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    2200 W Vernon Ave Kinston, NC 28504
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    Property profile & analytics

    2200 W Vernon Ave, Kinston, NC 28504

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    • Strip malls
    • 11,907 SF
    • 2.86 lot acres
    For Sale
    $850,000
    View Listing →
    Kinston Investment Opportunity For Sale For Sale
    $850,000
    2.89 Acres

    Kinston Investment Opportunity For Sale

    2.89 acre property with retail, warehouse, and shelter spaces.

    2200 W Vernon Ave, Kinston, NC
    View Listing
    Property ID
    US53-2740226
    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

    • Quik-Rent / Furniture & Home Goods / Home Decor Store
    • Tarheel Metal Structures, Inc. / Construction Company / General Contractor
    • Highland TV & Appliance / Home Appliance Store / Hardware & Home Improvement
    • T'Nails / Nail Salon
    • T Nails / Nail Salon

    Property Details for 2200 W Vernon Ave

    Year built
    1956
    Lot size
    2.86 lot acres
    Zone code
    I1
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    451510455843
    APU
    451510455843

    Description

    This exceptional Kinston, NC investment opportunity presents a 15,907 square foot retail storefront complex situated on a 2.89-acre lot at 2200 W Vernon Ave. The property boasts three long-term tenants, achieving 100% occupancy and generating a strong pro-forma NOI of $67,900, representing a 7.34% pro-forma cap rate. The asking price is $925,000, translating to $58.15 per square foot. Built in 1956, the property includes three buildings, encompassing the main 15,907 square foot retail space, a 10,000 square foot metal warehouse, and a 6,000 square foot covered shelter. This versatile property is zoned I1, allowing for flexibility in commercial and industrial uses. Located on a highly trafficked area of Vernon Ave, with a daily traffic count of 18,500 vehicles, this property offers excellent visibility and accessibility. The property's strong tenant base, high occupancy rate, and prime location make it an attractive investment opportunity in Kinston's growing market. The APN is 10918 and the lease type is gross. This multi-tenant property offers a secure investment with significant potential for future growth. The property is located in Lenoir County, NC, zip code 28504.

    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
    -77.6112
    Latitude
    35.2693
    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
    $11,935
    $511,530
    $227,462
    $738,992
    -
    $511,530
    $227,462
    $738,992

    Comparable in this City

    • Value Estimation by Request
      7,840 SF

      807 Hardee Rd

      SHOPPING CENTER, STRIP CENTER
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      View Details
    • Value Estimation
      $615,000
      24,240 SF

      4206 Vernon Ave

      SHOPPING CENTER, STRIP CENTER
      4206 Vernon Ave, Kinston, NC 28504-9671
      View Details
    • Value Estimation
      $970,000
      46,915 SF

      Hwy 258th N

      SHOPPING CENTER, STRIP CENTER
      Hwy 258th N, Kinston, NC 28504
      View Details
    • Value Estimation by Request
      8,120 SF

      805 Hardee Rd

      SHOPPING CENTER, STRIP CENTER
      805 Hardee Rd, Kinston, NC 28504-3320
      View Details
    • Value Estimation
      $9,660,000
      118,696 SF

      4489 Hwy 70th W

      WHOLESALE OUTLET, DISCOUNT STORE
      4489 Hwy 70th W, Kinston, NC 28504-7576
      View Details
    • Value Estimation
      $21,630,000
      185,613 SF

      4101 Vernon Ave

      WHOLESALE OUTLET, DISCOUNT STORE
      4101 Vernon Ave, Kinston, NC 28504-9672
      View Details

    Similar Nearby for Sale

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      Kinston Investment Opportunity For Sale

      2.89 acre property with retail, warehouse, and shelter spaces.
      2200 W Vernon Ave, Kinston, NC 28504
      View Details
    • $1,357,000

      Kinston Bank Branch For Sale

      NNN leased bank branch on a prime corner lot.
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      7,878 SF

      NNN Leased Bank Branch

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      Kinston Retail Outparcel For Sale

      2,049 SF former bank branch on 0.42-acre outparcel.
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      12,000 SF

      Kinston Retail Building For Sale

      12,000 SF building in Kinston, NC, near Greenville.
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      Commercial Land on Highway 70

      Five acre commercial land with high visibility on Highway 70.
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      Retail Space in Piggly Wiggly Center

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      Prime Retail Space in Kinston

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      2240 Us-258, Kinston, NC 28504
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    • 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
    View Listing
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    Kinston, NC 28504
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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.

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