Individually Metered Quadplex
514 Suburb St Rocky Mount, NC 27801
514 Suburb St, Rocky Mount, NC, 27801
Contact for pricing
For Sale
Contact for pricing
Four 2-bed/1-bath units are 100% occupied with month-to-month leases and individual utility metering.
Property Size2,820 SF
Price / SF$105.67
Days on Market114
Property Features for 514 Suburb St
General Information
- Standard status
- Active
- Size
- 2,820 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1985
Listing agency
Braddock Associates
(888) 731-1710
Listed by
Ben Braddock · License #287536
Source
Crexi
Added: Mar 31 Updated: Jul 21 at 1:35PM Checked: Jul 21 at 1:35PM
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 Braddock Associates
Investment Insights
Based on property information with market context.
This property consists of two single-story side-by-side duplexes, totaling four rental units. All units are 2 bedrooms and 1 bathroom and were built in 1985. The slab-on-grade foundation supports a brick exterior, with metal roofing on units at 518/520 Suburb Street and asphalt shingle roofing on units at 514/516 Suburb Street. The quadplex is currently 100% occupied, and all tenants are on month-to-month leases.
Each unit is individually metered, and tenants pay for water and electricity directly to the providers. Trash is included on tenants’ water bill.
Financials provided with the offering include a current cap rate of 11.37% and a projected cap rate of 12.18% with modest rent increases to $800 per unit market rent. The current NOI is $33,891, with NOI at market rent projected at $36,291. Units are listed as having current rent of $750 per month per unit.
Each unit is individually metered, and tenants pay for water and electricity directly to the providers. Trash is included on tenants’ water bill.
Financials provided with the offering include a current cap rate of 11.37% and a projected cap rate of 12.18% with modest rent increases to $800 per unit market rent. The current NOI is $33,891, with NOI at market rent projected at $36,291. Units are listed as having current rent of $750 per month per unit.
Key Highlights
- Four 2‑bed/1‑bath duplex units (two side‑by‑side duplexes) at 514‑520 Suburb St, all 100% occupied
- All units built in 1985 and total 2,820 SF with slab‑on‑grade foundation
- Month‑to‑month leases with tenants paying $750/mo; projected to $800/mo with modest rent increase
Local Financial Insights For Apartment 5plus
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 | $48.7k | $17.28 |
| − Vacancy | −$3.4k | −$1.21 |
| EGI | $45.3k | $16.07 |
| − OpEx | −$20.4k | −$7.23 |
| NOI | $24.9k | $8.84 |
2,820 SF · lease $17.28/SF/yr · vacancy 7.00% · expense 45.00%
Alternative Uses
Best Use
Multifamily LT 5
$401.2K
$351.0K – $468.1K
NOI $28,083 @ 7.0% cap · market cap 9.42%
Second Best
Apartment 5plus
$356.1K
$311.6K – $415.4K
NOI $24,925 @ 7.0% cap · market cap 8.36%
Theoretical Best
Office A
$929.7K
$813.5K – $1.08M
NOI $65,082 @ 7.0% cap · market cap 21.84%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Four 2-bed/1-bath units are 100% occupied with month-to-month leases and individual utility metering.
Where is this quadplex located?
The property is located at 514 Suburb St Rocky Mount, NC.
What is the asking price?
The asking price for this property is $298,000.
What are key features of this property?
This property features: Four 2‑bed/1‑bath duplex units (two side‑by‑side duplexes) at 514‑520 Suburb St, all 100% occupied; All units built in 1985 and total 2,820 SF with slab‑on‑grade foundation; Month‑to‑month leases with tenants paying $750/mo; projected to $800/mo with modest rent increase
