Five-Unit Apartment
For Sale
$495,000
106 N 9th Street, Morehead City, NC 28557
Income-producing property with individual entrances and an established rental history.
Property Size3,644 SF
Price / SF$137.50
Days on Market203
Property Features for 106 N 9th Street
General Information
Standard status
Active
Size
3,644 SF
Property subtype
Commercial
Zoning
OP
Additional Details
Multifamily Units
5
Building Details
Building Size
3,644 SF
Year Built
1930
Units
5
Listing Agency:
RE/MAX Ocean Properties
(252) 241-0922
Listed By:
Alan T Leary · License #125734
(252) 241-0922
Source:
Thomasrealtysold
Added: Jan 29
Changed: Aug 18
Last Checked: Aug 19 at 2:55PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Ocean Properties
Investment Insights
Based on property information with market context.
This apartment property contains over 3,600 square feet arranged as five separate units, with three on the lower level and two upstairs. Each unit has its own entrance, bedrooms, and baths. The building dates to 1930 and has received some recent improvements. Individual window air-conditioning units and electric heat serve the apartments; there is no fixed heating or cooling system. The property is being sold as-is, with no repairs by the seller.
Located at 106 N 9th Street in Morehead City, the property is within walking, biking, or golf-cart distance of the downtown waterfront, Big Rock Landing, Carteret Community Theater, restaurants, concerts, and the Seafood Festival. City services are in place, and the property is zoned OP by the Town of Morehead City. Existing management and a long rental history are in place, with rental information available to qualified cash buyers.
Located at 106 N 9th Street in Morehead City, the property is within walking, biking, or golf-cart distance of the downtown waterfront, Big Rock Landing, Carteret Community Theater, restaurants, concerts, and the Seafood Festival. City services are in place, and the property is zoned OP by the Town of Morehead City. Existing management and a long rental history are in place, with rental information available to qualified cash buyers.
Key Highlights
- Five separate apartments within over 3600 sq feet
- Three downstairs units and two upstairs units
- Separate entrances, bedrooms, and baths for each unit
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
$29,096
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
5.88%
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%
$581,920
$581.9K
Cap Rate 7%
$415,657
$415.7K
Cap Rate 9%
$323,289
$323.3K
Market Conditions
NOI Build-Up for 3,600 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
$56.2K $15.60/SF
− Vacancy
−$3.3K −$0.90/SF
EGI
$52.9K $14.70/SF
− OpEx
−$23.8K −$6.61/SF
NOI
$29.1K $8.08/SF
Area
Carteret County, NC
Vacancy
5.80%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
45.00%
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%
$581,920
Cap Rate 7%
$415,657
Cap Rate 9%
$323,289
Alternative Uses
Best Use
Apartment 5plus
$415.7K
$363.7K – $484.9K
NOI $29,096 @ 7.0% cap · market cap 5.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.08M
$945.0K – $1.26M
NOI $75,600 @ 7.0% cap · market cap 15.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
514
Businesses Nearby
Explore this area
Business Placement
Demographics for 28557, NC
14,910
Population
9,168
Households
1.6
Avg Household Size
50
Median Age
40%
College-Educated
93%
High-School Grad
14.2 sq mi
ZIP Area
1,050
Density / Sq Mi
$67,753
Median Household Income
$38,534
Median Earnings
$1,143
Median Rent
$331,800
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?
Apartment building - Income-producing property with individual entrances and an established rental history.
Where is this apartment building located?
The property is located at 106 N 9th Street Morehead City, NC.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Five separate apartments within over 3600 sq feet; Three downstairs units and two upstairs units; Separate entrances, bedrooms, and baths for each unit
