Corner-Lot
For Sale
$975,000
1518 Easy Street, Surf City, NC 28445
Residential Income, Surf City, NC
Property Size3,072 SF
Lot Size0.11 Acres
Price / SF$317.38
Days on Market95
Property Features for 1518 Easy Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
R-5
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 8, Bedroom 2, Bedroom 7, Bathroom 1, Bathroom 3, Bedroom 4, Bathroom 4, Bathroom 2, Bedroom 6, Bedroom 1, Bedroom 3, Bedroom 5
Parking
2
Parking features
Garage, Driveway
Patio and Porch features
Deck, Porch
Appliances
Electric Oven, Refrigerator
Subdivision
Old Settlers Beach
Lot features
Corner Lot, Second Row
View
Ocean
Elementary school
Surf City
Middle school
Surf City
High school
Topsail
Directions
From the Surf City Bridge, take the second exit onto New River Drive. Continue to Neptune Place and turn right. Take the next right onto Easy Street. The property is located on the left at the corner of Easy Street and Neptune Place.
Standard status
Active
APN
4245-64-2850-0000
Size
3,072 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LT 9 PB 10/56 Old Settlers Beach Blk 3R
Tax Annual Amount
2993
Legal Description
LT 9 PB 10/56 Old Settlers Beach Blk 3R
Utilities
Heating system
Electric (Heating), Baseboard
Cooling system
Window Unit(s), Wall/Window Unit(s)
Building Details
Year built
1971
Floors in Building
2
Number of units
4
Flooring type
Laminate
Building materials
Block
Roof type
Metal
Listing Agency:
Coldwell Banker Sea Coast Advantage
(910) 327-2441
Listed By:
Stephanie Bolleyer · License #351352
(630) 877-5008
Added: Jun 15
Changed: Sep 12
Last Checked: Sep 17 at 8:06PM
MLS# 100581885
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.
Located at 1518 Easy Street in Surf City, this 3,072-square-foot quadplex contains four separate two-bedroom, one-bath units, each measuring 768 square feet. The property was built in 1971 and includes block construction, laminate flooring, electric baseboard heat, wall or window unit cooling, a metal roof, porches, and decks. Appliances include electric ovens and refrigerators.
The 0.113-acre property occupies a corner lot in a second-row position from the beach. Parking is provided through a garage and driveway with eight spaces. All four units are currently occupied, and the property is offered as-is with work needed. R-5 zoning applies.
The 0.113-acre property occupies a corner lot in a second-row position from the beach. Parking is provided through a garage and driveway with eight spaces. All four units are currently occupied, and the property is offered as-is with work needed. R-5 zoning applies.
Key Highlights
- Four 2‑bedroom, 1‑bath units, each measuring 768 square feet
- 3,072‑square‑foot quadplex on a 0.113‑acre lot
- Second‑row position from the beach in Surf City
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
$30,724
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
3.15%
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%
$614,480
$614.5K
Cap Rate 7%
$438,914
$438.9K
Cap Rate 9%
$341,378
$341.4K
Market Conditions
NOI Build-Up for 3,072 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
$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 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%
$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
NOI $30,724 @ 7.0% cap · market cap 3.15%
Second Best
Apartment 5plus
$399.0K
$349.1K – $465.5K
NOI $27,929 @ 7.0% cap · market cap 2.86%
Theoretical Best
Office A
$667.3K
$583.9K – $778.6K
NOI $46,714 @ 7.0% cap · market cap 4.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
65
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
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Four occupied two-bedroom units offer beach-town rental housing with eight parking spaces and a garage.
Where is this quadplex located?
The property is located at 1518 Easy Street 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 2‑bedroom, 1‑bath units, each measuring 768 square feet; 3,072‑square‑foot quadplex on a 0.113‑acre lot; Second‑row position from the beach in Surf City
