      3,820 SF

      Morehead City Warehouse Space

      3,820 square foot warehouse space available for lease.
      1875 N 20Th St, Morehead City, NC 28557
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    • $1,700 /Mo
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      Commercial Storage Unit For Rent

      Storage unit with roll-up and personal doors available for rent.
      5071 Business Dr, Morehead City, NC 28557
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    • Contact for pricing
      3,780 SF

      Retail Space in Cypress Bay

      Highly visible shopping center with national retail tenants.
      5167 Hwy 70 W, Morehead City, NC 28557
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    • $7,500 /Mo
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      Versatile Office Building in Morehead

      Well-maintained 3,881 SF office building, ideal for medical or professional use.
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    • $8 SF/Yr
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      Hwy 70 E Morehead City Office Space

      Prime Morehead City location, high traffic area.
      4415 Arendell St, Morehead City, NC 28557
      View Details
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    Morehead City, NC 28557
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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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