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    Property profile & analytics

    1309 Old Cherry Point Rd New Bern, NC 28560

    • Manufacturing properties
    • 1,344 SF
    • 2.22 lot acres
    For Sale
    View listing
    $1,350,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-2715146
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Manufacturing properties

    Property Details for 1309 Old Cherry Point Rd

    Year built
    1958
    Lot size
    2.22 lot acres
    Property size
    1,344 SF
    Property type
    Manufacturing properties
    APN
    7-012 -094
    APU
    7012094

    Description

    This exceptional bank-owned property, located at 1309 Old Cherry Point Road in New Bern, North Carolina, presents a unique investment opportunity. Spanning 2.22 acres, the property comprises three buildings totaling 16,752 square feet, offering a versatile mix of warehouse, flex, and retail space. The main warehouse building boasts 14,400 square feet with 12-foot ceiling heights, six overhead doors, concrete floors, and existing office and restroom facilities. A separate 2,352-square-foot, two-story mixed-use building features a ground-floor shop space with a garage door and a second-floor residential area with two bedrooms and a bathroom. Additionally, a 5,400-square-foot greenhouse is included, although it requires a new membrane. The property also includes a fenced, partially graveled storage lot. Conveniently situated just over the bridge from New Bern in James City, this location offers easy access to US-70 (future I-42). The absence of zoning restrictions allows for a wide range of potential uses, including retail, manufacturing, warehousing, and distribution. The property is outside city limits, resulting in only county taxes. The asking price is $1,350,000, translating to $80.59 per square foot. This property offers significant potential for expansion and on-site storage, making it an attractive investment for various business ventures. The property's APN is 7-012-094.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $475,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $701,000
      Market price range: $83.7k - $701k

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

    Location Insight

    • Map
    • Local Demand
    City
    New Bern
    County
    Craven
    State
    North Carolina
    Longitude
    -77.0274
    Latitude
    35.0762
    CBSA code
    35100
    CBSA name
    NEW BERN, NC MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $3,195
    $333,000
    $338,800
    $671,800
    -
    $333,000
    $338,800
    $671,800

    Comparable in this City

    • Value Estimation
      $1,750,000
      86,744 SF

      New Bern, NC 28560

      MANUFACTURING (LIGHT) • 86,744 SF
      New Bern, NC 28560
      View Details
    • Value Estimation
      $845,000
      882 SF

      4522 Old Cherry Pt Rd

      MANUFACTURING (LIGHT) • 882 SF
      4522 Old Cherry Pt Rd, New Bern, NC 28560-8012
      View Details
    • Value Estimation
      $380,000
      2,225 SF

      4426 Us 70th E Hwy

      MANUFACTURING (LIGHT) • 2,225 SF
      4426 Us 70th E Hwy, New Bern, NC 28560-7513
      View Details
    • Value Estimation
      $360,000
      1,728 SF

      2106 Us 70th E Hwy

      MANUFACTURING (LIGHT) • 1,728 SF
      2106 Us 70th E Hwy, New Bern, NC 28560-6875
      View Details
    • Value Estimation
      $430,000
      6,000 SF

      7146 Us 70th E Hwy

      MANUFACTURING (LIGHT) • 6,000 SF
      7146 Us 70th E Hwy, New Bern, NC 28560-9491
      View Details
    • Value Estimation
      $595,000
      437 SF

      3301 Old Cherry Pt Rd

      MANUFACTURING (LIGHT) • 437 SF
      3301 Old Cherry Pt Rd, New Bern, NC 28560-6969
      View Details

    Similar Nearby for Sale

    • $1,350,000
      16,752 SF

      New Bern Industrial Property

      16,752 SF, 3 Buildings, Bank Owned
      1309 Old Cherry Point Rd, New Bern, NC 28560
      View Details
    • $15,800,000

      Industrial Property in New Bern

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      View Details
    • $1,500,000
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      Industrial Land on Neuse Boulevard

      7+ acre industrial-zoned land suitable for flex/warehouse or self-storage.
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    • $335,000
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      Cleared Land with Income Potential

      5 acres cleared, graveled land suitable for commercial use.
      680 Half Moon Rd, New Bern, NC 28560
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    • $125,000
      0.25 Acres

      Downtown New Bern Commercial Lot

      Prime location, 0.25-acre lot, parking potential.
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    • $3,167,500
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      Multi-family and commercial development site with 312 units planned.
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    Similar Nearby for Lease

    • $1,600 /Mo
      20,909 SF

      New Bern Warehouse Space Available

      1,600 SF warehouse with yard space for rent.
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      View Details
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      Downtown New Bern Office Space

      Office space in the heart of downtown New Bern.
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      View Details
    • $2,300 /Mo
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      Commercial Office Space Available

      Two-story, 1500 sq ft commercial office space for lease.
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    • $1,400 /Mo
      1,380 SF

      New Bern Commercial Space Available

      Spacious commercial space with modern amenities in New Bern, NC.
      1702 Us 70 Hwy E, New Bern, NC 28560
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    • Contact for pricing

      Downtown New Bern Office Space

      Professional office space in the heart of Downtown New Bern.
      New Bern, NC 28560
      View Details
    • $2,960 /Mo
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      Downtown New Bern Executive Office

      Executive office space in historic downtown New Bern, North Carolina.
      242 Craven St, New Bern, NC 28560
      View Details
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    New Bern, NC 28560
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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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