Four-Unit Apartment
New
For Sale
$525,000
210 Shipman Road Bldg I, Havelock, NC 28532
Multifamily property with four residential units, updated countertops, newer flooring, and proximity to MCAS Cherry Point.
Property Size3,054 SF
Price / SF$171.91
Days on Market3
Property Features for 210 Shipman Road Bldg I
General Information
Standard status
Active
Size
3,054 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Building Details
Year Built
1985
Listing Agency:
John Vesco Inc.
Listed By:
John Vesco · License #172898
(252) 808-7056
Source:
Newbernrealestatesearch
Added: Sep 12
Last Checked: Sep 13 at 2:21PM
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 John Vesco Inc.
Investment Insights
Based on property information with market context.
This four-unit apartment complex contains 3,054 SF and was built in 1985. Each residence is configured with 2 bedrooms and 1 bathroom, creating a consistent layout across the property. Interior updates include newer flooring and updated countertops. One unit is currently operated as an Airbnb, while the remaining units provide a conventional multifamily configuration.
The property is located at 210 Shipman Road Bldg I in Havelock, North Carolina, near Marine Corps Air Station Cherry Point. Its four-unit design and uniform floor plans offer a straightforward residential income property format, with the existing short-term rental operation already established in one unit.
The property is located at 210 Shipman Road Bldg I in Havelock, North Carolina, near Marine Corps Air Station Cherry Point. Its four-unit design and uniform floor plans offer a straightforward residential income property format, with the existing short-term rental operation already established in one unit.
Key Highlights
- Four apartment units totaling 3,054 SF
- Each unit includes 2 bedrooms and 1 bathroom
- One unit currently operates as an Airbnb
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
Lease Details
4
Residential units
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 - Multifamily property with four residential units, updated countertops, newer flooring, and proximity to MCAS Cherry Point.
Where is this quadplex located?
The property is located at 210 Shipman Road Bldg I 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 apartment units totaling 3,054 SF; Each unit includes 2 bedrooms and 1 bathroom; One unit currently operates as an Airbnb
