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    Property profile & analytics

    1503 Glenburnie Rd New Bern, NC 28562-2617

    • Community centers
    • 5,300 SF
    • 0.45 lot acres
    OFF-MARKET
    Last Sale
    May 30, 2023
    $720,000
    Value Estimations
    $1,005,000
    Show details
    Cap Rate Potential
    5.3%
    Community centers
    Location Intelligence
    Property ID
    US53-3701115
    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

    • La Rosa Italian Restaurant / Restaurant
    • Smoke Zone of New Bern / (Bike/Boat/Book/etc) Store
    • 30 Sumn Ultra Lounge / Bar & Pub

    Property Details for 1503 Glenburnie Rd

    Year built
    1987
    Lot size
    0.45 lot acres
    Property size
    5,300 SF
    Property type
    Community centers
    Property subtype
    Shopping centers
    APN
    8-212 -059
    APU
    8212059

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,300,000
      ML approach
      $1,275,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,140,000
      6.5%
      $1,055,000
      7%
      $980,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $953,000
      Market price range: $278k - $1.86M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,105,000
      Current use
      RETAIL STORES
      $1,290,000
      Change: +17% Conversion: Easy
      AUTO REPAIR, GARAGE
      $985,000
      Change: -11% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $975,000
      Change: -12% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    New Bern
    County
    Craven
    State
    North Carolina
    Longitude
    -77.0937
    Latitude
    35.1157
    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
    $3,464
    $153,000
    $262,000
    $415,000
    -
    $153,000
    $262,000
    $415,000

    Comparable in this City

    • Value Estimation
      $2,155,000
      21,105 SF

      2516 Neuse Blvd

      MINI-MALL • 21,105 SF
      2516 Neuse Blvd, New Bern, NC 28562-3322
      View Details
    • Value Estimation by Request
      1,904 SF

      2907 Trent Rd Ste A

      MINI-MALL • 1,904 SF
      2907 Trent Rd Ste A, Trent Woods, NC 28562-2032
      View Details
    • Value Estimation
      $1,980,000
      9,900 SF

      1822 Glenburnie Rd

      MINI-MALL • 9,900 SF
      1822 Glenburnie Rd, New Bern, NC 28562-5261
      View Details
    • Value Estimation
      $640,000
      4,800 SF

      4161 M L King Jr Blvd

      MINI-MALL • 4,800 SF
      4161 M L King Jr Blvd, Trent Woods, NC 28562-2234
      View Details
    • Value Estimation
      $1,260,000
      9,200 SF

      4112 M L King Jr Blvd

      MINI-MALL • 9,200 SF
      4112 M L King Jr Blvd, New Bern, NC 28562-2233
      View Details
    • Value Estimation by Request
      2,000 SF

      New Bern, NC 28562

      MINI-MALL • 2,000 SF
      New Bern, NC 28562
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      High-Visibility End-Cap Unit

      3,600 SF retail space in high-traffic New Bern location.
      3918 Doctor Martin Luther King Junior Blvd, New Bern, NC 28562
      View Details
    • $917,700
      9,014 SF

      Freestanding Dollar General in New Bern

      Single tenant Dollar General with investment grade credit rating.
      455 Pirates Rd, New Bern, NC 28562
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      Absolute Net Lease Retail Property

      Retail property with absolute net lease and favorable rental increases.
      4100 Dr M L King Jr Blvd, New Bern, NC 28562
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    • $1,500,000

      Retail Property Near Major Retailers

      Retail property with high visibility and accessibility near major retailers.
      2612 Trent Rd, New Bern, NC 28562
      View Details
    • $125,000
      1.36 Acres

      Commercial Land in New Bern

      Commercial building lot in the heart of New Bern, North Carolina.
      2403 Grace Ave, New Bern, NC 28562
      View Details
    • Contact for pricing
      0.12 Acres

      Residential Lot in New Bern

      Buildable lot with easy access to Hwy 70.
      1901 Aycock Ave, New Bern, NC 28562
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      6,427 SF

      Retail Space in Prime Location

      Retail spaces available in high-traffic New Bern corridor.
      2061-2065 S Glenburnie Rd, New Bern, NC 28562
      View Details
    • Contact for pricing
      6,070 SF

      Retail Space in Prime Location

      Retail space available near major retailers and residential communities.
      2063 S Glenburnie Rd, New Bern, NC 28562
      View Details
    • Contact for pricing

      Retail Space in New Bern

      Retail space co-anchored by Harris Teeter and Home Goods.
      South Glenburnie Rd, New Bern, NC 28562
      View Details
    • $1,200 /Mo
      1,000 SF

      Commercial Space on Trent Boulevard

      Versatile commercial space ready for customization in a prime location.
      3709 Trent Rd, New Bern, NC 28562
      View Details
    • $395 /Mo
      145 SF

      Renovated Office Space Available

      Professionally renovated office spaces for rent in New Bern, NC.
      2800 Neuse Blvd, New Bern, NC 28562
      View Details
    • $10 SF/Yr
      23,100 SF

      New Bern Flex Space Available

      Office, warehouse, medical, and flex space for lease.
      3200 Wellons Blvd, New Bern, NC 28562
      View Details
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    New Bern, NC 28562-2617
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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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