Updated Four-Unit
New
For Sale
$525,000
210 Shipman Road, Havelock, NC 28532
Residential Income, Havelock, NC
Property Size3,054 SF
Lot Size0.08 Acres
Price / SF$171.91
Days on Market2
Property Features for 210 Shipman Road
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
Residential
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bedroom 1, Bedroom 8, Bedroom 7, Bedroom 3, Bathroom 4, Bedroom 5, Bedroom 4, Bedroom 6, Bathroom 3, Bathroom 1, Bathroom 2
Parking features
Parking Lot
Patio and Porch features
Patio, Deck
Interior features
Wash/Dry Connect, Eat-in Kitchen
Appliances
Electric Oven, Refrigerator, Dishwasher
Subdivision
Kelley Park
Elementary school
Roger Bell
Middle school
Havelock
High school
Havelock
Directions
From US 70 East Bound left on US 101 Fontana Blvd. Right on Shipman. Second complex on left Kelley Park Building E.
Standard status
Active
APN
6-220-L -00e
Size
3,054 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
E KELLEY PARK PH 2
Tax Annual Amount
2688
Legal Description
E KELLEY PARK PH 2
Utilities
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
private patio
deck
Building Details
Year built
1985
Floors in Building
2
Number of units
4
Flooring type
Lvt/lvp
Building materials
Brick Veneer, Vinyl Siding, Wood Frame
Roof type
Composition
Listing Agency:
Keller Williams Crystal Coast · Keller Williams Realty
(252) 515-7291
Listed By:
Milton Ross Gould · License #297367
(252) 515-1188
Added: Sep 3
Changed: Sep 4
Last Checked: Sep 4 at 7:06PM
MLS# 100601449
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.
This 3,054-square-foot quadplex contains four matching units, each configured with 2 bedrooms and 1 bathroom. The building was constructed in 1985 and has received updates including windows, electrical service, flooring, furnishings, and additional cosmetic improvements. Interior features include eat-in kitchens, washer/dryer connections, electric ovens, refrigerators, and dishwashers. Central air and electric heat pumps serve the units, with brick veneer, vinyl siding, and a composition roof completing the improvements.
Located at 210 Shipman Road in Havelock, the property sits directly across from MCAS Cherry Point. Each unit includes an assigned parking space and private patio, while the upper-level residences also have decks. The property occupies 0.08 acres and is served by public water. All four units are currently occupied.
Located at 210 Shipman Road in Havelock, the property sits directly across from MCAS Cherry Point. Each unit includes an assigned parking space and private patio, while the upper-level residences also have decks. The property occupies 0.08 acres and is served by public water. All four units are currently occupied.
Key Highlights
- Four‑unit quadplex with 4 identical 2‑bedroom, 1‑bath units
- 3,054 square feet on a 0.08‑acre lot
- Directly across 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
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
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 across from MCAS Cherry Point, with updated interiors, private outdoor space, and assigned parking.
Where is this quadplex located?
The property is located at 210 Shipman Road 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‑unit quadplex with 4 identical 2‑bedroom, 1‑bath units; 3,054 square feet on a 0.08‑acre lot; Directly across from MCAS Cherry Point
