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    Property profile & analytics

    2904 Arendell St Morehead City, NC 28557

    • Retail space
    • 16,055 SF
    • 0.94 lot acres
    For Sale
    View listing
    $2,550,000
    Last Sale
    Jan 19, 2023
    $2,600,000
    Value Estimations
    Cap Rate Potential
    8.7%
    Retail space
    Location Intelligence
    Property ID
    US53-2858499
    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

    • Dollar Tree / School Supply Store / Variety Store
    • Joseph Walker / Pharmacy
    • higi / Health Consultant

    Property Details for 2904 Arendell St

    Year built
    2004
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.94 lot acres
    Property size
    16,055 SF
    Property type
    Retail space
    APN
    6376.20.82.0276000
    APU
    637620820276000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,150,000
      ML approach
      $2,310,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,100,000
      6.5%
      $2,865,000
      7%
      $2,660,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,301,000
      Market price range: $530k - $2.45M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $2,830,000
      Current use
      OFFICE BUILDING
      $2,500,000
      Change: -12% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Morehead City
    County
    Carteret
    State
    North Carolina
    Longitude
    -76.7429
    Latitude
    34.7243
    CBSA code
    33980
    CBSA name
    MOREHEAD 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
    2022
    $8,058
    $705,750
    $1,731,635
    $2,437,385
    -
    $705,750
    $1,731,635
    $2,437,385

    Comparable in this City

    • Value Estimation
      $345,000
      9,850 SF

      4330 Arendell St

      RETAIL STORES (PERSONAL SERVICES) • 9,850 SF
      4330 Arendell St, Morehead City, NC 28557-2807
      View Details
    • Value Estimation
      $335,000
      6,429 SF

      3930 Arendell St

      RETAIL STORES (PERSONAL SERVICES) • 6,429 SF
      3930 Arendell St, Morehead City, NC 28557-2924
      View Details
    • Value Estimation
      $485,000
      4,800 SF

      4702 Arendell St

      RETAIL STORES (PERSONAL SERVICES) • 4,800 SF
      4702 Arendell St, Morehead City, NC 28557-2704
      View Details
    • Value Estimation
      $580,000
      21,120 SF

      4000 Bridges St

      RETAIL STORES (PERSONAL SERVICES) • 21,120 SF
      4000 Bridges St, Morehead City, NC 28557-2915
      View Details
    • Value Estimation
      $315,000
      2,443 SF

      1400 Bridges St

      RETAIL STORES (PERSONAL SERVICES) • 2,443 SF
      1400 Bridges St, Morehead City, NC 28557-3759
      View Details
    • Value Estimation
      $320,000
      8,052 SF

      1504 Bridges St

      RETAIL STORES (PERSONAL SERVICES) • 8,052 SF
      1504 Bridges St, Morehead City, NC 28557-3649
      View Details

    Similar Nearby for Sale

    • $2,550,000
      13,813 SF

      2904 Arendell St

      Lifestyle centers • 13,813 SF
      2904 Arendell St, Morehead City, NC 28557
      View Details
    • $1,750,000
      5,540 SF

      Morehead City Mixed-Use Gem

      Historic Downtown B&B, Huge Potential
      500 Arendell St, Morehead City, NC 28557
      View Details
    • $450,000
      2,248 SF

      Morehead City Retail Corner Lot

      High-traffic Hwy 70 E retail space. Vacant, ready for your business.
      4415 Arendell St, Morehead City, NC 28557
      View Details
    • $1,100,000

      Restaurant Ready Building For Sale

      Restaurant-ready building with kitchen and walk-in coolers for sale.
      3010 Arendell St, Morehead City, NC 28557
      View Details
    • $420,000
      2,318 SF

      Morehead City Office Building

      Prime Medical/Creative Office Space
      403 35Th St, Morehead City, NC 28557
      View Details
    • $1,650,000
      10.09 Acres

      Coastal Industrial Land - Morehead City, NC

      10 Acres, Water/Sewer, Opportunity Zone
      5081 Business Dr, Morehead City, NC 28557
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      5,636 SF

      Retail Space in Cypress Bay

      Highly visible shopping center with national retail tenants.
      5167 Hwy 70 W, Morehead City, NC 28557
      View Details
    • Contact for pricing
      90,000 SF

      Former Kmart Retail Space Available

      90,000 SF retail space for lease on Arendell Street.
      4915 Arendell St, Morehead City, NC 28557
      View Details
    • $1,200 /Mo
      1,500 SF

      Morehead City Retail/Office Space

      1500 sq ft unit in busy shopping center.
      3025 Bridges St, Morehead City, NC 28557
      View Details
    • Contact for pricing

      Former Kmart Retail Space

      90,000 SF retail space in Morehead City, NC.
      Morehead City, NC 28557
      View Details
    • $15 SF/Yr
      8,325 SF

      Morehead City Retail Space

      Prime retail space, 8,325 sq ft, available now.
      2900 Arendell St, Morehead City, NC 28557
      View Details
    • $8 SF/Yr
      2,248 SF

      Hwy 70 E Morehead City Office Space

      Prime Morehead City location, high traffic area.
      4415 Arendell St, Morehead City, NC 28557
      View Details
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    Morehead City, NC 28557
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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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