Duplex with Updated
For Sale
$550,000
264 E Indiana Avenue, Southern Pines, NC 28387
Residential, Southern Pines, NC
Property Size2,471 SF
Price / SF$222.58
Days on Market449
Property Features for 264 E Indiana Avenue
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Family Room, Bedroom 2, Dining Room, Bedroom 5, Laundry Room, Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 3, Bathroom 1
Interior features
BreakfastBar, CeilingFans, LivingDiningRoom, SeparateShower, TubShower
Exterior features
Fence
Fencing
Fenced
Appliances
Dishwasher, ElectricRange, GasRange, Oven, Refrigerator, StainlessSteelAppliances, WaterHeater
Subdivision
DOWNTOWN
Lot features
Quarter To Half Acre Lot
Middle school
Crains Creek Middle School
High school
Pinecrest High School
Directions
Entering downtown Southern Pines from the Broad street stoplight crossing. Continue on May Street. At the Indiana Avenue stoplight, turn left, property is on the left.
Standard status
Active
APN
00031167
Size
2,471 SF
Taxes and HOA fees
Tax Description
BLK O 2 LOT 4 5 PART ALLEY
Legal Description
BLK O 2 LOT 4 5 PART ALLEY
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1955
Flooring type
Tile, Wood
Building materials
BrickVeneer
Architectural style
Other
Listing Agency:
EVERYTHING PINES PARTNERS LLC
(910) 725-1176
Listed By:
KELLIE ADAMS · License #280807
(910) 639-5050
Added: Jun 9, 2025
Changed: Aug 27
Last Checked: Aug 31 at 12:06AM
MLS# 745203
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.
Investment Insights
Based on property information with market context.
This 2,471-square-foot duplex, built in 1955, contains two separately configured residences. The 268 side provides two bedrooms and one bathroom, with wood flooring, a compact kitchen, and a fenced backyard. The 264 side includes three bedrooms and two bathrooms, an updated kitchen with stainless steel appliances, and an open connection between the living and dining areas. Wood flooring, a newer roof, and a newer HVAC system extend through the larger residence, which also includes a storage shed and fire pit area.
Both units are currently under lease, and a privacy fence separates the residences outdoors. The property has brick veneer construction, central air, heat pump heating, public water, and public sewer. It is located minutes from downtown Southern Pines, with shops, restaurants, and entertainment nearby.
Both units are currently under lease, and a privacy fence separates the residences outdoors. The property has brick veneer construction, central air, heat pump heating, public water, and public sewer. It is located minutes from downtown Southern Pines, with shops, restaurants, and entertainment nearby.
Key Highlights
- 2,471‑square‑foot duplex built in 1955
- Both sides are currently under lease
- 268 side features 2 bedrooms and 1 bathroom
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
$23,621
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
4.29%
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%
$472,420
$472.4K
Cap Rate 7%
$337,443
$337.4K
Cap Rate 9%
$262,456
$262.5K
Market Conditions
NOI Build-Up for 2,471 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
$35.3K $14.28/SF
− Vacancy
−$1.5K −$0.62/SF
EGI
$33.7K $13.66/SF
− OpEx
−$10.1K −$4.10/SF
NOI
$23.6K $9.56/SF
Area
Moore County, NC
Vacancy
4.37%
Lease Rate
$14.28 /SF/Yr
Expense Ratio
30.00%
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%
$472,420
Cap Rate 7%
$337,443
Cap Rate 9%
$262,456
Alternative Uses
Best Use
Multifamily LT 5
$337.4K
$295.3K – $393.7K
NOI $23,621 @ 7.0% cap · market cap 4.29%
Second Best
Apartment 5plus
$311.2K
$272.3K – $363.0K
NOI $21,782 @ 7.0% cap · market cap 3.96%
Theoretical Best
Specialty Retail
$470.8K
$412.0K – $549.3K
NOI $32,959 @ 7.0% cap · market cap 5.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,126
Businesses Nearby
Explore this area
Business Placement
Demographics for 28387, NC
16,413
Population
8,731
Households
1.9
Avg Household Size
45
Median Age
53%
College-Educated
93%
High-School Grad
29.5 sq mi
ZIP Area
556
Density / Sq Mi
$73,587
Median Household Income
$51,681
Median Earnings
$1,137
Median Rent
$366,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two leased residences offer distinct layouts, fenced outdoor areas, and public utilities in Southern Pines.
Where is this duplex located?
The property is located at 264 E Indiana Avenue Southern Pines, NC.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 2,471‑square‑foot duplex built in 1955; Both sides are currently under lease; 268 side features 2 bedrooms and 1 bathroom
