9-Unit Two-Bedroom Apartment
221 W Virginia St Rocky Mount, NC 27804
For Sale
$675,000
Nine two-bedroom, one-bath apartments with central heat and air; utilities are metered separately and billed to tenants.
Property Size6,600 SF
Price / SF$102.27
Days on Market29
Property Features for 221 W Virginia St
General Information
- Standard status
- Active
- Size
- 6,600 SF
Listing Agency:
Braddock Realty
(252) 969-0699
Listed By:
Benjamin David Riegel · License #363368
(252) 969-0699
Source:
Exprealty
Added: Jun 26
Changed: Jul 22
Last Checked: Jul 23 at 6:21PM
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 Braddock Realty
Investment Insights
Based on property information with market context.
This property is a 9-unit, two-bedroom, one-bath apartment building. Each unit is equipped with central heating and air conditioning, with a concrete slab foundation. Power and water are metered separately and billed directly to tenants by the utility provider.
As of the latest information, 5 of the 9 units are currently vacant following recent renovations. Of those, 4 units are rent ready, and 1 unit is in progress and needs flooring to be ready.
The current average rent is $775 per month, with market rent cited as between $800 and $900. Contact the listing agent directly to request and schedule a tour.
As of the latest information, 5 of the 9 units are currently vacant following recent renovations. Of those, 4 units are rent ready, and 1 unit is in progress and needs flooring to be ready.
The current average rent is $775 per month, with market rent cited as between $800 and $900. Contact the listing agent directly to request and schedule a tour.
Key Highlights
- 9‑unit apartment property with 2 bedrooms and 1 bathroom in each unit
- All units feature central heating & air conditioning
- Power and water are metered separately and billed directly to tenants
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $114.0k | $17.28 |
| − Vacancy | −$8.0k | −$1.21 |
| EGI | $106.1k | $16.07 |
| − OpEx | −$47.7k | −$7.23 |
| NOI | $58.3k | $8.84 |
6,600 SF · lease $17.28/SF/yr · vacancy 7.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$833.4K
$729.2K – $972.3K
NOI $58,336 @ 7.0% cap · market cap 8.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.18M
$1.90M – $2.54M
NOI $152,320 @ 7.0% cap · market cap 22.57%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Nine two-bedroom, one-bath apartments with central heat and air; utilities are metered separately and billed to tenants.
Where is this apartment building located?
The property is located at 221 W Virginia St Rocky Mount, NC.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 9‑unit apartment property with 2 bedrooms and 1 bathroom in each unit; All units feature central heating & air conditioning; Power and water are metered separately and billed directly to tenants
