Tenant-Occupied
New
For Sale
$219,900
505 E Elizabeth St, Selma, NC 27576
Each residence has its own entrance and driveway, with both units currently leased.
Property Size1,736 SF
Price / SF$126.67
Days on Market4
Property Features for 505 E Elizabeth St
General Information
Standard status
Active
Size
1,736 SF
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
rear patio
attached storage room
wooded buffer
Building Details
Year Built
1981
Buildings
1
Listed By:
Hope Tyler Home Team
(919) 332-5447
Source:
Hopetylerhometeam
Added: Sep 28
Changed: Sep 29
Last Checked: Sep 30 at 12:14PM
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 Hope Tyler Home Team
Investment Insights
Based on property information with market context.
Built in 1981, this 1,736-square-foot duplex contains two leased residences, each with two bedrooms and one bathroom. Separate entrances and driveways serve the units. Interior finishes vary: one home has carpet and laminate flooring, while the other features LVP throughout. Each residence has use of a rear patio, and the property includes an attached storage room and a wooded buffer. A property management company is already in place, and the owner may choose to continue that arrangement.
The property is near downtown Selma, shopping, dining, major highways, and the Selma-Smithfield Amtrak station.
The property is near downtown Selma, shopping, dining, major highways, and the Selma-Smithfield Amtrak station.
Key Highlights
- Two leased units, each with 2 bedrooms and 1 bathroom
- 1,736‑square‑foot duplex built in 1981
- Separate entrance and driveway for each residence
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
$17,691
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
8.05%
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%
$353,820
$353.8K
Cap Rate 7%
$252,729
$252.7K
Cap Rate 9%
$196,567
$196.6K
Market Conditions
NOI Build-Up for 1,736 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
$26.7K $15.36/SF
− Vacancy
−$1.4K −$0.80/SF
EGI
$25.3K $14.56/SF
− OpEx
−$7.6K −$4.37/SF
NOI
$17.7K $10.19/SF
Area
Johnston County, NC
Vacancy
5.22%
Lease Rate
$15.36 /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%
$353,820
Cap Rate 7%
$252,729
Cap Rate 9%
$196,567
Alternative Uses
Best Use
Multifamily LT 5
$252.7K
$221.1K – $294.9K
NOI $17,691 @ 7.0% cap · market cap 8.05%
Second Best
Apartment 5plus
$218.1K
$190.8K – $254.5K
NOI $15,267 @ 7.0% cap · market cap 6.94%
Theoretical Best
Office A
$525.2K
$459.5K – $612.7K
NOI $36,763 @ 7.0% cap · market cap 16.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
338
Businesses Nearby
Explore this area
Business Placement
Demographics for 27576, NC
17,568
Population
7,911
Households
2.2
Avg Household Size
37
Median Age
18%
College-Educated
84%
High-School Grad
81.3 sq mi
ZIP Area
216
Density / Sq Mi
$62,044
Median Household Income
$39,262
Median Earnings
$874
Median Rent
$178,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Each residence has its own entrance and driveway, with both units currently leased.
Where is this duplex located?
The property is located at 505 E Elizabeth St Selma, NC.
What is the asking price?
The asking price for this property is $219,900.
What are key features of this property?
This property features: Two leased units, each with 2 bedrooms and 1 bathroom; 1,736‑square‑foot duplex built in 1981; Separate entrance and driveway for each residence
