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

    301 Middle St New Bern, NC 28560-4928

    • Office Properties & Spaces
    • 32,765 SF
    • 0.16 lot acres
    OFF-MARKET
    Last Sale
    Jan 05, 2022
    $2,250,000
    Value Estimations
    $3,170,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-3515931
    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

    • Office Properties & Spaces

    Property Details for 301 Middle St

    Year built
    1908
    Construction
    WOOD
    Lot size
    0.16 lot acres
    Property size
    32,765 SF
    Property type
    Office Properties & Spaces
    APN
    8-002-C -064
    APU
    8002C064

    Description

    This iconic, 40,688 square foot Elks Temple Building in New Bern, NC, presents a unique redevelopment opportunity. Located in the heart of the Central Business District and New Bern Downtown Historic District (C-1 zoning), this landmark structure boasts panoramic views of the Neuse and Trent Rivers. Originally constructed in 1908, the building, situated on .16 to .32 acres (APN: 8-002-C-064 & 8-002-C-069), is currently in shell condition following primary demolition. Open floor plans allow for extensive customization and future development, creating a chance to revitalize a significant piece of New Bern's history. The building's prime location and impressive size offer substantial potential for a variety of commercial uses, capitalizing on its prominent position within the city's skyline and its rich historical context. This is a rare chance to acquire a piece of New Bern's heritage and shape its future. The property includes two addresses: 301 Middle St and 306 Hancock St, both in New Bern, NC 28560. The building's height and location offer unparalleled views of the city and rivers. This is a truly exceptional opportunity for a developer seeking a high-profile project in a thriving downtown area. The property's history and prominent location make it an ideal candidate for adaptive reuse, preserving its historical significance while creating a modern, functional space.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,135,000
      ML approach
      $3,200,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,421,000
      Market price range: $3.37M - $16.5M
      AI Estimate
      $2,927,000
      Market price range: $2.93M - $8.84M

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

    Location Insight

    • Map
    • Local Demand
    City
    New Bern
    County
    Craven
    State
    North Carolina
    Longitude
    -77.0401
    Latitude
    35.1071
    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
    2023
    $17,681
    $211,230
    $1,675,800
    $1,887,030
    -
    $211,230
    $1,675,800
    $1,887,030

    Comparable in this City

    • Value Estimation by Request
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      1,585 SF

      513 George St

      OFFICE (GENERAL) • 1,585 SF
      513 George St, New Bern, NC 28560-4811
      View Details
    • Value Estimation
      $810,000
      4,650 SF

      309 Middle St

      CONDOMINIUM OFFICES • 4,650 SF
      309 Middle St, New Bern, NC 28560-4978
      View Details
    • Value Estimation by Request
      862 SF

      3411 Neuse Blvd

      OFFICE (GENERAL) • 862 SF
      3411 Neuse Blvd, New Bern, NC 28560-4084
      View Details
    • Value Estimation
      $2,845,000
      16,510 SF

      804 Us 70th E Hwy

      OFFICE (GENERAL) • 16,510 SF
      804 Us 70th E Hwy, New Bern, NC 28560-6534
      View Details
    • Value Estimation by Request
      1,181 SF

      301 Frnt St

      CONDOMINIUM OFFICES • 1,181 SF
      301 Frnt St, New Bern, NC 28560-2113
      View Details

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    Similar Nearby for Lease

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    • New
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    301 Middle St
    New Bern, NC 28560-4928
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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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