New Construction Duplex with Separate
For Sale
$319,000
Pending
637 Walnut Drive, Jacksonville, NC 28540
Residential Income, Jacksonville, NC
Property Size1,654 SF
Lot Size0.24 Acres
Days on Market24
Property Features for 637 Walnut Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning
R-10
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 3, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 4
Patio and Porch features
Porch
Interior features
Wash/Dry Connect, Ceiling Fan(s)
Subdivision
Kenwood Extension
Elementary school
Meadow View
Middle school
Southwest
High school
Southwest
High school district
Onslow
Directions
From Pony Farm Rd turn onto Fire Tower Rd. Take a left on Walnut Drive and property is on your right.
Standard status
Pending
APN
314-66
Size
1,654 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
L18 KENWOOD EXT
Tax Annual Amount
210
Legal Description
L18 KENWOOD EXT
Utilities
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Central Air
Amenities
covered front porch
Building Details
Year built
2026
Floors in Building
1
Number of units
2
Building materials
Vinyl Siding
Roof type
Shingle
Listing Agency:
Simply Sold Realty
(920) 427-0852
Listed By:
Priscilla Mae Parrott · License #316327
(920) 427-0852
Added: Jul 28
Changed: Aug 19
Last Checked: Aug 20 at 9:06PM
MLS# 100591964
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.
Under construction duplex offering two mirror-image units, each with two bedrooms and one bathroom. Separate entrances and a covered front porch are designed to provide privacy for residents on both sides. The homes include a wash/dry connect, ceiling fans, electric heating with a heat pump, and central air cooling. Vinyl siding and a shingle roof are included, with the project slated for a 2026 build.
The duplex is set on a 0.24-acre lot in Jacksonville, North Carolina (Onslow County). The property is intended to support either owner-occupancy with rental income or a fully rental-focused setup, with each side laid out consistently for tenant flexibility.
This configuration is especially practical for buyers seeking a straightforward two-unit plan with individual access, while keeping the overall footprint compact at 1,654 square feet.
The duplex is set on a 0.24-acre lot in Jacksonville, North Carolina (Onslow County). The property is intended to support either owner-occupancy with rental income or a fully rental-focused setup, with each side laid out consistently for tenant flexibility.
This configuration is especially practical for buyers seeking a straightforward two-unit plan with individual access, while keeping the overall footprint compact at 1,654 square feet.
Key Highlights
- Under‑construction duplex with mirror‑image layouts
- Each unit has two bedrooms and one bathroom
- Separate entrances with a covered front porch
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
$16,542
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
5.19%
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%
$330,840
$330.8K
Cap Rate 7%
$236,314
$236.3K
Cap Rate 9%
$183,800
$183.8K
Market Conditions
NOI Build-Up for 1,654 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
$24.8K $15.00/SF
− Vacancy
−$1.2K −$0.71/SF
EGI
$23.6K $14.29/SF
− OpEx
−$7.1K −$4.29/SF
NOI
$16.5K $10.00/SF
Area
Onslow County, NC
Vacancy
4.75%
Lease Rate
$15.00 /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%
$330,840
Cap Rate 7%
$236,314
Cap Rate 9%
$183,800
Alternative Uses
Best Use
Multifamily LT 5
$236.3K
$206.8K – $275.7K
NOI $16,542 @ 7.0% cap · market cap 5.19%
Second Best
Apartment 5plus
$214.8K
$188.0K – $250.6K
NOI $15,037 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$359.3K
$314.4K – $419.2K
NOI $25,151 @ 7.0% cap · market cap 7.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
9
Businesses Nearby
Explore this area
Business Placement
Demographics for 28540, NC
49,739
Population
21,466
Households
2.3
Avg Household Size
32
Median Age
23%
College-Educated
92%
High-School Grad
110.3 sq mi
ZIP Area
451
Density / Sq Mi
$61,462
Median Household Income
$32,313
Median Earnings
$1,014
Median Rent
$201,700
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 - Under-construction duplex with two-bed, one-bath units, separate entrances, and covered front porches in Jacksonville, NC.
Where is this duplex located?
The property is located at 637 Walnut Drive Jacksonville, NC.
What is the asking price?
The asking price for this property is $319,000.
What are key features of this property?
This property features: Under‑construction duplex with mirror‑image layouts; Each unit has two bedrooms and one bathroom; Separate entrances with a covered front porch
