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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2502 Herritage St Kinston, NC 28501-1501

    • Office buildings
    • 4,224 SF
    • 0.54 lot acres
    OFF-MARKET
    Last Sale
    Jun 17, 2022
    $275,000
    Value Estimations
    $300,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-2789299
    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

    • Mitchell & Associates / Dental Clinic
    • Act Now Community Development Corporation, Inc. / Non-Profit Organization
    • Realty ONE Group East - Kinston / Real Estate Agency
    • Jitendra Swarup / Ophthalmologist
    • Committed To Progressing Forward / Life Coach

    Property Details for 2502 Herritage St

    Year built
    1989
    Lot size
    0.54 lot acres
    Property size
    4,224 SF
    Zone code
    B1
    Property type
    Office buildings
    APN
    452613029829
    APU
    452613029829

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $300,000
      ML approach
      $250,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $308,000
      Market price range: $164k - $309k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $235,000
      Current use
      RETAIL STORES
      $365,000
      Change: +55% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Kinston
    County
    Lenoir
    State
    North Carolina
    Longitude
    -77.5894
    Latitude
    35.2884
    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
    $6,913
    $215,460
    $212,563
    $428,023
    -
    $215,460
    $212,563
    $428,023

    Comparable in this City

    • Value Estimation
      $230,000
      2,100 SF

      207 Queen St

      OFFICE BUILDING • 2,100 SF
      207 Queen St, Kinston, NC 28501-4935
      View Details
    • Value Estimation
      $245,000
      7,140 SF

      2559 Queen St

      OFFICE BUILDING • 7,140 SF
      2559 Queen St, Kinston, NC 28501-1632
      View Details
    • Value Estimation
      $245,000
      1,460 SF

      201 Rhodes Ave

      OFFICE BUILDING • 1,460 SF
      201 Rhodes Ave, Kinston, NC 28501-3819
      View Details
    • Value Estimation
      $70,000
      968 SF

      202 Vernon Ave

      OFFICE BUILDING • 968 SF
      202 Vernon Ave, Kinston, NC 28501-4453
      View Details
    • Value Estimation
      $200,000
      4,000 SF

      2300 Albemarle Rd

      OFFICE BUILDING • 4,000 SF
      2300 Albemarle Rd, Kinston, NC 28501-1851
      View Details
    • Value Estimation
      $240,000
      2,378 SF

      509 Gordon St

      OFFICE BUILDING • 2,378 SF
      509 Gordon St, Kinston, NC 28501-5050
      View Details

    Similar Nearby for Sale

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    • $450,000
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      Kinston Office Building - High ROI

      Traditional Office, 3600 SF, 7.08% Cap Rate
      2300 Herritage St, Kinston, NC 28501
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    • $495,000
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      Prime Kinston Office Building

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      Prime Kinston Industrial Land

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    • $499,000
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      East St Warehouse: Kinston, NC

      14,000 SF Warehouse - $499,000
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    • Contact for pricing
      0.26 Acres

      Cleared Lot in Kinston, NC

      Cleared 0.26 acre lot suitable for development projects.
      1515 Charlotte Ave, Kinston, NC 28501
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr
      2,160 SF

      Kinston Office Space For Lease

      2,100 SF office space ideal for various professional uses.
      2507 N Queen St, Kinston, NC 28501
      View Details
    • $7 SF/Yr
      44,000 SF

      Kinston Industrial Warehouse For Sale

      Prime Kinston location, flexible industrial space.
      412 Park Ave, Kinston, NC 28501
      View Details
    • $6 SF/Yr
      2,800 SF

      Kinston Industrial Space For Lease

      Versatile Warehouse, 2800 sq ft, Kinston, NC
      412 Park Ave, Kinston, NC 28501
      View Details
    • $4 SF/Yr
      20,000 SF

      Warehouse Space Near Highway 11

      Warehouse space with loading dock and sprinkler system.
      445 Park Ave, Kinston, NC 28501
      View Details
    • Contact for pricing

      Highway 70 Retail Space

      Retail and restaurant space available on Highway 70 East.
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      View Details
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    2502 Herritage St
    Kinston, NC 28501-1501
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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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