Income-Producing Duplex Near Camp
For Sale
$499,000
711 Tallman Circle, Midway Park, NC 28544
MULTI_FAMILY - Midway Park, NC
Property Size2,208 SF
Lot Size0.25 Acres
Price / SF$225
Days on Market90
Property Features for 711 Tallman Circle
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RM-5
Bedrooms
4
Bathrooms
7
Full bathrooms
6
Half bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Bathroom 3, Bathroom 7, Bedroom 2, Bedroom 4, Bedroom 3, Bathroom 6, Bathroom 4, Bathroom 5, Bathroom 8, Bathroom 2
Parking
2
Parking features
Off Street, Garage, Open
Patio and Porch features
Porch
Interior features
Wash/Dry Connect, Ceiling Fan(s), Pantry, Walk-in Shower, Blinds/Shades
Appliances
Electric Oven, Built-In Microwave, Refrigerator, Dishwasher
Elementary school
Hunters Creek
Middle school
Swansboro
High school
Swansboro
High school district
Onslow
Directions
Hwy 24 toward Hubert left on Tallman Circle property on left
Standard status
Active
APN
1116d-64.1
Size
2,208 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
L1 BRAD COOK
Legal Description
L1 BRAD COOK
Utilities
Heating system
Electric (Heating), Heat Pump (Heating)
Cooling system
Heat Pump, Window Unit(s), Ceiling Fan(s), Wall/Window Unit(s)
Building Details
Year built
2025
Floors in Building
3
Number of units
2
Flooring type
Tile
Building materials
Vinyl Siding, Wood Frame
Roof type
Shingle
Listing Agency:
Joe Powers Realty
(910) 934-0339
Listed By:
Jaclyn Cook · License #365696
(910) 382-2777
Added: May 18
Changed: Aug 10
Last Checked: Aug 15 at 8:06AM
MLS# 100574885
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 income-producing duplex presents an exceptional investment opportunity for investors or owner-occupants seeking to build wealth through rental income. Each of the two spacious units features 2 bedrooms, 3.5 bathrooms, a versatile first-floor bonus room, and a private 1-car garage. The first level bonus room adds valuable flexibility and can be used as a home office, guest space, playroom, or additional living area, enhancing both tenant appeal and rental value. Designed for comfort and functionality, each side provides generous living space, modern convenience, and strong income potential. The property is suitable for house hacking, long-term rentals, or expanding an investment portfolio. Situated on a 0.25-acre lot, the property is conveniently located near Camp Lejeune, shopping, dining, and local amenities. The property offers 2208 square feet of living space and is located in Midway Park, NC. Inquire with your agent regarding current lease terms.
Key Highlights
- New duplex built in 2025 with two spacious 2‑bedroom units
- Each unit features 3.5 bathrooms for a total of 7 bathrooms across the duplex
- First‑floor bonus room adds flexible space and can be used for an office, guest space, playroom, or extra living area
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
$22,083
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
4.43%
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%
$441,660
$441.7K
Cap Rate 7%
$315,471
$315.5K
Cap Rate 9%
$245,367
$245.4K
Market Conditions
NOI Build-Up for 2,208 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
$33.1K $15.00/SF
− Vacancy
−$1.6K −$0.71/SF
EGI
$31.5K $14.29/SF
− OpEx
−$9.5K −$4.29/SF
NOI
$22.1K $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%
$441,660
Cap Rate 7%
$315,471
Cap Rate 9%
$245,367
Alternative Uses
Best Use
Multifamily LT 5
$315.5K
$276.0K – $368.1K
NOI $22,083 @ 7.0% cap · market cap 4.43%
Second Best
Apartment 5plus
$286.8K
$250.9K – $334.6K
NOI $20,074 @ 7.0% cap · market cap 4.02%
Theoretical Best
Office A
$479.7K
$419.7K – $559.6K
NOI $33,576 @ 7.0% cap · market cap 6.73%
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
136
Businesses Nearby
Explore this area
Business Placement
Demographics for 28544, NC
4,283
Population
2,311
Households
1.9
Avg Household Size
28
Median Age
18%
College-Educated
85%
High-School Grad
10.6 sq mi
ZIP Area
404
Density / Sq Mi
$49,449
Median Household Income
$29,576
Median Earnings
$1,165
Median Rent
$136,700
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 - Spacious duplex with bonus room near Camp Lejeune.
Where is this duplex located?
The property is located at 711 Tallman Circle Midway Park, NC.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: New duplex built in 2025 with two spacious 2‑bedroom units; Each unit features 3.5 bathrooms for a total of 7 bathrooms across the duplex; First‑floor bonus room adds flexible space and can be used for an office, guest space, playroom, or extra living area
