Four-Unit Apartment
For Sale
$499,000
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$163.39
Days on Market49
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
Changed: Oct 25
Last Checked: Oct 7 at 1:00PM
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.
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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 / Yr
$27,584
Cap Rate
5.53%
Suggested Prices Based on Cap Rates
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
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 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 5.53%
Second Best
Apartment 5plus
$356.5K
$311.9K – $415.9K
NOI $24,953 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$1.01M
$881.0K – $1.17M
NOI $70,483 @ 7.0% cap · market cap 14.12%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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
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 $499,000.
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
