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    218 N Third Avenue N Kure Beach, NC 28449

    View on Map
    For Sale
    $549,000

    MULTI_FAMILY - Kure Beach, NC

    Property size:
    634 SF
    Lot size:
    0.12 Acres
    Added:
    Oct 10, 2025
    Days on Market:
    174
    Last Refresh:
    Apr 1 at 7:06 am

    Property Features for 218 N Third Avenue N

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    B-2
    Bedrooms
    2
    Bathrooms
    2
    Rooms
    Bathroom 1, Bedroom 2, Bedroom 1, Bathroom 2
    Parking features
    Paved or Surfaced
    Patio and Porch features
    Porch
    Appliances
    Refrigerator, Range
    Standard status
    Active
    APN
    R09213-006-006-000
    Size
    634 SF
    Lot size
    0.12 Acres

    Taxes and HOA fees

    TaxYear
    2025
    TaxDescription
    Lot 18 Blk 14 Sec A Kure Beach
    TaxAnnualAmount
    3236

    Utilities

    Heating system
    Electric (Heating)
    Cooling system
    Window Unit(s), Wall/Window Unit(s)

    Building Details

    Year built
    1949
    Floors in Building
    1
    Number of units
    2
    Flooring type
    Vinyl, Carpet
    Building materials
    Vinyl Siding, Wood Frame
    Roof type
    Shingle

    We can help!

    Listing Contact
    Lauren A Bollinger

    Listing agent Lauren A Bollinger License #245127

    Listing office Network Real Estate 1029 N Lake Park Blvd. #1, Wilmington, NC

    Listing date Oct 10, 2025

    MLS# 100535480

    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.

    Overview

    Kure Beach Seaside Hideaway

    Located in Kure Beach, this property at 218 N 3rd Ave, features two 1-bedroom, 1-bath cottages. The property has been part of a long-term rental program for over 10 years. Situated in the B-2 zoning district, the 0.12-acre lot offers redevelopment potential, allowing for the construction of a duplex. The property provides flexibility for future expansion or increased income. Potential uses include continuing the current long-term rentals, converting to short-term vacation rentals, or redeveloping into a new beach retreat. The property size is 634 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm Bar & Pub

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

    Location Insight

    • Map
    • Local Demand
    City
    Kure Beach
    County
    New Hanover
    State
    North Carolina
    Longitude
    -77.906447
    Latitude
    34.0007066

    Nearby Similar for Sale

    • $925,000
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      Renovated Duplex Near Kure Beach

      Fully furnished duplex, two blocks from Kure Beach shores.
      510 S Third Avenue S, Kure Beach, NC 28449
      View Details
    • $1,100,000
      2,273 SF

      Kure Beach Boho-Style Triplex

      Coastal triplex near Kure Beach with strong rental income.
      135 N Third Avenue N, Kure Beach, NC 28449
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    • $450,000

      Kure Beach Multifamily Opportunity

      Two-unit property near the beach and park.
      109 S Seventh Avenue S, Kure Beach, NC 28449
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    • $450,000
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      Kure Beach Multifamily Opportunity

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    • $475,999
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      Luxurious Condo with Ocean Views

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      View Details

    FAQs

    What type of property is this?
    Duplex - Two cottages near the ocean with redevelopment potential.
    Where is this duplex located?
    The property is located at 218 N Third Avenue N Kure Beach, NC.
    What is the asking price?
    The asking price for this property is $549,000.
    What are key features of this property?
    This property features: Steps from the ocean in Kure Beach's desirable location.; B‑2 zoning allows for duplex construction, offering redevelopment potential.; Two existing 1‑bedroom, 1‑bath cottages included.
    (910) 520-2630
    We can help!
    Listing Contact
    Lauren A Bollinger
    Real Estate License ID: 245127
    Learn More
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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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