Restored Historic
For Sale
$647,500
1222 National Avenue, New Bern, NC 28560
Residential Income, New Bern, NC
Property Size5,030 SF
Lot Size0.18 Acres
Price / SF$128.73
Days on Market701
Property Features for 1222 National Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Res-2 Family
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 4, Bedroom 2, Bathroom 3, Bedroom 6, Bedroom 5, Bathroom 1, Bedroom 1, Bathroom 4, Bathroom 2
Parking features
Off Street
Security features
Security Lighting
Patio and Porch features
Porch, Patio
Interior features
Vaulted Ceiling(s), High Ceilings, Wash/Dry Connect, Ceiling Fan(s), Pantry, Walk-in Shower, Blinds/Shades, Workshop
Exterior features
Mail on Site, Trash on Site
Fireplace
1
Appliances
Vented Exhaust Fan, Gas Oven, Washer, Refrigerator, Ice Maker, Dryer, Dishwasher
Subdivision
Not In Subdivision
Lot features
Corner Lot
Elementary school
Oaks Road
Middle school
H. J. MacDonald
High school
New Bern
Directions
Corner Avenue B and National Avenue
Standard status
Active
APN
8-005 -128
Size
5,030 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2022
Tax Description
1222 NATIONAL
Tax Annual Amount
1178
Legal Description
1222 NATIONAL
Utilities
Utilities
Water Available
Heating system
Natural Gas, Heat Pump (Heating), Forced Air, Solar (Heating), Zoned, Passive Solar
Cooling system
Zoned, Central Air
Water source
Public
Amenities
shared back garden
patio
front porch
locked storage
wheelchair accessible showers
Building Details
Year built
1920
Floors in Building
3
Number of units
2
Flooring type
Tile, Wood
Building materials
Brick, Brick/Stone, Wood Frame
Roof type
Metal
Additional Structures
Workshop
Listing Agency:
Homecoin.com
(888) 400-2513
Listed By:
Tracy P Dowling · License #230926
(919) 889-5594
Added: Oct 14, 2024
Changed: Sep 12
Last Checked: Sep 14 at 9:06AM
MLS# 100471151
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 1920 duplex offers 5,030 square feet across two distinct residences and is listed on the historic registry. Side A contains 2,000 square feet with three bedrooms, two full baths, a parlor, dining room, kitchen, and full-height basement. Side B provides 3,500 square feet with three bedrooms, two full baths, a parlor, eat-in kitchen, sunroom, pantry, and a walk-up third floor with 10-foot cathedral ceilings and preparation for a bathroom. Original pocket doors can reconnect the two sides through the front hallways.
The property has undergone a complete renovation while retaining historic elements, including refinished hardwood floors, solid wood maple cabinetry, glazed brick exterior walls, and original pocket doors. Updated systems include rewired electrical service, modern heat pumps, gas appliances, and zoned heating and cooling. Both sides include basement access from inside and outside, while the ground-floor showers are wheelchair accessible.
Outdoor features include a shared garden, large patio, finished landscaping, locked storage beneath the shared rear porch, a deep front porch, and an off-street parking pad. The property is zoned Res-2 Family and sits on a 0.178-acre lot above the flood plain and 100-year mark.
The property has undergone a complete renovation while retaining historic elements, including refinished hardwood floors, solid wood maple cabinetry, glazed brick exterior walls, and original pocket doors. Updated systems include rewired electrical service, modern heat pumps, gas appliances, and zoned heating and cooling. Both sides include basement access from inside and outside, while the ground-floor showers are wheelchair accessible.
Outdoor features include a shared garden, large patio, finished landscaping, locked storage beneath the shared rear porch, a deep front porch, and an off-street parking pad. The property is zoned Res-2 Family and sits on a 0.178-acre lot above the flood plain and 100-year mark.
Key Highlights
- 5,030‑square‑foot duplex on a 0.178‑acre lot
- Side A: 2,000 square feet, 3 bedrooms, 2 full baths, parlor, dining room, kitchen, and full‑height basement
- Side B: 3,500 square feet with 3 bedrooms, 2 full baths, and a walk‑up third floor
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
$45,431
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
7.02%
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%
$908,620
$908.6K
Cap Rate 7%
$649,014
$649.0K
Cap Rate 9%
$504,789
$504.8K
Market Conditions
NOI Build-Up for 5,030 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
$69.4K $13.80/SF
− Vacancy
−$4.5K −$0.90/SF
EGI
$64.9K $12.90/SF
− OpEx
−$19.5K −$3.87/SF
NOI
$45.4K $9.03/SF
Area
Craven County, NC
Vacancy
6.50%
Lease Rate
$13.80 /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%
$908,620
Cap Rate 7%
$649,014
Cap Rate 9%
$504,789
Alternative Uses
Best Use
Multifamily LT 5
$649.0K
$567.9K – $757.2K
NOI $45,431 @ 7.0% cap · market cap 7.02%
Second Best
Apartment 5plus
$587.1K
$513.7K – $685.0K
NOI $41,097 @ 7.0% cap · market cap 6.35%
Theoretical Best
Office A
$1.66M
$1.45M – $1.93M
NOI $116,086 @ 7.0% cap · market cap 17.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
170
Businesses Nearby
Explore this area
Business Placement
Demographics for 28560, NC
28,005
Population
14,165
Households
2
Avg Household Size
46
Median Age
25%
College-Educated
92%
High-School Grad
122.6 sq mi
ZIP Area
228
Density / Sq Mi
$62,142
Median Household Income
$37,379
Median Earnings
$992
Median Rent
$191,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Renovated two-unit residence with flexible living arrangements, upgraded systems, shared outdoor space, and off-street parking.
Where is this duplex located?
The property is located at 1222 National Avenue New Bern, NC.
What is the asking price?
The asking price for this property is $647,500.
What are key features of this property?
This property features: 5,030‑square‑foot duplex on a 0.178‑acre lot; Side A: 2,000 square feet, 3 bedrooms, 2 full baths, parlor, dining room, kitchen, and full‑height basement; Side B: 3,500 square feet with 3 bedrooms, 2 full baths, and a walk‑up third floor
