Historically Restored
For Sale
$647,500
1222 National Ave, New Bern, NC 28560
Renovated duplex with separate living spaces, shared outdoor areas, and flexible long- or short-term rental use.
Property Size5,030 SF
Price / SF$128.73
Days on Market11
Property Features for 1222 National Ave
General Information
Standard status
Active
Size
5,030 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
shared back garden
patio
locked storage
front porch
common vestibule
wheelchair accessible showers
sunroom
Building Details
Year Built
1920
Buildings
1
Construction
glazed brick
Listing Agency:
Homecoin.com
(888) 400-2513
Listed By:
Tracy P Dowling · License #230926
Source:
Barefootbrokers
Added: Aug 20
Changed: Aug 29
Last Checked: Aug 29 at 1:14PM
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 Homecoin.com
Investment Insights
Based on property information with market context.
Built in 1920, this historically registered duplex has undergone a complete renovation with upgraded energy-efficient systems, modern A/C heat pumps, gas stoves and dryers, and rewired electrical service. The glazed-brick exterior is designed for low maintenance. Both sides are currently rented and offer separate secure entries from a shared vestibule, while original solid-wood pocket doors can reconnect the front hallways.
Side A measures 2,000 square feet and includes 3 bedrooms, 2 full baths, parlor, dining room, kitchen, a 6-foot-wide hallway with work or play space, and a full-height basement. Side B measures 3,500 square feet and features 3 bedrooms, 2 full baths, parlor, eat-in kitchen, sunroom, pantry, custom maple cabinetry, a full walk-up third floor, and a basement with interior and exterior access. Additional features include 9-foot ceilings, refinished hardwood floors, wheelchair-accessible ground-floor showers, second-floor washers and gas dryers, a shared garden and large patio, parking pad, finished gardens, locked porch storage, and a deep shared front porch. The property is above the flood plain and 100-year mark.
Side A measures 2,000 square feet and includes 3 bedrooms, 2 full baths, parlor, dining room, kitchen, a 6-foot-wide hallway with work or play space, and a full-height basement. Side B measures 3,500 square feet and features 3 bedrooms, 2 full baths, parlor, eat-in kitchen, sunroom, pantry, custom maple cabinetry, a full walk-up third floor, and a basement with interior and exterior access. Additional features include 9-foot ceilings, refinished hardwood floors, wheelchair-accessible ground-floor showers, second-floor washers and gas dryers, a shared garden and large patio, parking pad, finished gardens, locked porch storage, and a deep shared front porch. The property is above the flood plain and 100-year mark.
Key Highlights
- Historically registered duplex at 1222 National Ave, New Bern, NC 28560
- 5,030 square feet total; Side A is 2,000 square feet and Side B is 3,500 square feet
- Both sides are rented and have separate secure doors from a shared vestibule
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
Property Profile
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
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 duplex with separate living spaces, shared outdoor areas, and flexible long- or short-term rental use.
Where is this duplex located?
The property is located at 1222 National Ave 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: Historically registered duplex at 1222 National Ave, New Bern, NC 28560; 5,030 square feet total; Side A is 2,000 square feet and Side B is 3,500 square feet; Both sides are rented and have separate secure doors from a shared vestibule
