Updated Beach Cottage
For Sale
$849,000
41 Skyline Road lot #1, Southern Shores, NC 27949
MULTI_FAMILY - Southern Shores, NC
Property Size2,052 SF
Lot Size0.26 Acres
Price / SF$413.74
Days on Market59
Property Features for 41 Skyline Road lot #1
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RS1
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 5, Bathroom 1, Bedroom 1, Bedroom 4, Bathroom 2, Bedroom 2
Parking features
Paved or Surfaced, Off Street
Interior features
Gas Connection, Ice Maker Connection, Washer Connection, Electric Fireplace
Fireplace
1
Appliances
Dishwasher, Dryer, Microwave, Range/Oven, Refrigerator w/Ice Maker, Washer, 2nd Refrigerator
Subdivision
So/Sh Amended
Lot features
Adj to Park Serv./ Preserv, Irregular Terrain, Level
Directions
From Ocean Boulevard, take Skyline Rd up the hill and around the curve. The property will be on your right, approximately 0.4 miles. SentriLock Box is at the base of the deck stairs leading you to the 2nd level front door.
Standard status
Active
Size
2,052 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3398
HOA Fee
$70 Annually
Utilities
Heating system
Heat Pump (Heating), Central
Cooling system
Central Air, Heat Pump
Amenities
shared yard
parking
storage shed
Building Details
Year built
1966
Flooring type
Wood, Tile - Ceramic, Carpet, Hardwood
Building materials
Frame
Roof type
Shingle
Architectural style
Cottage, Bungalow, Other
Listing Agency:
Twiddy and Co. - Duck
(252) 457-1600
Listed By:
Ray Meiggs · License #290422
(252) 333-5310
Added: Jun 14
Changed: Aug 7
Last Checked: Aug 11 at 10:06PM
MLS# 133173
Copyright © 2026 Outer Banks Association of Realtors®. 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 2,052-square-foot duplex sits on 0.26 acres in Southern Shores and includes two distinct apartments with private entrances. The five-bedroom, two-bath layout combines a refreshed first-floor living area with a more traditional second-floor cottage interior. Features include granite kitchen countertops, stainless appliances, gas range, electric fireplace, tiled showers, separate laundry areas, and a front deck serving the upper unit. A paved parking area and shared landscaped yard support guest use.
The property also includes an electrically equipped storage shed on a concrete slab, with shelving and industrial air conditioning suitable for storage or a workshop. Located within a 5-10 minute walk of the beach, the home is near local dining and recreational amenities. Ownership in the Southern Shores Civic Association provides access to 33 beach access walkways and dune crossovers, three marinas, tennis courts, and parks. The property is zoned RS1 and was built in 1966.
The property also includes an electrically equipped storage shed on a concrete slab, with shelving and industrial air conditioning suitable for storage or a workshop. Located within a 5-10 minute walk of the beach, the home is near local dining and recreational amenities. Ownership in the Southern Shores Civic Association provides access to 33 beach access walkways and dune crossovers, three marinas, tennis courts, and parks. The property is zoned RS1 and was built in 1966.
Key Highlights
- 2,052 SF duplex on a 0.26‑acre lot
- Five‑bedroom, two‑bath configuration divided into two separate apartments
- Private entrances, shared landscaped yard, and paved off‑street parking
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
$30,294
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
3.57%
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%
$605,880
$605.9K
Cap Rate 7%
$432,771
$432.8K
Cap Rate 9%
$336,600
$336.6K
Market Conditions
NOI Build-Up for 2,052 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
$45.6K $22.20/SF
− Vacancy
−$2.3K −$1.11/SF
EGI
$43.3K $21.09/SF
− OpEx
−$13.0K −$6.33/SF
NOI
$30.3K $14.76/SF
Area
Dare County, NC
Vacancy
5.00%
Lease Rate
$22.20 /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%
$605,880
Cap Rate 7%
$432,771
Cap Rate 9%
$336,600
Alternative Uses
Best Use
Multifamily LT 5
$432.8K
$378.7K – $504.9K
NOI $30,294 @ 7.0% cap · market cap 3.57%
Second Best
Apartment 5plus
$400.9K
$350.8K – $467.8K
NOI $28,066 @ 7.0% cap · market cap 3.31%
Theoretical Best
Office A
$495.3K
$433.4K – $577.9K
NOI $34,671 @ 7.0% cap · market cap 4.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
476
Businesses Nearby
Explore this area
Business Placement
Demographics for 27949, NC
8,151
Population
9,001
Households
0.9
Avg Household Size
54
Median Age
52%
College-Educated
98%
High-School Grad
15.2 sq mi
ZIP Area
536
Density / Sq Mi
$109,443
Median Household Income
$44,423
Median Earnings
$1,364
Median Rent
$600,700
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?
Duplex - Two separately entered units share a landscaped yard, with updated kitchens, laundry areas, and private parking.
Where is this duplex located?
The property is located at 41 Skyline Road lot #1 Southern Shores, NC.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: 2,052 SF duplex on a 0.26‑acre lot; Five‑bedroom, two‑bath configuration divided into two separate apartments; Private entrances, shared landscaped yard, and paved off‑street parking
