Five-Unit Apartment
For Sale
$495,000
106 N 9th St, Morehead City, NC 28557
Multi-unit property with individual entrances, separate bedrooms and baths, and municipal services.
Property Size3,644 SF
Price / SF$135.84
Days on Market41
Property Features for 106 N 9th St
General Information
Standard status
Active
Size
3,644 SF
Zoning
OP
Property Condition
Severity
Repairs Needed
Evidence
NO fixed heating or cooling
Additional Details
Multifamily Units
5
Building Details
Year Built
1930
Listing Agency:
RE/MAX Ocean Properties
(252) 241-0922
Listed By:
Alan T Leary · License #125734
Source:
Advantagecoastalproperties
Added: Jul 21
Changed: Aug 30
Last Checked: Aug 25 at 3:54AM
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 building contains 3,644 square feet arranged as five separate units, with three on the ground level and two upstairs. Each unit has its own entrance, bedrooms, and bathrooms. The building dates to 1930 and has received some recent improvements. Heating and cooling are provided through window A/C units and electric heat rather than a fixed central system.
The property is located at 106 N 9th St in Morehead City, near the downtown waterfront, Big Rock Landing, Carteret Community Theater, restaurants, concerts, and the Seafood Festival. It is served by city utilities and is zoned OP by the Town of Morehead. The property is offered as-is, with no repairs to be completed by the seller. Showings require at least 48 hours’ notice, and all units may not be accessible during one appointment.
The property is located at 106 N 9th St in Morehead City, near the downtown waterfront, Big Rock Landing, Carteret Community Theater, restaurants, concerts, and the Seafood Festival. It is served by city utilities and is zoned OP by the Town of Morehead. The property is offered as-is, with no repairs to be completed by the seller. Showings require at least 48 hours’ notice, and all units may not be accessible during one appointment.
Key Highlights
- Five separate apartment units with individual entrances, bedrooms, and baths
- 3,644 square feet with three downstairs units and two upstairs
- Built in 1930 with some recent improvements
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
$29,452
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
5.95%
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%
$589,040
$589.0K
Cap Rate 7%
$420,743
$420.7K
Cap Rate 9%
$327,244
$327.2K
Market Conditions
NOI Build-Up for 3,644 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
$56.8K $15.60/SF
− Vacancy
−$3.3K −$0.90/SF
EGI
$53.5K $14.70/SF
− OpEx
−$24.1K −$6.61/SF
NOI
$29.5K $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%
$589,040
Cap Rate 7%
$420,743
Cap Rate 9%
$327,244
Alternative Uses
Best Use
Apartment 5plus
$420.7K
$368.2K – $490.9K
NOI $29,452 @ 7.0% cap · market cap 5.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$956.6K – $1.28M
NOI $76,524 @ 7.0% cap · market cap 15.46%
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 - Multi-unit property with individual entrances, separate bedrooms and baths, and municipal services.
Where is this apartment building located?
The property is located at 106 N 9th St 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 apartment units with individual entrances, bedrooms, and baths; 3,644 square feet with three downstairs units and two upstairs; Built in 1930 with some recent improvements
