Five-Unit Apartment
106 N 9th Street, Morehead City, NC 28557
For Sale
$495,000
Under Contract
Commercial Sale, Morehead City, NC
Property Size3,644 SF
Lot Size0.16 Acres
Price / SF$135.84
Days on Market285
Property Features for 106 N 9th Street
General Information
Property type
Property subtype
Zoning
Parking features
Subdivision
Lot features
Directions
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Utilities
Water source
Building Details
Year built
Number of units
Building materials
Roof type
Listing Agency:
RE/MAX Ocean Properties · RE/MAX International
(252) 222-3222
Listed By:
Alan T Leary · License NC #125734
(252) 241-0922
Added: Jan 29
Changed: Nov 1
Last Checked: Nov 9 at 7:06PM
MLS# 100551920
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.
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Investment Insights
Based on property information with market context.
This 3,644-square-foot apartment building contains five separate units arranged as three on the lower level and two upstairs. Each unit has its own entrance, bedrooms, and bathrooms. The property was built in 1930 and has received some recent improvements. Heating and cooling are provided by individual electric heat and window air-conditioning units rather than a centralized system. The sale is on an as-is basis, and showings require at least 48 hours’ notice because the building is occupied.
The property is zoned OP by the Town of Morehead City. Public water serves the building, natural gas is available, and off-street parking is provided. Downtown Morehead City, the waterfront, Big Rock Landing, Carteret Community Theater, restaurants, concerts, and the Seafood Festival are described as being within a short walk, bicycle ride, or golf-cart ride.
The unit configuration, separate access points, and established rental history provide a clearly defined multifamily layout. Rental information is available to qualified cash buyers.
The property is zoned OP by the Town of Morehead City. Public water serves the building, natural gas is available, and off-street parking is provided. Downtown Morehead City, the waterfront, Big Rock Landing, Carteret Community Theater, restaurants, concerts, and the Seafood Festival are described as being within a short walk, bicycle ride, or golf-cart ride.
The unit configuration, separate access points, and established rental history provide a clearly defined multifamily layout. Rental information is available to qualified cash buyers.
Key Highlights
- 3,644‑square‑foot apartment building built in 1930
- Five separate units: three downstairs and two upstairs
- Each unit includes a separate entrance, bedrooms, and bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,452
Cap Rate
5.95%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
5
Residential units
Yes
Utilities to site
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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Two-story income property with individually accessed units, OP zoning, and off-street parking near Morehead City’s waterfront district.
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: 3,644‑square‑foot apartment building built in 1930; Five separate units: three downstairs and two upstairs; Each unit includes a separate entrance, bedrooms, and bathrooms
