Updated Four-Unit
New
For Sale
$525,000
210 Shipman Rd Building E, Havelock, NC 28532
Fully occupied rental property with private patios, assigned parking, and building improvements completed during current ownership.
Property Size3,054 SF
Price / SF$171.91
Days on Market5
Property Features for 210 Shipman Rd Building E
General Information
Standard status
Active
Size
3,054 SF
Property subtype
Multi-Family
Building Details
Year Built
1985
Listing Agency:
Keller Williams Crystal Coast
Listed By:
Milton Ross Gould · License #297367
(252) 515-7291
Source:
Searchgreateraugustahomes
Added: Sep 3
Changed: Sep 6
Last Checked: Sep 7 at 10:15AM
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 Keller Williams Crystal Coast
Investment Insights
Based on property information with market context.
This 3,054-square-foot quadplex contains four matching two-bedroom, one-bath units and was built in 1985. The property is fully occupied, with improvements that include new windows, electrical work, flooring, furnishings, and additional cosmetic updates. Each residence has an assigned parking space and private patio, while the upper-level units also feature decks.
The building is directly across the street from MCAS Cherry Point in Havelock, North Carolina. The four-unit configuration provides a consistent layout across the property, with updated interiors and outdoor space assigned to each residence. Interior access to the subject property is available once under contract to respect current tenant privacy.
The building is directly across the street from MCAS Cherry Point in Havelock, North Carolina. The four-unit configuration provides a consistent layout across the property, with updated interiors and outdoor space assigned to each residence. Interior access to the subject property is available once under contract to respect current tenant privacy.
Key Highlights
- Four identical 2‑bedroom, 1‑bath units in a fully occupied quadplex
- 3,054 square feet; built in 1985
- Directly across the street from MCAS Cherry Point
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
$27,584
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
5.25%
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%
$551,680
$551.7K
Cap Rate 7%
$394,057
$394.1K
Cap Rate 9%
$306,489
$306.5K
Market Conditions
NOI Build-Up for 3,054 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
$42.1K $13.80/SF
− Vacancy
−$2.7K −$0.90/SF
EGI
$39.4K $12.90/SF
− OpEx
−$11.8K −$3.87/SF
NOI
$27.6K $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%
$551,680
Cap Rate 7%
$394,057
Cap Rate 9%
$306,489
Alternative Uses
Best Use
Multifamily LT 5
$394.1K
$344.8K – $459.7K
NOI $27,584 @ 7.0% cap · market cap 5.25%
Second Best
Apartment 5plus
$356.5K
$311.9K – $415.9K
NOI $24,953 @ 7.0% cap · market cap 4.75%
Theoretical Best
Office A
$1.01M
$881.0K – $1.17M
NOI $70,483 @ 7.0% cap · market cap 13.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
84
Businesses Nearby
Explore this area
Business Placement
Demographics for 28532, NC
20,340
Population
8,677
Households
2.3
Avg Household Size
33
Median Age
19%
College-Educated
93%
High-School Grad
165.4 sq mi
ZIP Area
123
Density / Sq Mi
$65,772
Median Household Income
$38,839
Median Earnings
$1,270
Median Rent
$193,200
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?
Quadplex - Fully occupied rental property with private patios, assigned parking, and building improvements completed during current ownership.
Where is this quadplex located?
The property is located at 210 Shipman Rd Building E Havelock, NC.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Four identical 2‑bedroom, 1‑bath units in a fully occupied quadplex; 3,054 square feet; built in 1985; Directly across the street from MCAS Cherry Point
