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    Glenburnie Rd New Bern, NC 28562
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    Glenburnie Rd New Bern, NC 28562

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    • Retail properties & Spaces
    • 300,000 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 0 Glenburnie Rd

    Property size
    300,000 SF
    Property type
    Retail properties & Spaces

    Description

    New Bern Marketplace offers exceptional retail space for lease, ideally situated on Dr. Martin Luther King Blvd & South Glenburnie Rd in Craven County, NC (zip code 28562). This prime location boasts over 26,000 vehicles per day, ensuring high visibility and foot traffic. The property is part of a larger retail center, co-anchored by major retailers such as Harris Teeter, Walmart, and Target, creating a strong synergy and attracting a significant customer base. The area surrounding New Bern Marketplace is affluent, with average annual household incomes exceeding $81,000 within a 5-mile radius. Units are available in sizes ranging from a minimum of 2,356 square feet to a maximum contiguous space of 2,577 square feet, offering flexibility for various retail businesses. The total building size is an impressive 300,000 square feet. The property benefits from its location within a supply-constrained market with high barriers to entry, contributing to exceptionally high retail occupancy rates. Nearby national retailers include ALDI, Publix, Home Goods, Walgreens, and CVS, further enhancing the area's retail appeal and drawing a diverse customer demographic. This presents a unique opportunity for businesses seeking a high-visibility location within a thriving retail environment.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    New Bern
    County
    Craven
    State
    North Carolina
    Longitude
    -77.0988
    Latitude
    35.0984

    Comparable in this City

    • Value Estimation by Request
      288,808 SF

      3134 Dr. M.l.k. Jr Blvd

      Restaurants • 288,808 SF
      3134 Dr. M.l.k. Jr Blvd, New Bern, NC 28562
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    • Value Estimation by Request
      15,439 SF

      3715 Dr. M.l.k. Jr Blvd

      Automotive properties • 15,439 SF
      3715 Dr. M.l.k. Jr Blvd, New Bern, NC 28562
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    • Value Estimation by Request
      81,934 SF

      3036 M L King Jr Blvd

      DEPARTMENT STORE • 81,934 SF
      3036 M L King Jr Blvd, New Bern, NC 28562-5212
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    • Value Estimation by Request

      3,600 Sqft on MLK Jr Blvd - New Bern

      3,600 SF of Retail space for lease
      3918 Doctor Martin Luther King Junior Boulevard New Bern, NC 28562, New Bern, NC 28562
      View Details
    • Value Estimation
      $910,000
      3,200 SF

      3407 M L King Jr Blvd

      SHOW ROOM, WAREHOUSE • 3,200 SF
      3407 M L King Jr Blvd, New Bern, NC 28562-5219
      View Details
    • Value Estimation
      $970,000
      4,189 SF

      3715 M L King Jr Blvd

      SHOW ROOM, WAREHOUSE • 4,189 SF
      3715 M L King Jr Blvd, New Bern, NC 28562-2205
      View Details

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    Similar Nearby for Lease

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      6,070 SF

      Retail Space in Prime Location

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      3,927 SF

      Retail Space in Prime Location

      Retail spaces available in high-traffic New Bern corridor.
      2061-2065 S Glenburnie Rd, New Bern, NC 28562
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      3,000 SF

      Retail Spaces Available For Rent

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      Retail Space in New Bern

      Retail space co-anchored by Harris Teeter and Home Goods.
      South Glenburnie Rd, New Bern, NC 28562
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      2,356 SF

      Retail Space in Prime Location

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      View Details
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    New Bern, NC 28562
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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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    Glenburnie Rd, New Bern, NC, 28562
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