Updated Beach Cottage
For Sale
$875,000
41 Skyline Road Unit 1, Southern Shores, NC 27949
Separate apartments combine refreshed interiors, private entrances, shared landscaped grounds, and flexible residential income potential.
Property Size2,052 SF
Price / SF$426.41
Days on Market104
Property Features for 41 Skyline Road Unit 1
General Information
Standard status
Active
Size
2,052 SF
Property subtype
Residential / Multi-Family 2-4 Units
Zoning
RS1
Additional Details
Road Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,398
Amenities
electric fireplace
granite countertops
stainless appliances
deck
enclosed porch
storage shed
built-in bookshelves
beamed ceiling
Central Air, Heat Pump
Central, Heat Pump
Carpet, Ceramic Tile, Wood, Hardwood
Dishwasher, Dryer, Microwave, Range/Oven, Refrigerator w/Ice Maker, Washer, 2nd Refrigerator
2
5
Granite, Laminate
Piling, Slab, Short Pilings
No
Asphalt
Vinyl, Hurricane Shutters
Frame
Building Details
Year Built
1966
Buildings
1
Stories
2
Construction
beach cottage
Listing Agency:
Twiddy and Co. - Duck
(252) 333-5310
Listed By:
Ray S Meiggs · License #290422
Source:
Compass
Added: May 20
Changed: Aug 30
Last Checked: Aug 30 at 3:30PM
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 Twiddy and Co. - Duck
Investment Insights
Based on property information with market context.
This 2,052-square-foot duplex, built in 1966, contains five bedrooms and two full bathrooms across two independently accessed apartments. The first-floor residence includes a living room with electric fireplace, granite kitchen counters, gas range, stainless appliances, pantry, two queen bedrooms, office, laundry, and a tiled shower. The upper apartment features wood-finished interiors, a beamed living room, kitchen with stainless appliances, two queen bedrooms, a king bedroom, laundry area, enclosed porch, and an east-facing front deck.
The property sits on a landscaped lot within a residential cul-de-sac and includes guest parking. A powered storage shed on a concrete slab provides shelving and an industrial air-conditioning unit, supporting studio, workshop, or pottery uses. The property is zoned RS1 and is a 5–10 minute walk from the beach. Southern Shores Civic Association ownership provides access to 33 beach walkways and dune crossovers, three marinas, tennis courts, and several parks.
The property sits on a landscaped lot within a residential cul-de-sac and includes guest parking. A powered storage shed on a concrete slab provides shelving and an industrial air-conditioning unit, supporting studio, workshop, or pottery uses. The property is zoned RS1 and is a 5–10 minute walk from the beach. Southern Shores Civic Association ownership provides access to 33 beach walkways and dune crossovers, three marinas, tennis courts, and several parks.
Key Highlights
- 2,052 SF duplex with 5 bedrooms and 2 full bathrooms
- Two separate apartments with private entrances and a shared landscaped yard
- First‑floor kitchen includes granite counters, gas range, pantry, and stainless appliances
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
3.46%
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 3.46%
Second Best
Apartment 5plus
$400.9K
$350.8K – $467.8K
NOI $28,066 @ 7.0% cap · market cap 3.21%
Theoretical Best
Office A
$495.3K
$433.4K – $577.9K
NOI $34,671 @ 7.0% cap · market cap 3.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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
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Frequently Asked Questions
What type of property is this?
Duplex - Separate apartments combine refreshed interiors, private entrances, shared landscaped grounds, and flexible residential income potential.
Where is this duplex located?
The property is located at 41 Skyline Road Unit 1 Southern Shores, NC.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 2,052 SF duplex with 5 bedrooms and 2 full bathrooms; Two separate apartments with private entrances and a shared landscaped yard; First‑floor kitchen includes granite counters, gas range, pantry, and stainless appliances
