Leased Duplex with Two Updated
264 E Indiana Avenue Southern Pines, NC 28387
For Sale
$575,000
MULTI_FAMILY - Other - Southern Pines, NC
Property Size2,471 SF
Price / SF$232.70
Days on Market415
Property Features for 264 E Indiana Avenue
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Bedrooms
5
Bathrooms
3
Rooms
Family Room, Bedroom 5, Bathroom 1, Laundry Room, Bathroom 3, Bedroom 3, Dining Room, Bathroom 2, Bedroom 4, Bedroom 2, Bedroom 1
Interior features
BreakfastBar, CeilingFans, LivingDiningRoom, SeparateShower, TubShower
Exterior features
Fence
Fencing
Fenced
Appliances
Dishwasher, ElectricRange, GasRange, Oven, Refrigerator, StainlessSteelAppliances, WaterHeater
Standard status
Active
APN
00031167
Size
2,471 SF
Taxes and HOA fees
Tax Description
BLK O 2 LOT 4 5 PART ALLEY
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1955
Flooring type
Wood, Tile
Building materials
BrickVeneer
Architectural style
Other
Listing Agency:
EVERYTHING PINES PARTNERS LLC
(910) 725-1176
Listed By:
KELLIE ADAMS · License #280807
(910) 639-5050
Added: Jun 9, 2025
Changed: Jul 22
Last Checked: Jul 28 at 5:06PM
MLS# 745203
Copyright © 2026 Longleaf Pine Realtors. 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 duplex offers two income-producing units that are currently under lease. The 268 side features a 2-bedroom, 1-bath layout with wood floors throughout and a kitchen, along with a fenced backyard area.
The 264 side is a 3-bedroom, 2-bath home that is move-in ready, with a remodeled kitchen, updated appliances, and an open-concept living and dining area. Both units have wood floors, and the 264 side includes a newer roof and HVAC system. The exterior spaces are separated by a privacy fence, and the 264 side has a storage shed and a fire pit area.
Located in Southern Pines, the property is described as just minutes from downtown, providing convenient access to local shops, dining, and entertainment. The units are separated by a privacy fence, supporting distinct outdoor spaces for each side.
The 264 side is a 3-bedroom, 2-bath home that is move-in ready, with a remodeled kitchen, updated appliances, and an open-concept living and dining area. Both units have wood floors, and the 264 side includes a newer roof and HVAC system. The exterior spaces are separated by a privacy fence, and the 264 side has a storage shed and a fire pit area.
Located in Southern Pines, the property is described as just minutes from downtown, providing convenient access to local shops, dining, and entertainment. The units are separated by a privacy fence, supporting distinct outdoor spaces for each side.
Key Highlights
- Duplex with both sides currently under lease
- 2‑bedroom, 1‑bath 268 side with wood floors and fenced backyard area
- 3‑bedroom, 2‑bath 264 side with remodeled kitchen and updated appliances
Financial Insights For Multifamily LT 5
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 | $35.3k | $14.28 |
| − Vacancy | −$1.5k | −$0.62 |
| EGI | $33.7k | $13.66 |
| − OpEx | −$10.1k | −$4.10 |
| NOI | $23.6k | $9.56 |
2,471 SF · lease $14.28/SF/yr · vacancy 4.37% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$337.4K
$295.3K – $393.7K
NOI $23,621 @ 7.0% cap · market cap 4.11%
Second Best
Apartment 5plus
$311.2K
$272.3K – $363.0K
NOI $21,782 @ 7.0% cap · market cap 3.79%
Theoretical Best
Specialty Retail
$470.8K
$412.0K – $549.3K
NOI $32,959 @ 7.0% cap · market cap 5.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - Two rental units are currently leased, including a 2-bedroom and a 3-bedroom with remodeled kitchen, roof, and HVAC.
Where is this duplex located?
The property is located at 264 E Indiana Avenue Southern Pines, NC.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Duplex with both sides currently under lease; 2‑bedroom, 1‑bath 268 side with wood floors and fenced backyard area; 3‑bedroom, 2‑bath 264 side with remodeled kitchen and updated appliances
