Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1600 Easterling Drive Spring Lake, NC 28390

    View on Map
    For Sale
    $1,308,127

    MULTI_FAMILY - Other - Spring Lake, NC

    Added:
    Oct 1, 2025
    Days on Market:
    183
    Last Refresh:
    Apr 1 at 11:06 pm

    Property Features for 1600 Easterling Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    APN
    9592-93-5903.000

    Taxes and HOA fees

    TaxDescription
    IMP 0.80 AC LD

    Utilities

    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1937
    Floors in Building
    1
    Number of units
    16
    Building materials
    WoodFrame
    Architectural style
    Other

    We can help!

    Listing Contact
    EMELIA NOA

    Listing agent EMELIA NOA License #218506

    Listing office THE ENTENTE REAL ESTATE GROUP 1931 DANTE LANE SUITE #203, FAYETTEVILLE, NC

    Listing date Oct 1, 2025

    MLS# 751129

    Copyright © 2026 Longleaf Pine Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Spring Lake Multifamily Investment Opportunity

    This 16-unit multifamily property in Spring Lake, North Carolina, is a turn-key asset. The property is fully leased, presenting a value-add opportunity. Situated on over 8 acres of land, the property has been recently updated. Located adjacent to Fort Liberty, the property benefits from a military population where tenants commonly pay via BAH allowances, and is embedded in an area that is constantly moder.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Auto Repair Shop Hotel & Motel Auto Parts Store Gym & Fitness Center Skin Care Clinic Storage Facility

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

    Location Insight

    • Map
    • Local Demand
    City
    Spring Lake
    County
    Cumberland
    State
    North Carolina
    Longitude
    -79.001676
    Latitude
    35.189593

    Nearby Similar for Sale

    • $585,000
      4,680 SF

      Retail & Garage/Warehouse on Highway

      Retail and garage/warehouse buildings on 0.8 acres with highway frontage.
      1218 N Bragg Boulevard, Spring Lake, NC 28390
      View Details
    • $525,000

      Three Single-Family Homes Portfolio

      Three adjacent homes, ideal for investment or short-term rentals.
      222, 226, and 228 Odell Road, Spring Lake, NC 28390
      View Details
    • $268,500
      1,860 SF

      Turnkey Medical Office in Spring Lake

      General practice medical office for sale in Spring Lake, NC.
      224 N Main Street, Spring Lake, NC 28390
      View Details
    • $199,000

      Spring Lake Land For Sale

      3.4 acres in Spring Lake, NC, seller financing available.
      105 Micaville Circle, Spring Lake, NC 28390
      View Details
    • $995,000
      2,600 SF

      Former Circle K Redevelopment Opportunity

      1.58-acre parcel suitable for redevelopment or reuse.
      1886 N Bragg Blvd, Spring Lake, NC 28390
      View Details
    • $330,000

      Renovated Triplex Expansion Potential

      Renovated triplex in Spring Lake, NC, with expansion potential.
      310 OLD HERTFORD Lane, Spring Lake, NC 28390
      View Details
    • $224,900
      1,472 SF

      Golf Front Condo in Gated Community

      One-story condo with golf front view and community amenities.
      62 Gallery Drive 204, Spring Lake, NC 28390
      View Details
    • $175,000
      736 SF

      Retail Space on Corner Lot

      Retail space in Spring Lake with high traffic count.
      601 Lillington Highway, Spring Lake, NC 28390
      View Details
    • $3,620,000
      21,600 SF

      Shell Drive Warehouse Opportunity

      21,600 SF warehouse in Spring Lake, North Carolina.
      640 Shell Dr, Spring Lake, NC
      View Details

    FAQs

    What type of property is this?
    Apartment building - Turn-key, 16-unit property near Fort Liberty on 8 acres.
    Where is this apartment building located?
    The property is located at 1600 Easterling Drive Spring Lake, NC.
    What is the asking price?
    The asking price for this property is $1,308,127.
    What are key features of this property?
    This property features: Fully leased 16‑unit property offers immediate income.; Located adjacent to Fort Liberty, providing a stable tenant base.; Value‑add opportunity exists for increased revenue.
    (910) 527-8036
    We can help!
    Listing Contact
    EMELIA NOA
    Real Estate License ID: 218506
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!