Triplex with Separate Electrical
For Sale
Contact for pricing
360 Island Rd, Harkers Island, NC 28531
Three-unit triplex with individual electrical meters; two units are suited for short-term rentals and one unit is vacant.
Property Size2,643 SF
Price / SF$283.77
Days on Market139
Property Features for 360 Island Rd
General Information
Standard status
Active
Size
2,643 SF
Property subtype
Hospitality, Mixed Use, Multifamily
Additional Details
Road Access
Yes
Multifamily Units
3
Building Details
Year Built
1969
Buildings
1
Stories
1
Units
3
Listing Agency:
Inner Banks Properties
Listed By:
Ross Beebe · License #NC
(252) 226-9818
Source:
Crexi
Added: Apr 22
Changed: Sep 5
Last Checked: Sep 7 at 11:15AM
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 Inner Banks Properties
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.
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 = 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
$22,834
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
3.04%
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%
$456,680
$456.7K
Cap Rate 7%
$326,200
$326.2K
Cap Rate 9%
$253,711
$253.7K
Market Conditions
NOI Build-Up for 2,643 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
$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 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%
$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
NOI $22,834 @ 7.0% cap · market cap 3.04%
Second Best
Apartment 5plus
$305.2K
$267.0K – $356.0K
NOI $21,362 @ 7.0% cap · market cap 2.85%
Theoretical Best
Office A
$792.9K
$693.8K – $925.1K
NOI $55,503 @ 7.0% cap · market cap 7.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
