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    1601 Vernon Ave, Unit 1603 Kinston, NC 28504-3437
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    Property profile & analytics

    1601 Vernon Ave, Unit 1603 Kinston, NC 28504-3437

    View on Map
    • Retail space
    • 3,196 SF
    • 0.16 lot acres
    Off-Market
    Property ID
    US53-2657877
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail space

    Property Details for 1601 Vernon Ave

    Year built
    1930
    Lot size
    0.16 lot acres
    Property size
    3,196 SF
    Zone code
    B1
    Property type
    Retail space
    APN
    451511761525
    APU
    451511761525

    Description

    This exceptional investment opportunity presents a 3,196 square foot storefront located at 1601 W Vernon Ave, Kinston, NC 28504. The property is zoned B1 and features a single building currently operating under a gross lease with one tenant, resulting in a 50% occupancy rate. The asking price is $250,000, offering a compelling 7.16% capitalization rate based on a Net Operating Income (NOI) of $17,893. The price per square foot is $78.22. This multi-tenant property presents a strong potential for increased revenue through lease-up of the vacant space. The property's prime location on Vernon Avenue in Kinston, Lenoir County, North Carolina, provides excellent visibility and accessibility. This is an ideal opportunity for investors seeking a stable income stream with significant upside potential. The property's strong NOI and attractive cap rate make it a compelling addition to any portfolio. Serious inquiries are encouraged.

    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
    Kinston
    County
    Lenoir
    State
    North Carolina
    Longitude
    -77.6024
    Latitude
    35.2712
    CBSA code
    28820
    CBSA name
    KINSTON, 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
    $2,627
    $86,400
    $76,276
    $162,676
    -
    $86,400
    $76,276
    $162,676

    Comparable in this City

    • Value Estimation by Request
      2,208 SF

      4292 Hwy 258th S

      RETAIL STORES (PERSONAL SERVICES) • 2,208 SF
      4292 Hwy 258th S, Kinston, NC 28504-7075
      View Details
    • Value Estimation
      $1,970,000
      14,706 SF

      4003 Vernon Ave

      RETAIL STORES (PERSONAL SERVICES) • 14,706 SF
      4003 Vernon Ave, Kinston, NC 28504-9674
      View Details
    • Value Estimation by Request
      1,656 SF

      3669 Hwy 55th W

      RETAIL STORES (PERSONAL SERVICES) • 1,656 SF
      3669 Hwy 55th W, Kinston, NC 28504-7461
      View Details
    • Value Estimation
      $600,000
      8,000 SF

      2046 Hwy 258th N

      RETAIL STORES (PERSONAL SERVICES) • 8,000 SF
      2046 Hwy 258th N, Kinston, NC 28504-7225
      View Details
    • Value Estimation
      $965,000
      9,016 SF

      2366 Hwy 258th N

      RETAIL STORES (PERSONAL SERVICES) • 9,016 SF
      2366 Hwy 258th N, Kinston, NC 28504-7222
      View Details
    • Value Estimation by Request
      2,368 SF

      2447 Hwy 258th N

      RETAIL STORES (PERSONAL SERVICES) • 2,368 SF
      2447 Hwy 258th N, Kinston, NC 28504-7203
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      12,000 SF

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    • $1,357,000

      Kinston Bank Branch For Sale

      NNN leased bank branch on a prime corner lot.
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    • Contact for pricing

      Kinston Retail Outparcel For Sale

      2,049 SF former bank branch on 0.42-acre outparcel.
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    • $850,000

      Kinston Investment Opportunity For Sale

      2.89 acre property with retail, warehouse, and shelter spaces.
      2200 W Vernon Ave, Kinston, NC 28504
      View Details
    • Contact for pricing
      7,878 SF

      NNN Leased Bank Branch

      NNN leased bank branch in Downtown Kinston.
      1900 W Vernon Ave, Kinston, NC 28504
      View Details
    • Contact for pricing
      1.26 Acres

      Residential Land in Kinston, NC

      Large residential lot in a desirable Kinston neighborhood.
      Dogwood Ln, Kinston, NC 28504
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      8,000 SF

      Prime Retail Space in Kinston

      Retail space in busy shopping center with high visibility.
      2240 Us-258, Kinston, NC 28504
      View Details
    • $14 SF/Yr

      Retail Space in Piggly Wiggly Center

      Freestanding retail building with high visibility and ample parking.
      2240 Us-258, Kinston, NC 28504
      View Details
    • Contact for pricing
      97,270 SF

      Kinston Warehouse Space Available

      97,270 square foot warehouse space for lease in Kinston.
      222 North Carolina 58, Kinston, NC 28504
      View Details
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    Kinston, NC 28504-3437
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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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    1601 Vernon Ave, Kinston, NC, 28504
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