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    148 NW 3rd Street Oak Island, NC 28465

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    Claim this Listing
    For Sale
    $450,000

    MULTI_FAMILY - Oak Island, NC

    Property size:
    2,160 SF
    Lot size:
    0.15 Acres
    Price / SF:
    $208/SF
    Added:
    Sep 11, 2025
    Days on Market:
    232
    Last Refresh:
    Apr 30 at 11:06 am

    Property Features for 148 NW 3rd Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    Ok-R-6
    Bedrooms
    6
    Bathrooms
    2
    Rooms
    Bathroom 1, Bedroom 4, Bathroom 2, Bedroom 6, Bedroom 5, Bedroom 1, Bedroom 2, Bedroom 3
    Parking features
    Off Street, Paved or Surfaced
    Interior features
    Wash/Dry Connect, Ceiling Fan(s)
    Appliances
    Electric Oven, Electric Cooktop, Refrigerator
    Standard status
    Active
    APN
    234eh036
    Size
    2,160 SF
    Lot size
    0.15 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    L-55 B-201 S-15 Tranquil Harbor PL 6/67
    Tax Annual Amount
    2907

    Utilities

    Heating system
    Electric (Heating), Heat Pump (Heating)
    Cooling system
    Heat Pump
    Water source
    Public

    Building Details

    Year built
    1972
    Floors in Building
    1
    Number of units
    2
    Flooring type
    Carpet, Laminate
    Building materials
    Vinyl Siding
    Roof type
    Shingle

    We can help!

    Listing Contact
    Brendan Gordon

    Listing agent Brendan Gordon License #264772

    Listing office Coastal Development & Realty Oak Island 8118 E Oak Island Drive, Holden Beach, NC

    Listing date Sep 11, 2025

    MLS# 100530095 Listing URL

    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.

    Overview

    Oak Island Duplex Investment Opportunity

    This tenant-occupied duplex in Oak Island, North Carolina, presents an investment opportunity. The property features a 6-bedroom, 2-full-bathroom layout, with each side offering 3 bedrooms and 1 full bathroom. The property generates monthly rental income for the owner. The gross rental income currently stands at $34,200 annually, with recent renovations made to the front side unit. The property is located approximately 0.9 miles from the beach and three blocks from the Middleton Street bridge, providing easy access to and from the island. It is also situated a short distance from the island's goods and services. The lot size is 0.15 acres, and the property size is 2,160 square feet. The zoning is Ok-R-6.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Auto Repair Shop Big Box & Wholesale Store Kitchen & Bath Showroom Hotel & Motel Cafe & Coffee Shop Grocery & Convenience Store Computer & Electronic Repair Travel Agency Plumbing Service

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Oak Island
    County
    Brunswick
    State
    North Carolina
    Longitude
    -78.162714
    Latitude
    33.924632

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      Oak Island Multifamily Coastal Property

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    • $435,000
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    FAQs

    What type of property is this?
    Duplex - Tenant-occupied duplex near the beach with steady rental income.
    Where is this duplex located?
    The property is located at 148 NW 3rd Street Oak Island, NC.
    What is the asking price?
    The asking price for this property is $450,000.
    What are key features of this property?
    This property features: Tenant‑occupied duplex generating $34,200 annual gross rental income.; Two units, each with **3 bedrooms and 1 full bathroom.**; Located **less than 1 mile from the beach.**
    (910) 209-3899
    We can help!
    Listing Contact
    Brendan Gordon
    Real Estate License ID: 264772
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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