New Construction Duplex With
For Sale
$375,000
Pending
2022 A & B Progress Street, Fayetteville, NC 28306
MULTI_FAMILY - Other - Fayetteville, NC
Property Size2,988 SF
Days on Market100
Property Features for 2022 A & B Progress Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning description
SF6 - Single Family Res 6
Rooms
Laundry Room
Patio and Porch features
Porch, Patio
Interior features
EatInKitchen, GreatRoom, BathInPrimaryBedroom
Exterior features
Porch, Patio
Subdivision
NOT IN SUBDIVISION
Lot features
Interior Lot
Elementary school
Cumberland Road Elementary
Middle school
Douglas Byrd Middle School
High school
Douglas Byrd Senior High
Directions
From Raeford Rd, take Owen Drive to Cumberland Rd, L on Cumberland and go to the traffic Circle, take the Cumberland Rd Exit, Turn L on Southern Avenue, Turn R on Dallas, L on Progress and the duplex is down on the Left.
Standard status
Pending
APN
0436-03-2534.000
Taxes and HOA fees
Tax Description
DAVID W AYER LO12 SE01 BL15 PL0010-0032
Legal Description
DAVID W AYER LO12 SE01 BL15 PL0010-0032
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
2026
Floors in Building
2
Number of units
2
Flooring type
Laminate, Carpet, Vinyl
Building materials
VinylSiding
Architectural style
Other
Listing Agency:
BHHS ALL AMERICAN HOMES #2 · Prudential Real Estate
(910) 868-1976
Listed By:
EDDIE TERRY · License #147322
(910) 624-4545
Added: May 5
Changed: Aug 1
Last Checked: Aug 12 at 12:06AM
MLS# 762010
Copyright © 2026 Longleaf Pine Realtors. 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.
Presale new construction duplex under construction with two units, designed for owner-occupancy on one side and rental income on the other. Each unit offers three bedrooms and 2.5 baths, with a spacious eat-in kitchen featuring granite and stainless appliances. Living space includes a large great room, plus a laundry closet downstairs. Upstairs, each unit includes three bedrooms, including a main bedroom with a private bath. Exterior features include a porch and a patio off the eat-in kitchen, and the property has a paved driveway. Vinyl siding, laminate/carpet/vinyl flooring, heat pump heating, and central air are included. Public water and public sewer serve the duplex.
Estimated completion is August 2026. The property is located close to Cape Fear Valley Medical Center, Crown Coliseum, downtown Fayetteville, and nearby shopping and restaurants in Fayetteville, NC.
Each unit is roughly 1,494 SF, providing substantial space within a well-laid-out two-story plan. The project is currently under construction.
Estimated completion is August 2026. The property is located close to Cape Fear Valley Medical Center, Crown Coliseum, downtown Fayetteville, and nearby shopping and restaurants in Fayetteville, NC.
Each unit is roughly 1,494 SF, providing substantial space within a well-laid-out two-story plan. The project is currently under construction.
Key Highlights
- Presale duplex under construction with two units for live‑in and rental use
- Each unit has three bedrooms and 2.5 baths, including a main bedroom with private bath
- Roughly 1,494 SF per unit with a large great room and eat‑in kitchen
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
$27,274
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
7.27%
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%
$545,480
$545.5K
Cap Rate 7%
$389,629
$389.6K
Cap Rate 9%
$303,044
$303.0K
Market Conditions
NOI Build-Up for 2,988 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
$41.2K $13.80/SF
− Vacancy
−$2.3K −$0.76/SF
EGI
$39.0K $13.04/SF
− OpEx
−$11.7K −$3.91/SF
NOI
$27.3K $9.13/SF
Area
Fayetteville, NC
Vacancy
5.51%
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%
$545,480
Cap Rate 7%
$389,629
Cap Rate 9%
$303,044
Alternative Uses
Best Use
Multifamily LT 5
$389.6K
$340.9K – $454.6K
NOI $27,274 @ 7.0% cap · market cap 7.27%
Second Best
Apartment 5plus
$358.3K
$313.5K – $418.0K
NOI $25,079 @ 7.0% cap · market cap 6.69%
Theoretical Best
Office A
$654.8K
$573.0K – $764.0K
NOI $45,838 @ 7.0% cap · market cap 12.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
101
Businesses Nearby
Explore this area
Business Placement
Demographics for 28306, NC
44,615
Population
17,723
Households
2.5
Avg Household Size
36
Median Age
28%
College-Educated
90%
High-School Grad
69.7 sq mi
ZIP Area
640
Density / Sq Mi
$63,175
Median Household Income
$40,258
Median Earnings
$1,115
Median Rent
$218,900
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 - Presale duplex under construction with two units, each featuring three bedrooms, 2.5 baths, and a patio off the eat-in kitchen.
Where is this duplex located?
The property is located at 2022 A & B Progress Street Fayetteville, NC.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Presale duplex under construction with two units for live‑in and rental use; Each unit has three bedrooms and 2.5 baths, including a main bedroom with private bath; Roughly 1,494 SF per unit with a large great room and eat‑in kitchen
