Two-Unit Duplex with
For Sale
$499,000
231 Barbara Avenue, Midway Park, NC 28544
Residential Income, Midway Park, NC
Property Size3,264 SF
Lot Size0.28 Acres
Price / SF$152.88
Days on Market145
Property Features for 231 Barbara Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning
R-8M
Bedrooms
4
Bathrooms
7
Full bathrooms
6
Half bathrooms
2
Rooms
Bedroom 1, Bathroom 3, Bathroom 4, Bathroom 1, Bathroom 7, Bathroom 8, Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 6, Bathroom 5
Parking features
Garage, Open
Patio and Porch features
Porch
Interior features
Wash/Dry Connect, Ceiling Fan(s), Pantry, Walk-in Shower
Appliances
Electric Oven, Built-In Microwave, Refrigerator, Dishwasher
Elementary school
Hunters Creek
Middle school
Swansboro
High school
Swansboro
High school district
Onslow
Directions
Hwy 24 toward Hubert left on Tallman Circle , left on Barbara house on right
Standard status
Active
APN
1116d-80.1
Size
3,264 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
L63 & PT L64 TALLMAN
Legal Description
L63 & PT L64 TALLMAN
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating)
Water source
Public
Building Details
Year built
2026
Floors in Building
3
Number of units
2
Building materials
Vinyl Siding, Wood Frame
Roof type
Shingle
Listing Agency:
Joe Powers Realty
(910) 934-0339
Listed By:
Jaclyn Cook · License #365696
(910) 382-2777
Added: May 13
Changed: Sep 12
Last Checked: Oct 4 at 11:06PM
MLS# 100573500
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 under-construction duplex is planned as two residential units totaling 3,264 square feet on a 0.28-acre lot. Each unit includes two bedrooms, 3.5 bathrooms, a first-floor bonus room, and a private one-car garage. Interior features include washer and dryer connections, ceiling fans, pantries, and walk-in showers, with electric ovens, built-in microwaves, refrigerators, and dishwashers specified for each side. Vinyl siding, wood-frame construction, shingle roofing, porches, and open parking round out the improvements.
The property is located at 231 Barbara Avenue in Midway Park, NC 28544, within Onslow County. Public water and septic service are identified, and the property is zoned R-8M. Its 2026 construction year and two-unit configuration provide a clearly defined residential income property format, while the bonus rooms offer additional interior flexibility within each unit.
The property is located at 231 Barbara Avenue in Midway Park, NC 28544, within Onslow County. Public water and septic service are identified, and the property is zoned R-8M. Its 2026 construction year and two-unit configuration provide a clearly defined residential income property format, while the bonus rooms offer additional interior flexibility within each unit.
Key Highlights
- Two‑unit duplex totaling 3,264 square feet
- Each unit offers 2 bedrooms and 3.5 bathrooms
- First‑floor bonus room and private 1‑car garage in each unit
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
$32,644
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
6.54%
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%
$652,880
$652.9K
Cap Rate 7%
$466,343
$466.3K
Cap Rate 9%
$362,711
$362.7K
Market Conditions
NOI Build-Up for 3,264 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
$49.0K $15.00/SF
− Vacancy
−$2.3K −$0.71/SF
EGI
$46.6K $14.29/SF
− OpEx
−$14.0K −$4.29/SF
NOI
$32.6K $10.00/SF
Area
Onslow County, NC
Vacancy
4.75%
Lease Rate
$15.00 /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%
$652,880
Cap Rate 7%
$466,343
Cap Rate 9%
$362,711
Alternative Uses
Best Use
Multifamily LT 5
$466.3K
$408.1K – $544.1K
NOI $32,644 @ 7.0% cap · market cap 6.54%
Second Best
Apartment 5plus
$423.9K
$370.9K – $494.6K
NOI $29,675 @ 7.0% cap · market cap 5.95%
Theoretical Best
Office A
$709.1K
$620.4K – $827.2K
NOI $49,634 @ 7.0% cap · market cap 9.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
147
Businesses Nearby
Explore this area
Business Placement
Demographics for 28544, NC
4,283
Population
2,311
Households
1.9
Avg Household Size
28
Median Age
18%
College-Educated
85%
High-School Grad
10.6 sq mi
ZIP Area
404
Density / Sq Mi
$49,449
Median Household Income
$29,576
Median Earnings
$1,165
Median Rent
$136,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Under-construction duplex with flexible bonus rooms, public water, septic service, and R-8M zoning in Midway Park.
Where is this duplex located?
The property is located at 231 Barbara Avenue Midway Park, 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: Two‑unit duplex totaling 3,264 square feet; Each unit offers 2 bedrooms and 3.5 bathrooms; First‑floor bonus room and private 1‑car garage in each unit
