Carolina Beach Triplex Investment
For Sale
$800,000
409 Monroe Avenue, Carolina Beach, NC 28428
MULTI_FAMILY - Carolina Beach, NC
Property Size3,072 SF
Lot Size0.11 Acres
Price / SF$260.42
Days on Market464
Property Features for 409 Monroe Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
R-1-WB
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 6, Bedroom 2, Bathroom 1, Bedroom 5, Bedroom 1, Bathroom 2, Bedroom 3, Bedroom 7, Bedroom 4
Parking features
Off Street
Interior features
Ceiling Fan(s)
Exterior features
Balcony
Subdivision
Not In Subdivision
Elementary school
Carolina Beach
Middle school
Murray
High school
Ashley
Directions
Proceed over the bridge. Turn right onto Florence. Turn left onto N 4th. Turn right onto Monroe.
Standard status
Active
APN
R09006-014-015-000
Size
3,072 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lt 8 Blk 76 Carolina Beach
Legal Description
Lt 8 Blk 76 Carolina Beach
Utilities
Heating system
Electric (Heating), Baseboard
Cooling system
Wall/Window Unit(s), Window Unit(s)
Building Details
Year built
1966
Floors in Building
2
Number of units
3
Building materials
Vinyl Siding, Wood Frame
Roof type
Shingle
Listing Agency:
Beach Brokers Real Estate LLC
(703) 855-9502
Listed By:
Heidi E Brown · License #313250
(703) 855-9502
Added: Apr 23, 2025
Changed: Jul 18
Last Checked: Jul 30 at 11:06PM
MLS# 100503107
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 is an updated, clean, and turnkey income-producing triplex located in the heart of Carolina Beach. The property is situated just three blocks from restaurants, entertainment, and the boardwalk. This fully furnished property offers the flexibility to live in one unit and rent out the other two, or rent all three units. Both short-term and long-term rentals are permitted, and there is no HOA. The property includes three units under one roof, with off-street parking and a large backyard. On the main floor, there are two 2-bedroom units, each with separate, private entrances. Upstairs, there is a spacious 3-bedroom unit featuring a dining room and kitchen. All three units are fully furnished and ready to be rented. The property is zoned R-1-WB and sits on a lot of 0.11 acres. The total property size is 3072 square feet.
Key Highlights
- 1966‑built triplex with three furnished units under one roof
- Unit mix: two 2‑bedroom units on the main floor and one 3‑bedroom unit upstairs
- Two main‑floor units have separate, private entrances
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $46.1k | $15.00 |
| − Vacancy | −$4.4k | −$1.44 |
| EGI | $41.7k | $13.56 |
| − OpEx | −$12.5k | −$4.07 |
| NOI | $29.2k | $9.49 |
3,072 SF · lease $15.00/SF/yr · vacancy 9.59% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$416.6K
$364.5K – $486.1K
NOI $29,163 @ 7.0% cap · market cap 3.65%
Second Best
Apartment 5plus
$382.8K
$334.9K – $446.6K
NOI $26,794 @ 7.0% cap · market cap 3.35%
Theoretical Best
Office A
$997.1K
$872.4K – $1.16M
NOI $69,794 @ 7.0% cap · market cap 8.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
670
Businesses Nearby
Explore this area
Business Placement
Demographics for 28428, NC
6,848
Population
6,268
Households
1.1
Avg Household Size
51
Median Age
48%
College-Educated
98%
High-School Grad
5.2 sq mi
ZIP Area
1,317
Density / Sq Mi
$87,670
Median Household Income
$41,138
Median Earnings
$1,515
Median Rent
$490,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Turnkey, fully furnished triplex near Carolina Beach boardwalk.
Where is this triplex located?
The property is located at 409 Monroe Avenue Carolina Beach, NC.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 1966‑built triplex with three furnished units under one roof; Unit mix: two 2‑bedroom units on the main floor and one 3‑bedroom unit upstairs; Two main‑floor units have separate, private entrances
