Triplex with Separate Electrical
For Sale
$750,000
360 Island Road, Harkers Island, NC 28531
Residential Income, Harkers Island, NC
Property Size2,643 SF
Lot Size0.51 Acres
Price / SF$283.77
Days on Market161
Property Features for 360 Island Road
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
Multi Family
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 5, Bedroom 6, Bedroom 4
Patio and Porch features
Deck, Porch
Interior features
Master Downstairs, Ceiling Fan(s), Furnished, Blinds/Shades
Appliances
Electric Oven, Washer, Refrigerator, Dryer
Subdivision
Not In Subdivision
Lot features
Level
Elementary school
Harkers Island
Middle school
Down East
High school
East Carteret
Directions
Hwy 70 E. to Harkers Island Rd. Property on right just pass Sea Side Store and restaurant .
Standard status
Active
APN
732511667182000
Size
2,643 SF
Lot size
0.51 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LOT HARKERS ISLAND
Tax Annual Amount
1315
Legal Description
LOT HARKERS ISLAND
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating), Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1969
Floors in Building
1
Number of units
3
Flooring type
Carpet, Tile, Lvt/lvp
Building materials
Block
Listing Agency:
Keller Williams Realty
(252) 637-2010
Listed By:
TIFFANY ANNE PARRISH · License #314361
(731) 514-6006
Added: Apr 7
Changed: Sep 12
Last Checked: Sep 14 at 3:06PM
MLS# 100565478
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 2,643-square-foot triplex contains three separate residential units, each served by its own electrical meter. Two units are configured for short-term rental use, while the third is vacant and described as rent-ready. Furnishings, electric appliances, central air, heat pumps, porches, and a deck are included among the property features. Interior finishes include carpet, tile, and LVT/LVP flooring, with recent LVP installation reported throughout the units and fresh paint noted in Unit 1.
The property sits on a 0.51-acre parcel at 360 Island Road in Harkers Island, North Carolina. Public water and septic service support the property, which was built in 1969 using block construction. A fourth electrical meter is located toward the rear of the site; potential uses such as a camper, RV, or tiny home require buyer verification. The zoning designation is Multi Family.
The property sits on a 0.51-acre parcel at 360 Island Road in Harkers Island, North Carolina. Public water and septic service support the property, which was built in 1969 using block construction. A fourth electrical meter is located toward the rear of the site; potential uses such as a camper, RV, or tiny home require buyer verification. The zoning designation is Multi Family.
Key Highlights
- Three‑unit triplex with 2,643 square feet of property size
- Each unit has its own electrical meter; an additional meter is positioned toward the rear
- 0.51‑acre parcel at 360 Island Road, Harkers Island, NC 28531
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
$22,834
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
3.04%
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%
$456,680
$456.7K
Cap Rate 7%
$326,200
$326.2K
Cap Rate 9%
$253,711
$253.7K
Market Conditions
NOI Build-Up for 2,643 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
$34.9K $13.20/SF
− Vacancy
−$2.3K −$0.86/SF
EGI
$32.6K $12.34/SF
− OpEx
−$9.8K −$3.70/SF
NOI
$22.8K $8.64/SF
Area
Carteret County, NC
Vacancy
6.50%
Lease Rate
$13.20 /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%
$456,680
Cap Rate 7%
$326,200
Cap Rate 9%
$253,711
Alternative Uses
Best Use
Multifamily LT 5
$326.2K
$285.4K – $380.6K
NOI $22,834 @ 7.0% cap · market cap 3.04%
Second Best
Apartment 5plus
$305.2K
$267.0K – $356.0K
NOI $21,362 @ 7.0% cap · market cap 2.85%
Theoretical Best
Office A
$792.9K
$693.8K – $925.1K
NOI $55,503 @ 7.0% cap · market cap 7.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
29
Businesses Nearby
Explore this area
Business Placement
Demographics for 28531, NC
1,127
Population
1,155
Households
1
Avg Household Size
61
Median Age
23%
College-Educated
84%
High-School Grad
2.2 sq mi
ZIP Area
512
Density / Sq Mi
$58,750
Median Household Income
$37,500
Median Earnings
$968
Median Rent
$295,500
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?
Triplex - Three-unit property with furnished interiors, coastal-area access, and flexible short- or long-term rental configurations.
Where is this triplex located?
The property is located at 360 Island Road Harkers Island, NC.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Three‑unit triplex with 2,643 square feet of property size; Each unit has its own electrical meter; an additional meter is positioned toward the rear; 0.51‑acre parcel at 360 Island Road, Harkers Island, NC 28531
