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    The Largest CRE Database in the US with Over 1 Million Listings

    148 NW 3Rd St, Unit unit A & B Oak Island, NC 28465

    Sponsored
    For Sale
    $619,000

    MULTI_FAMILY - Oak Island, NC

    Property size:
    2,160 SF
    Lot size:
    0.30 Acres
    Days on Market:
    9
    Last Refresh:
    Jan 31 at 7:06 am

    Property Features for 148 NW 3Rd St

    General Information

    Special listing conditions
    Standard
    Property type
    Residential Multi Family
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active
    Zoning
    Ok-R-6
    Rooms
    Bathroom 1, Bedroom 1, Bedroom 3, Bedroom 6, Bedroom 5, Bedroom 4, Bathroom 2, Bedroom 2
    Bedrooms
    6
    Bathrooms
    2
    APN
    234eh036
    Parking features
    Off Street, Paved or Surfaced
    Interior features
    Wash/Dry Connect, Ceiling Fan(s)
    Appliances
    Electric Oven, Electric Cooktop, Refrigerator
    Size
    2,160 SF
    Lot size
    0.30 Acres

    Utilities

    Heating system
    Electric (Heating), Heat Pump (Heating)
    Cooling system
    Heat Pump
    Water source
    Public

    Building Details

    Year built
    1972
    Floors in Building
    1
    Number of units
    2
    Flooring type
    Laminate, Carpet
    Building materials
    Vinyl Siding
    Roof type
    Shingle

    We can help!

    Listing Contact
    Brendan Gordon

    Coastal Development & Realty (800) 262-7820

    Listing agent Brendan Gordon (910) 278-6111 License #264772

    Listing date Jan 23, 2026

    MLS# 100530095 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Oak Island Duplex with Vacant Lot

    This tenant-occupied duplex in Oak Island, NC, presents a phenomenal investment opportunity. The property features a 6-bedroom, 2-full-bathroom duplex, with each side offering 3 bedrooms and 1 full bathroom. Included in the sale is an adjacent vacant lot. The property generates a gross rental income of $33,600 annually, with recent renovations completed on the front unit. The single Parcel ID property comprises two separate lots, with the existing home situated on one side, offering the opportunity to construct a new home on the vacant lot. According to the survey, this listing effectively represents two separate properties, eliminating the need for an Instrument of Separation. One side features an actively rented, income-producing duplex, while the other is a vacant lot available for development. The property is zoned Ok-R-6. Located just 0.9 miles from the beach and three blocks from the Middleton Street bridge, the property provides convenient access to the island's amenities. The property size is 2160 square feet and the lot size is 0.3 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Realty agency Auto Repair Shop Wholesale Shop Kitchen & Bath Hotel & Motel Cafe & Coffee Shop Convenience Store Computer & Electronic Repair Travel Agency Plumbing Service

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Oak Island
    County
    Brunswick
    State
    North Carolina
    Longitude
    -78.162714
    Latitude
    33.924632

    Nearby Similar for Sale

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    • $630,000
      1,719 SF

      Turnkey Duplex Near Oak Island Beach

      Renovated duplex, two units, short-term rental potential near the ocean.
      111 NE 19Th St, Oak Island, NC 28465
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    • $235,000

      Affordable Island Living Opportunity

      Mobile home near Oak Island amenities, sold as is.
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    • $379,000
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      View Details

    FAQs

    What type of property is this?
    Duplex - Tenant-occupied duplex with adjacent vacant lot near the beach.
    Where is this duplex located?
    The property is located at 148 NW 3Rd St, Unit unit A & B Oak Island, NC.
    What is the asking price?
    The asking price for this property is $619,000.
    What are key features of this property?
    This property features: - Income-producing duplex generating $33,600 annual gross rental income.; - Adjacent vacant lot included, offering new construction potential.; - Single parcel ID comprising two separate lots, streamlining development.
    (910) 209-3899
    Request Owner's contact information
    148 NW 3Rd St, Unit unit A & B Oak Island, NC 28465
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    Oak Island, NC 28465
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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
    148 NW 3Rd St, Unit unit A & B Oak Island, NC 28465
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    We can help!
    Listing Contact
    Brendan Gordon
    Real Estate License ID: 264772
    (910) 209-3899
    Learn more
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