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

    501 35th St Morehead City, NC 28557-3120

    • Office buildings
    • 5,248 SF
    • 1.01 lot acres
    OFF-MARKET
    Last Sale
    Oct 04, 2024
    $850,000
    Value Estimations
    $850,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-2751593
    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

    • The Grove on 35th / Coworking Space / Office Space Rental Agency

    Property Details for 501 35th St

    Year built
    1994
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.01 lot acres
    Property size
    5,248 SF
    Zone code
    R20
    Property type
    Office buildings
    APN
    6376.14.44.5403000
    APU
    637614445403000

    Description

    This exceptional 5,286-square-foot industrial warehouse in Morehead City, North Carolina, presents a unique investment opportunity. Located in a prestigious office park setting at 501 N 35th Street, this well-maintained brick building boasts a versatile interior layout. Currently configured with 18 individual offices, multiple conference rooms, a break room/kitchen, and a spacious common area, the property offers significant flexibility for various business needs. Several entry points enhance accessibility and operational efficiency. A substantial 1,200-square-foot walk-up area, complete with HVAC and sheetrock walls, provides ample potential for storage expansion or additional workspace. Ample parking is available, conveniently situated on both 35th Street and John Platt Road. The property's beautifully landscaped surroundings contribute to its attractive and professional appeal. This single-tenant property is situated in Carteret County, NC, zip code 28557, and is priced competitively below market value. The property is classified as both industrial and commercial, offering a wide range of potential uses. This is a rare opportunity to acquire a well-maintained, versatile property in a desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $850,000
      ML approach
      $850,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $719,000
      Market price range: $509k - $1.33M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $815,000
      Current use
      COMMERCIAL (GENERAL)
      $1,310,000
      Change: +60% Conversion: Easy
      RESTAURANT
      $1,170,000
      Change: +43% Conversion: Moderate
      RETAIL STORES
      $925,000
      Change: +13% Conversion: Moderate
      MEDICAL BUILDING
      $735,000
      Change: -10% 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
    -76.7546
    Latitude
    34.7306
    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
    $2,131
    $189,375
    $451,720
    $641,095
    -
    $189,375
    $451,720
    $641,095

    Comparable in this City

    • Value Estimation
      $880,000
      6,432 SF

      106 Banks St

      OFFICE BUILDING • 6,432 SF
      106 Banks St, Morehead City, NC 28557-2911
      View Details
    • Value Estimation
      $570,000
      9,000 SF

      110 Little 9th Rd

      OFFICE BUILDING • 9,000 SF
      110 Little 9th Rd, Morehead City, NC 28557-8482
      View Details
    • Value Estimation by Request
      1,128 SF

      1512 Arendell St

      OFFICE BUILDING • 1,128 SF
      1512 Arendell St, Morehead City, NC 28557-4037
      View Details
    • Value Estimation by Request
      2,052 SF

      814 Arendell St

      OFFICE BUILDING • 2,052 SF
      814 Arendell St, Morehead City, NC 28557-4235
      View Details
    • Value Estimation
      $650,000
      4,224 SF

      717 Arendell St

      OFFICE BUILDING • 4,224 SF
      717 Arendell St, Morehead City, NC 28557
      View Details
    • Value Estimation by Request
      2,061 SF

      610 Arendell St

      OFFICE BUILDING • 2,061 SF
      610 Arendell St, Morehead City, NC 28557-4233
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

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    • Contact for pricing
      90,000 SF

      Former Kmart Retail Space Available

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    501 35th St
    Morehead City, NC 28557-3120
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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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