Triplex with Multiple Electric
For Sale
$750,000
360 Island Road, Harkers Island, NC 28531
MULTI_FAMILY - Harkers Island, NC
Property Size2,643 SF
Lot Size0.51 Acres
Price / SF$283.77
Days on Market126
Property Features for 360 Island Road
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
Multi Family
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 5, Bathroom 3, Bathroom 1, Bathroom 2, Bedroom 3, Bedroom 6, Bedroom 2, Bedroom 1
Patio and Porch features
Porch, Deck
Interior features
Master Downstairs, Ceiling Fan(s), Furnished, Blinds/Shades
Appliances
Electric Oven, Washer, Refrigerator, Dryer
Subdivision
Not In Subdivision
Lot features
Level
Elementary school
Harkers Island
Middle school
Down East
High school
East Carteret
Directions
Hwy 70 E. to Harkers Island Rd. Property on right just pass Sea Side Store and restaurant .
Standard status
Active
APN
732511667182000
Size
2,643 SF
Lot size
0.51 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LOT HARKERS ISLAND
Tax Annual Amount
1315
Legal Description
LOT HARKERS ISLAND
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating), Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1969
Floors in Building
1
Number of units
3
Flooring type
Lvt/lvp, Tile, Carpet
Building materials
Block
Listing Agency:
Keller Williams Realty
(252) 637-2010
Listed By:
TIFFANY ANNE PARRISH · License #314361
(731) 514-6006
Added: Apr 7
Changed: Aug 7
Last Checked: Aug 10 at 12:06AM
MLS# 100565478
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.
This for-sale triplex at 360 Island Road includes three separate units configured for independent living. Each unit has its own electrical meter, allowing flexibility for separate tenancies or multiple rental arrangements, including short-term rental use for two of the units. The third unit is vacant and described as rent-ready. In addition, there is an extra electrical meter located toward the back of the property that provides optional infrastructure for future expansion or alternative add-on uses, subject to buyer verification.
The property is positioned on the main road through Harkers Island, offering direct street access consistent with a small income-focused residential use. The seller’s remarks indicate that review of deed history over 20 years found no known restrictions, and the asset is zoned for multi-family use.
Updates cited in the listing include durable LVP flooring throughout all units and fresh paint in unit 1. With individual metering and multiple unit configurations, the triplex can fit buyers seeking a manageable structure for diversified occupancy, whether for a mix of long-term and short-term rentals or for housing-related flexibility. Two units are already suited for short-term rental use, while the third provides an opportunity to move into tenancy or adjust the setup as needed.
The property is positioned on the main road through Harkers Island, offering direct street access consistent with a small income-focused residential use. The seller’s remarks indicate that review of deed history over 20 years found no known restrictions, and the asset is zoned for multi-family use.
Updates cited in the listing include durable LVP flooring throughout all units and fresh paint in unit 1. With individual metering and multiple unit configurations, the triplex can fit buyers seeking a manageable structure for diversified occupancy, whether for a mix of long-term and short-term rentals or for housing-related flexibility. Two units are already suited for short-term rental use, while the third provides an opportunity to move into tenancy or adjust the setup as needed.
Key Highlights
- Triplex at 360 Island Road with 3 separate units and three individual electrical meters for flexible rental setups
- Bonus electrical meter toward the back of the property offers expansion potential (buyer to verify additional uses)
- Two units already configured for short‑term rental use; third unit is vacant and rent‑ready
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
31
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 - Triplex on Harkers Island with three separate units and individual electric meters, supporting flexible rental use.
Where is this triplex located?
The property is located at 360 Island Road 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: Triplex at 360 Island Road with 3 separate units and three individual electrical meters for flexible rental setups; Bonus electrical meter toward the back of the property offers expansion potential (buyer to verify additional uses); Two units already configured for short‑term rental use; third unit is vacant and rent‑ready
