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    Property profile & analytics

    1409 Ehringhaus St Elizabeth City, NC 27909

    • Super regional malls
    • 19.22 lot acres
    For Lease
    View listing
    Last Sale
    Jul 22, 2022
    $625,000
    Value Estimations
    $645,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-4260880
    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

    • Shoe Dept. Encore / Shoe Store / Fashion Accessories Store
    • Hibbett Sports / Shoe Store / Fashion Accessories Store
    • Five Below / Fashion Accessories Store / Variety Store
    • bealls / Clothing Store / Fashion Accessories Store
    • Ace Wireless / Cell Phone Store / Telecommunications

    Property Details for 1409 Ehringhaus St

    Year built
    1969
    Construction
    TYPE NOT SPECIFIED
    Lot size
    19.22 lot acres
    Zone code
    GB
    Property type
    Super regional malls
    APN
    891310360793
    APU
    891310360793

    Description

    This exceptional retail space, located at 1409 W Ehringhaus St, Elizabeth City, NC 27909, offers a prime opportunity for a national retail credit tenant seeking a build-to-suit option. The property, part of Southgate Park Shopping Center, boasts a 20-foot wide storefront within a 2,000 square foot building, with a minimum divisible space of 1,500 square feet. The zoning is GB. The property's location in Elizabeth City's central business district provides excellent visibility and accessibility. This desirable shopping center features a strong tenant mix, including Belk's, GNC, Saslow's Jewelers, Five Below, Shoe Dept., Burke's, Hibbett Sports, ULTA Beauty, and Starbucks. Convenient outparcel locations house Wells Fargo and PNC Bank. The property is situated near the intersection of W Ehringhaus St and Cardwell Street, and its APN is 891310360793. A long-term lease (10+ years) is available. This build-to-suit opportunity allows for customization to meet specific tenant needs, making it an ideal location for a business seeking a prominent presence in a thriving retail environment within the Hampton Roads VA submarket. The property is classified as a retail shopping center with multiple tenancies.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $645,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Elizabeth City
    County
    Pasquotank
    State
    North Carolina
    Longitude
    -76.2408
    Latitude
    36.2929
    CBSA code
    21020
    CBSA name
    ELIZABETH CITY, 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
    2023
    $2,030
    $0.00
    $0.00
    $4,451,500
    -
    $2,598,400
    $1,853,100
    $4,451,500

    Comparable in this City

    • Value Estimation by Request
      1.38 Acres

      513 Ehringhaus St

      REGIONAL SHOPPING CENTER, MALL • 1.38 Acres
      513 Ehringhaus St, Elizabeth City, NC 27909-4991
      View Details
    • Value Estimation by Request
      5.69 Acres

      1313 Rd St

      REGIONAL SHOPPING CENTER, MALL • 5.69 Acres
      1313 Rd St, Elizabeth City, NC 27909-3483
      View Details
    • Value Estimation
      $550,000
      1.16 Acres

      3845 Conlon Way

      REGIONAL SHOPPING CENTER, MALL • 1.16 Acres
      3845 Conlon Way, Elizabeth City, NC 27909-7661
      View Details
    • Value Estimation by Request
      10.44 Acres

      1851 Ehringhaus St

      REGIONAL SHOPPING CENTER, MALL • 10.44 Acres
      1851 Ehringhaus St, Elizabeth City, NC 27909-4555
      View Details
    • Value Estimation
      $620,000
      0.47 Acres

      Halstead Blvd

      REGIONAL SHOPPING CENTER, MALL • 0.47 Acres
      Halstead Blvd, Elizabeth City, NC 27909
      View Details
    • Value Estimation by Request
      2.40 Acres

      1501 Ehringhaus St

      REGIONAL SHOPPING CENTER, MALL • 2.40 Acres
      1501 Ehringhaus St, Elizabeth City, NC 27909-4516
      View Details

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      Retail Property in Elizabeth City

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    Similar Nearby for Lease

    • Contact for pricing
      2,000 SF

      Southgate Park Retail Space

      Elizabeth City, NC storefront opportunity
      1409 Ehringhaus St, Elizabeth City, NC 27909
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    • $15 SF/Yr
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      Elizabeth City Retail Space

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      Downtown Elizabeth City Gem

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      Adaptable Commercial Unit For Lease

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    • New
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      Elizabeth City Commercial Leasing Opportunity

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    Elizabeth City, NC 27909
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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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