10-Unit Multifamily
124 Summerlin Lane, Holly Ridge, NC 28445
For Sale
New
$1,775,000
Commercial Sale, Holly Ridge, NC
Property Size9,016 SF
Lot Size2.77 Acres
Price / SF$196.87
Days on Market4
Property Features for 124 Summerlin Lane
General Information
Property type
Property subtype
Zoning
Subdivision
Directions
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Sewer type
Heating system
Building Details
Year built
Buildings
Listing Agency:
Better Homes and Gardens Real Estate Treasure 4
(910) 327-4444
Listed By:
Andrea Ana Scott · License NC #255123
(910) 545-5119
Added: Nov 11
Changed: Nov 13
Last Checked: Nov 14 at 12:06AM
MLS# 100615740
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.
Five duplexes provide 10 single-story residences across a 9,016-square-foot multifamily property on 2.77 acres. Each unit has two bedrooms and two full bathrooms. Construction dates range from 2012 to 2022. Features include metal roofs, slab foundations, electric heating and air conditioning, and exterior utility rooms.
The property uses a shared driveway and parking area. Public water is indicated in utility records, and shared septic systems serve the site. It is in Holly Ridge, a few minutes from Sneads Ferry and less than 10 minutes from North Topsail Beach.
The property uses a shared driveway and parking area. Public water is indicated in utility records, and shared septic systems serve the site. It is in Holly Ridge, a few minutes from Sneads Ferry and less than 10 minutes from North Topsail Beach.
Key Highlights
- 10 rental units across five duplexes
- 9,016 square feet on 2.77 acres
- Each residence has 2 bedrooms and 2 full bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$81,969
Cap Rate
4.62%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,639,380
$1.6M
Cap Rate 7%
$1,170,986
$1.2M
Cap Rate 9%
$910,767
$910.8K
Market Conditions
NOI Build-Up for 9,016 SF
Gross rent
$156.9K $17.40/SF
− Vacancy
−$7.8K −$0.87/SF
EGI
$149.0K $16.53/SF
− OpEx
−$67.1K −$7.44/SF
NOI
$82.0K $9.09/SF
Area
Onslow County, NC
Vacancy
5.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,639,380
Cap Rate 7%
$1,170,986
Cap Rate 9%
$910,767
Alternative Uses
Best Use
Apartment 5plus
$1.17M
$1.02M – $1.37M
NOI $81,969 @ 7.0% cap · market cap 4.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.96M
$1.71M – $2.29M
NOI $137,101 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
10
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
25
Businesses Nearby
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Business Placement
Demographics for 28445, NC
10,243
Population
8,832
Households
1.2
Avg Household Size
38
Median Age
42%
College-Educated
92%
High-School Grad
103.7 sq mi
ZIP Area
99
Density / Sq Mi
$89,250
Median Household Income
$56,844
Median Earnings
$1,318
Median Rent
$332,500
Median Home Value
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Market
Average Price Trend$/SF for Multifamily properties in Onslow County, NC
Properties on Market for Multifamily properties in Onslow County
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Multifamily property - Five duplex buildings offer single-story residences with two-bedroom, two-bath layouts.
Where is this multifamily property located?
The property is located at 124 Summerlin Lane Holly Ridge, NC.
What is the asking price?
The asking price for this property is $1,775,000.
What are key features of this property?
This property features: 10 rental units across five duplexes; 9,016 square feet on 2.77 acres; Each residence has 2 bedrooms and 2 full bathrooms
