Historic Triplex With Separate
For Sale
$694,900
418 W Hayman Boulevard, Kill Devil Hills, NC 27948
The property combines distinct living spaces with full kitchens and laundry facilities throughout.
Property Size2,650 SF
Days on Market103
Property Features for 418 W Hayman Boulevard
General Information
Standard status
Active
Size
2,650 SF
Property subtype
Multi-Family
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 3BR, 1 x 1BR, 1 x studio
Multifamily Units
3
Building Details
Building Size
2,650 SF
Year Built
1945
Construction
Outer Banks style
Listing Agency:
Atlantic Realty
Listed By:
Barbara Gudoski
(252) 261-2154
Source:
Coastsideproperties.kw
Added: Jun 15
Changed: Sep 13
Last Checked: Sep 24 at 6:41AM
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 Atlantic Realty
Investment Insights
Based on property information with market context.
Constructed in 1945, this historic triplex comprises a three-bedroom main residence, a one-bedroom apartment, and an upstairs studio. The former garage now serves as the one-bedroom unit, while the former maids’ quarters have been converted into the studio. Each residence includes a full kitchen and washer/dryer. Water, electric, and internet are currently included in the rents. An interior stairway to the studio is closed off, preserving the existing separation between spaces.
The property is located at 418 W Hayman Boulevard in Kill Devil Hills. Hayman Boulevard provides ocean beach access with parking, sound access with several parking spaces, and a community park. The building was originally constructed on the oceanfront before being moved to its present location.
The property is located at 418 W Hayman Boulevard in Kill Devil Hills. Hayman Boulevard provides ocean beach access with parking, sound access with several parking spaces, and a community park. The building was originally constructed on the oceanfront before being moved to its present location.
Key Highlights
- Three‑bedroom main residence plus 1BR apartment and upstairs studio
- Built in 1945 and identified as a historic landmark
- Full kitchen and washer/dryer in each of the three units
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
$39,122
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
5.63%
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%
$782,440
$782.4K
Cap Rate 7%
$558,886
$558.9K
Cap Rate 9%
$434,689
$434.7K
Market Conditions
NOI Build-Up for 2,650 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
$58.8K $22.20/SF
− Vacancy
−$2.9K −$1.11/SF
EGI
$55.9K $21.09/SF
− OpEx
−$16.8K −$6.33/SF
NOI
$39.1K $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%
$782,440
Cap Rate 7%
$558,886
Cap Rate 9%
$434,689
Alternative Uses
Best Use
Multifamily LT 5
$558.9K
$489.0K – $652.0K
NOI $39,122 @ 7.0% cap · market cap 5.63%
Second Best
Apartment 5plus
$517.8K
$453.1K – $604.1K
NOI $36,245 @ 7.0% cap · market cap 5.22%
Theoretical Best
Office A
$639.6K
$559.7K – $746.2K
NOI $44,774 @ 7.0% cap · market cap 6.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
348
Businesses Nearby
Explore this area
Business Placement
Demographics for 27948, NC
12,095
Population
10,143
Households
1.2
Avg Household Size
46
Median Age
43%
College-Educated
96%
High-School Grad
9.3 sq mi
ZIP Area
1,301
Density / Sq Mi
$85,319
Median Household Income
$41,433
Median Earnings
$1,539
Median Rent
$398,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - The property combines distinct living spaces with full kitchens and laundry facilities throughout.
Where is this triplex located?
The property is located at 418 W Hayman Boulevard Kill Devil Hills, NC.
What is the asking price?
The asking price for this property is $694,900.
What are key features of this property?
This property features: Three‑bedroom main residence plus 1BR apartment and upstairs studio; Built in 1945 and identified as a historic landmark; Full kitchen and washer/dryer in each of the three units
