Building Details

Year Built 1969

Listing Agency: Keller Williams Realty

Listed By: TIFFANY ANNE PARRISH · License #314361 Show Phone

Source: Advantagecoastalproperties

Added: May 8 Changed: Oct 7 Last Checked: Oct 7 at 4:13PM

Report an Issue

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 Keller Williams Realty

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This triplex at 360 Island Rd includes three separate units, each served by its own electrical meter. Two units are already suited for short-term rental use, while the third unit is vacant and rent-ready. A further electrical meter toward the back of the property provides additional flexibility for future expansion, with buyer to verify specific options.

The property is located on the main road through Harkers Island. Updates include durable LVP flooring throughout all units and fresh paint in unit 1.

The seller states no known restrictions were found in over 20 years of deed history, and the property has been booked primarily through word-of-mouth rather than online platforms.

Key Highlights

• Three‑unit triplex at 360 Island Road with Year Built 1969
• Two units are configured for short‑term rental use; third unit is vacant and rent‑ready
• Each of the three units has its own electrical meter for separate rentals or multi‑generational use

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$22,834

Cap Rate

3.04%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$456,680 $456.7K

Cap Rate 7%

$326,200 $326.2K

Cap Rate 9%

$253,711 $253.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,643 SF

Gross rent

$34.9K $13.20/SF

− Vacancy

−$2.3K −$0.86/SF

EGI

$32.6K $12.34/SF

− OpEx

−$9.8K −$3.70/SF

NOI

$22.8K $8.64/SF

Area

Carteret County, NC

Vacancy

6.50%

Lease Rate

$13.20 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$456,680

Cap Rate 7%

$326,200

Cap Rate 9%

$253,711

Alternative Uses

Best Use

Multifamily LT 5

$326.2K

$285.4K – $380.6K (±1% cap)

NOI $22,834 @ 7.0% cap · market cap 3.04%

Second Best

Apartment 5plus

$305.2K

$267.0K – $356.0K (±1% cap)

NOI $21,362 @ 7.0% cap · market cap 2.85%

Theoretical Best

Office A

$792.9K

$693.8K – $925.1K (±1% cap)

NOI $55,503 @ 7.0% cap · market cap 7.40%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Contact the owner directly Get the owner's phone numbers and email

Open Analytics

Lease Details

3

Residential units

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

29

Businesses Nearby

Explore this area Business Placement

Demographics for 28531, NC

1,127

Population

1,155

Households

1

Avg Household Size

61

Median Age

23%

College-Educated

84%

High-School Grad

2.2 sq mi

ZIP Area

512

Density / Sq Mi

$58,750

Median Household Income

$37,500

Median Earnings

$968

Median Rent

$295,500

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Frequently Asked Questions

What type of property is this?

Triplex - Three-unit triplex with individual electrical meters; two units are suited for short-term rentals and one unit is vacant.

Where is this triplex located?

The property is located at 360 Island Rd Harkers Island, NC.

What is the asking price?

The asking price for this property is $750,000.

What are key features of this property?

This property features: Three‑unit triplex at 360 Island Road with Year Built 1969; Two units are configured for short‑term rental use; third unit is vacant and rent‑ready; Each of the three units has its own electrical meter for separate rentals or multi‑generational use