Goldsboro Multifamily Property For
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306 W Pine St, Goldsboro, NC 27530
18-unit multifamily property in Goldsboro, North Carolina, near Raleigh.
Property Size10,050 SF
Price / SF$94.53
Days on Market176
Property Features for 306 W Pine St
General Information
Standard status
Active
Size
10,050 SF
Property subtype
Multifamily
Net Operating Income
$71,233
Building Details
Year Built
1960
Units
18
Listing Agency:
Marcus & Millichap - Raleigh
Listed By:
Matthew Rice · License #NC #337472
Source:
Crexi
Added: Feb 13
Changed: Aug 8
Last Checked: Aug 8 at 2:48PM
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 Marcus & Millichap - Raleigh
Investment Insights
Based on property information with market context.
West Pine Lofts is an 18-unit multifamily property located in Goldsboro, North Carolina. The property is positioned less than 60 miles from Raleigh, providing convenient access to one of North Carolina’s fastest-growing metropolitan areas. Immediate access to I-795 and other major highways ensures seamless connectivity to Raleigh and other major MSAs. West Pine Lofts is 10 miles from Seymour Johnson Air Force Base, a major economic driver and top employer in the region, employing approximately 5,300 active-duty personnel, 5,100 family members, 1,200 civilians, and 900 reservists. The property is within walking distance of Downtown Goldsboro, offering residents proximity to employment, retail, dining, and entertainment options. The property size is 10050 square feet. The combination of a stable tenant base, strategic location, and potential for increased revenue positions this asset as an attractive opportunity in an expanding North Carolina market.
Key Highlights
- 18‑unit multifamily property with a stable tenant base.
- Prime location near Seymour Johnson Air Force Base, a major employer.
- Walking distance to Downtown Goldsboro's amenities.
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
$81,918
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
8.62%
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%
$1,638,360
$1.6M
Cap Rate 7%
$1,170,257
$1.2M
Cap Rate 9%
$910,200
$910.2K
Market Conditions
NOI Build-Up for 10,050 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
$156.8K $15.60/SF
− Vacancy
−$7.8K −$0.78/SF
EGI
$148.9K $14.82/SF
− OpEx
−$67.0K −$6.67/SF
NOI
$81.9K $8.15/SF
Area
Wayne County, NC
Vacancy
5.00%
Lease Rate
$15.60 /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%
$1,638,360
Cap Rate 7%
$1,170,257
Cap Rate 9%
$910,200
Alternative Uses
Best Use
Apartment 5plus
$1.17M
$1.02M – $1.37M
NOI $81,918 @ 7.0% cap · market cap 8.62%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$8.08M
$7.07M – $9.43M
NOI $565,591 @ 7.0% cap · market cap 59.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
799
Businesses Nearby
Explore this area
Business Placement
Demographics for 27530, NC
37,470
Population
17,796
Households
2.1
Avg Household Size
41
Median Age
22%
College-Educated
89%
High-School Grad
106.5 sq mi
ZIP Area
352
Density / Sq Mi
$55,507
Median Household Income
$37,696
Median Earnings
$827
Median Rent
$176,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 18-unit multifamily property in Goldsboro, North Carolina, near Raleigh.
Where is this apartment building located?
The property is located at 306 W Pine St Goldsboro, NC.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 18‑unit multifamily property with a stable tenant base.; Prime location near Seymour Johnson Air Force Base, a major employer.; Walking distance to Downtown Goldsboro's amenities.
