Building Details

Year Built 1971

Buildings 1

Listing Agency: Coldwell Banker Sea Coast Advantage

Listed By: Stephanie Bolleyer · License #351352 Show Phone

Source: Coastalrealtyassociates

Added: Jun 15 Changed: Oct 31 Last Checked: Nov 1 at 5:37AM

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Investment Insights

Based on property information with market context.

This four-unit multifamily property contains 3,072 square feet across four residences. Each unit has a two-bedroom, one-bath layout measuring 768 square feet. Built in 1971, the property is being offered as-is and requires work, allowing improvements to be addressed over time.

The building occupies a corner lot at 1518 Easy St Unit A D in Surf City, North Carolina, positioned 2nd Row from beach. Parking includes eight spaces and a garage. All four units are currently occupied, providing existing residential tenancy at closing.

Key Highlights

• Four‑unit property with 3,072 square feet total
• Each residence offers 2 bedrooms, 1 bath, and 768 square feet
• Corner‑lot setting at 1518 Easy St Unit A D, Surf City, NC 28445

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$30,724

Cap Rate

3.15%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$614,480 $614.5K

Cap Rate 7%

$438,914 $438.9K

Cap Rate 9%

$341,378 $341.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,072 SF

Gross rent

$46.1K $15.00/SF

− Vacancy

−$2.2K −$0.71/SF

EGI

$43.9K $14.29/SF

− OpEx

−$13.2K −$4.29/SF

NOI

$30.7K $10.00/SF

Area

Onslow County, NC

Vacancy

4.75%

Lease Rate

$15.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$614,480

Cap Rate 7%

$438,914

Cap Rate 9%

$341,378

Alternative Uses

Best Use

Multifamily LT 5

$438.9K

$384.1K – $512.1K (±1% cap)

NOI $30,724 @ 7.0% cap · market cap 3.15%

Second Best

Apartment 5plus

$399.0K

$349.1K – $465.5K (±1% cap)

NOI $27,929 @ 7.0% cap · market cap 2.86%

Theoretical Best

Office A

$667.3K

$583.9K – $778.6K (±1% cap)

NOI $46,714 @ 7.0% cap · market cap 4.79%

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

4

Residential units

100%

Occupancy

Location Intelligence

Trade Area within ½ mile

68

Businesses Nearby

Explore this area 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

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Frequently Asked Questions

What type of property is this?

Quadplex - Corner-lot property with dedicated parking, a garage, and four currently occupied residences.

Where is this quadplex located?

The property is located at 1518 Easy St Unit A D Surf City, NC.

What is the asking price?

The asking price for this property is $975,000.

What are key features of this property?

This property features: Four‑unit property with 3,072 square feet total; Each residence offers 2 bedrooms, 1 bath, and 768 square feet; Corner‑lot setting at 1518 Easy St Unit A D, Surf City, NC 28445