Four-Unit Quadplex with
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 Market3
Property Features for 210 Shipman Road
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
RESIDENTAL
Bedrooms
2
Bathrooms
1
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 1, Bathroom 4
Parking features
Off Street
Patio and Porch features
Patio
Interior features
Pantry
Exterior features
Balcony
Subdivision
Kelly Park
Elementary school
Roger Bell
Middle school
Havelock
High school
Havelock
Directions
Hwy101 to Shipman Road. Turn Left between the Townhouses and take the last Left. Building ''I'' is at very end of parking lot
Standard status
Active
APN
6-220-L -00i
Size
3,054 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
I KELLY PARK PH 2
Legal Description
I KELLY PARK PH 2
Utilities
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1985
Floors in Building
2
Number of units
4
Flooring type
Laminate
Building materials
Brick Veneer, Vinyl Siding, Wood Frame
Roof type
Shingle
Listing Agency:
John Vesco Inc.
(252) 444-3790
Listed By:
John Vesco · License #172898
(252) 808-7056
Added: Sep 10
Changed: Sep 11
Last Checked: Sep 12 at 12:06AM
MLS# 100602592
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 1985 quadplex contains four apartment units within 3,054 square feet, with each unit arranged as a two-bedroom, one-bath residence. The property sits on 0.08 acres and includes balconies, patios, off-street parking, laminate flooring, updated countertops, and a pantry. Brick veneer, vinyl siding, and wood-frame construction are complemented by a shingle roof, central air, and electric heat-pump systems.
Located at 210 Shipman Road in Havelock, the property is near Marine Corps Air Station Cherry Point. Public water serves the site, and one unit is currently operated as a short-term rental. Residential zoning and the existing four-unit configuration support continued multifamily use, subject to applicable requirements.
Located at 210 Shipman Road in Havelock, the property is near Marine Corps Air Station Cherry Point. Public water serves the site, and one unit is currently operated as a short-term rental. Residential zoning and the existing four-unit configuration support continued multifamily use, subject to applicable requirements.
Key Highlights
- Four apartment units, each with 2 bedrooms and 1 bathroom
- 3,054‑square‑foot quadplex on a 0.08‑acre lot
- Near Marine Corps Air Station Cherry Point in Havelock
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
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Open 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 residential zoning, off-street parking, and a mix of updated interior finishes.
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 apartment units, each with 2 bedrooms and 1 bathroom; 3,054‑square‑foot quadplex on a 0.08‑acre lot; Near Marine Corps Air Station Cherry Point in Havelock
