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    119 Courthouse Dr Elizabethtown, NC 28337

    • Office Properties & Spaces
    • 1,736 SF
    For Sale
    View listing
    $139,900
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office Properties & Spaces

    Property Details for 119 Courthouse Dr

    Year built
    1960
    Property size
    1,736 SF
    Property type
    Office Properties & Spaces

    Description

    This exceptional 1,736 square foot office building, located at 119 Courthouse Drive in Elizabethtown, North Carolina, presents a unique investment opportunity or ideal space for a business. Built in 1960 and renovated in 2012, the single-story building boasts a convenient location directly adjacent to the Bladen County Courthouse. Its proximity to the Register of Deeds and Clerk of Courts offices makes it exceptionally well-suited for legal practices or governmental agencies. The property's previous use as a satellite office for a Congressman underscores its prime location and functionality. The interior layout includes seven partitioned offices, providing ample space for individual work or team collaboration. Additional features include a welcoming foyer, a restroom, and a convenient breakroom. The building is zoned C and offers a compelling price per square foot of $80.59, with an asking price of $139,900. Its central downtown location places it within walking distance of a variety of amenities, including restaurants and shopping, enhancing its appeal and potential for success. This property is currently vacant and ready for immediate occupancy. Don't miss this chance to acquire a highly desirable commercial property in a thriving downtown area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Elizabethtown
    County
    Bladen
    State
    North Carolina
    Longitude
    -78.6051
    Latitude
    34.6279

    Comparable in this City

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      7160 Albert St

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    • Value Estimation
      $225,000
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      204 Broad St

      OFFICE (GENERAL) • 1,340 SF
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    • Value Estimation
      $225,000
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      205 Cypress St

      OFFICE (GENERAL) • 960 SF
      205 Cypress St, Elizabethtown, NC 28337-3953
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    • Value Estimation
      $250,000
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      109 Ml St

      OFFICE (GENERAL) • 2,586 SF
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    • Value Estimation
      $235,000
      2,432 SF

      306 Broad St

      OFFICE (GENERAL) • 2,432 SF
      306 Broad St, Elizabethtown, NC 28337-9396
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    Similar Nearby for Sale

    • $745,000
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      Elizabethtown Office Building For Sale

      Prime Elizabethtown Office Space - 2,988 sq ft
      121 Courthouse Dr, Elizabethtown, NC 28337
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    • $139,900
      1,736 SF

      Elizabethtown Office Building For Sale

      Prime Office Space, 1,736 sq ft, $139,900
      119 Courthouse Dr, Elizabethtown, NC 28337
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    • $139,900
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      Elizabethtown Office Building For Sale

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    • $225,000
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      Commercial Building in Downtown Ammon

      2925 sq ft commercial building with complete kitchen on 2 acres.
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    • $1,299,000
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      60 Acres in Elizabethtown, NC

      Sprawling 60-acre property in Elizabethtown, zoned R-20.
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    • Contact for pricing
      0.46 Acres

      Half-Acre Elizabethtown Land Parcel

      Land with potential for residential or business use.
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      View Details
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    Elizabethtown, NC 28337
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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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