Student Housing Apartment
For Sale
Contact for pricing
35 Kivett Road, Lillington, NC 27546
The property is identified as student housing and dates to 2008.
Property Size25,600 SF
Price / SF$156.05
Days on Market56
Property Features for 35 Kivett Road
General Information
Standard status
Active
Size
25,600 SF
Property subtype
Multifamily
Building Details
Year Built
2008
Year Renovated
2020
Units
16
Listing Agency:
APARTMENT CORE
Listed By:
Mike Siciliano · License #NC
Source:
Crexi
Added: Jul 7
Changed: Aug 30
Last Checked: Aug 31 at 12:46PM
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 APARTMENT CORE
Investment Insights
Based on property information with market context.
This apartment building comprises 25,600 square feet and was constructed in 2008. The property is identified as student housing and is located at 35 Kivett Road in Lillington, North Carolina.
Key Highlights
- 25,600‑square‑foot apartment building
- Student housing property
- Built in 2008
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
$193,689
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
4.85%
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%
$3,873,780
$3.9M
Cap Rate 7%
$2,766,986
$2.8M
Cap Rate 9%
$2,152,100
$2.2M
Market Conditions
NOI Build-Up for 25,600 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
$377.9K $14.76/SF
− Vacancy
−$25.7K −$1.00/SF
EGI
$352.2K $13.76/SF
− OpEx
−$158.5K −$6.19/SF
NOI
$193.7K $7.57/SF
Area
Harnett County, NC
Vacancy
6.80%
Lease Rate
$14.76 /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%
$3,873,780
Cap Rate 7%
$2,766,986
Cap Rate 9%
$2,152,100
Alternative Uses
Best Use
Apartment 5plus
$2.77M
$2.42M – $3.23M
NOI $193,689 @ 7.0% cap · market cap 4.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.57M
$4.88M – $6.50M
NOI $390,095 @ 7.0% cap · market cap 9.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
178
Businesses Nearby
Explore this area
Business Placement
Demographics for 27546, NC
20,637
Population
7,933
Households
2.6
Avg Household Size
37
Median Age
26%
College-Educated
89%
High-School Grad
122.5 sq mi
ZIP Area
168
Density / Sq Mi
$61,781
Median Household Income
$39,914
Median Earnings
$1,079
Median Rent
$227,000
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 - The property is identified as student housing and dates to 2008.
Where is this apartment building located?
The property is located at 35 Kivett Road Lillington, NC.
What is the asking price?
The asking price for this property is $3,995,000.
What are key features of this property?
This property features: 25,600‑square‑foot apartment building; Student housing property; Built in 2008
