Five-Unit Apartment
For Sale
$495,000
106 N 9th Street, Morehead City, NC 28557
Commercial Sale, Morehead City, NC
Property Size3,644 SF
Lot Size0.16 Acres
Price / SF$135.84
Days on Market238
Property Features for 106 N 9th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
OP
Parking features
Off Street
Subdivision
Not In Subdivision
Lot features
Interior Lot
Directions
Arendell Street to 9th street-on north side of Arendell on east side of 9th across from First Methodist Church
Standard status
Active
APN
638619618640000
Size
3,644 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
N 1/2 L8 10 , Bl 12, Morehead City PIN # 638619618664000 Deed Bk 1778 Pg 302
Tax Annual Amount
2564
Legal Description
N 1/2 L8 10 , Bl 12, Morehead City PIN # 638619618664000 Deed Bk 1778 Pg 302
Utilities
Utilities
Natural Gas Available
Water source
Public
Building Details
Year built
1930
Number of units
5
Building materials
Wood Siding, Wood Frame
Roof type
Shingle
Listing Agency:
RE/MAX Ocean Properties · RE/MAX International
(252) 222-3222
Listed By:
Alan T Leary · License #125734
(252) 241-0922
Added: Jan 29
Changed: Sep 8
Last Checked: Sep 24 at 7:06AM
MLS# 100551920
Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,644-square-foot apartment building contains five separate units arranged as three on the lower level and two upstairs. Each unit has its own entrance, bedrooms, and bathrooms. The property was built in 1930 and has received some recent improvements. Heating and cooling are provided by individual electric heat and window air-conditioning units rather than a centralized system. The sale is on an as-is basis, and showings require at least 48 hours’ notice because the building is occupied.
The property is zoned OP by the Town of Morehead City. Public water serves the building, natural gas is available, and off-street parking is provided. Downtown Morehead City, the waterfront, Big Rock Landing, Carteret Community Theater, restaurants, concerts, and the Seafood Festival are described as being within a short walk, bicycle ride, or golf-cart ride.
The unit configuration, separate access points, and established rental history provide a clearly defined multifamily layout. Rental information is available to qualified cash buyers.
The property is zoned OP by the Town of Morehead City. Public water serves the building, natural gas is available, and off-street parking is provided. Downtown Morehead City, the waterfront, Big Rock Landing, Carteret Community Theater, restaurants, concerts, and the Seafood Festival are described as being within a short walk, bicycle ride, or golf-cart ride.
The unit configuration, separate access points, and established rental history provide a clearly defined multifamily layout. Rental information is available to qualified cash buyers.
Key Highlights
- 3,644‑square‑foot apartment building built in 1930
- Five separate units: three downstairs and two upstairs
- Each unit includes a separate entrance, bedrooms, and bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$29,452
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.95%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$589,040
$589.0K
Cap Rate 7%
$420,743
$420.7K
Cap Rate 9%
$327,244
$327.2K
Market Conditions
NOI Build-Up for 3,644 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$56.8K $15.60/SF
− Vacancy
−$3.3K −$0.90/SF
EGI
$53.5K $14.70/SF
− OpEx
−$24.1K −$6.61/SF
NOI
$29.5K $8.08/SF
Area
Carteret County, NC
Vacancy
5.80%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$589,040
Cap Rate 7%
$420,743
Cap Rate 9%
$327,244
Alternative Uses
Best Use
Apartment 5plus
$420.7K
$368.2K – $490.9K
NOI $29,452 @ 7.0% cap · market cap 5.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$956.6K – $1.28M
NOI $76,524 @ 7.0% cap · market cap 15.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
514
Businesses Nearby
Explore this area
Business Placement
Demographics for 28557, NC
14,910
Population
9,168
Households
1.6
Avg Household Size
50
Median Age
40%
College-Educated
93%
High-School Grad
14.2 sq mi
ZIP Area
1,050
Density / Sq Mi
$67,753
Median Household Income
$38,534
Median Earnings
$1,143
Median Rent
$331,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-story income property with individually accessed units, OP zoning, and off-street parking near Morehead City’s waterfront district.
Where is this apartment building located?
The property is located at 106 N 9th Street Morehead City, NC.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 3,644‑square‑foot apartment building built in 1930; Five separate units: three downstairs and two upstairs; Each unit includes a separate entrance, bedrooms, and bathrooms
