9-Unit Two-Bedroom Apartment
For Sale
$650,000
221 W Virginia St, Rocky Mount, NC 27804
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$98.48
Days on Market84
Property Features for 221 W Virginia St
General Information
Standard status
Active
Size
6,600 SF
Occupancy
44%
Additional Details
Multifamily Units
9
Taxes and HOA fees
Annual Taxes
$4,819
Amenities
central heating & air conditioning
Building Details
Tenancy
Multi
Listing Agency:
Braddock Realty
(888) 731-1710
Listed By:
Benjamin David Riegel · License #363368
(252) 969-0699
Source:
Exprealty
Added: Jun 26
Changed: Sep 11
Last Checked: Sep 17 at 12:48AM
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
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
$58,336
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
8.97%
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%
$1,166,720
$1.2M
Cap Rate 7%
$833,371
$833.4K
Cap Rate 9%
$648,178
$648.2K
Market Conditions
NOI Build-Up for 6,600 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
$114.0K $17.28/SF
− Vacancy
−$8.0K −$1.21/SF
EGI
$106.1K $16.07/SF
− OpEx
−$47.7K −$7.23/SF
NOI
$58.3K $8.84/SF
Area
Nash County, NC
Vacancy
7.00%
Lease Rate
$17.28 /SF/Yr
Expense Ratio
45.00%
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%
$1,166,720
Cap Rate 7%
$833,371
Cap Rate 9%
$648,178
Alternative Uses
Best Use
Apartment 5plus
$833.4K
$729.2K – $972.3K
NOI $58,336 @ 7.0% cap · market cap 8.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.18M
$1.90M – $2.54M
NOI $152,320 @ 7.0% cap · market cap 23.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
9
Residential units
44.4%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
426
Businesses Nearby
Explore this area
Business Placement
Demographics for 27804, NC
28,707
Population
14,352
Households
2
Avg Household Size
42
Median Age
27%
College-Educated
89%
High-School Grad
43.0 sq mi
ZIP Area
668
Density / Sq Mi
$58,837
Median Household Income
$36,445
Median Earnings
$977
Median Rent
$177,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
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 $650,000.
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
