Residential Income Property with Security
285 W New York Avenue Southern Pines, NC 28387
For Sale
Under Contract
$1,150,000
SINGLE_FAMILY - Southern Pines, NC
Property Size3,914 SF
Lot Size0.34 Acres
Price / SF$293.82
Days on Market208
Property Features for 285 W New York Avenue
General Information
Property type
Residential
Property subtype
Office
Zoning
CB
Parking features
Parking Lot
Standard status
Active Under Contract
APN
00040580
Size
3,914 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
BLK L 5 LOT 18-20
Tax Annual Amount
4415
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Water source
Public
Building Details
Year built
1998
Flooring type
Laminate, Tile - Ceramic, Carpet
Building materials
Brick Veneer, Synthetic Stucco, Wood Frame
Roof type
Composition
Listing Agency:
Seagle & Associates
(919) 577-0490
Listed By:
Elizabeth Giri · License #206063
(910) 315-2250
Added: Jan 1
Changed: Jul 23
Last Checked: Jul 28 at 4:06PM
MLS# 100553482
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.
285 W New York Avenue is a residential income property totaling 3,914 square feet, currently under lease and noted by the owner as amendable. The building includes a high security room inside, and the property has undergone a recent building inspection with miscellaneous items completed.
The roof was replaced in 2020, and the parking lot was paved and relined in 2019. The property is described as being within walking distance to retail, restaurants, banks, and the post office.
Zoned CB, the offering is positioned as a maintained, move-in-ready income asset for serious buyers who want to review the lease details and amendment options.
The roof was replaced in 2020, and the parking lot was paved and relined in 2019. The property is described as being within walking distance to retail, restaurants, banks, and the post office.
Zoned CB, the offering is positioned as a maintained, move-in-ready income asset for serious buyers who want to review the lease details and amendment options.
Key Highlights
- 1998 construction with brick veneer, synthetic stucco, and wood frame exterior
- Roof is composition shingle; roof replaced in 2020
- Utilities include public water and public sewer
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 | $65.8k | $16.80 |
| − Vacancy | −$3.0k | −$0.77 |
| EGI | $62.7k | $16.03 |
| − OpEx | −$28.2k | −$7.21 |
| NOI | $34.5k | $8.81 |
3,914 SF · lease $16.80/SF/yr · vacancy 4.60% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$492.9K
$431.3K – $575.0K
NOI $34,502 @ 7.0% cap · market cap 3.00%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$745.8K
$652.6K – $870.1K
NOI $52,206 @ 7.0% cap · market cap 4.54%
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?
Single family property - Residential income property featuring a dedicated high security room and recent roof and parking lot improvements.
Where is this single family property located?
The property is located at 285 W New York Avenue Southern Pines, NC.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 1998 construction with brick veneer, synthetic stucco, and wood frame exterior; Roof is composition shingle; roof replaced in 2020; Utilities include public water and public sewer
