Two-Unit Residential Income
For Sale
$129,000
515 E 10th St, Lumberton, NC 28358
Duplex features two occupied units: a 3-bedroom/1-bath upstairs and a 2-bedroom/1-bath downstairs.
Property Size1,948 SF
Price / SF$66.22
Days on Market86
Property Features for 515 E 10th St
General Information
Standard status
Active
Size
1,948 SF
Property subtype
Commercial
Occupancy
100%
Additional Details
Multifamily Units
2
Building Details
Year Built
1953
Listing Agency:
Century 21 The Real Estate Ctr
Listed By:
Mike K Ivey
Source:
Searchgreateraugustahomes
Added: Jun 1
Changed: Aug 24
Last Checked: Aug 24 at 12:42AM
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 Century 21 The Real Estate Ctr
Investment Insights
Based on property information with market context.
This two-unit residential income duplex offers separate upstairs and downstairs living arrangements. The upstairs unit includes three bedrooms and one bathroom. The downstairs unit includes two bedrooms and one bathroom. Both units are currently occupied.
The property is located at 515 E. 10th Street in Lumberton, NC. The building configuration supports straightforward tenant separation with distinct unit layouts on two levels.
As a duplex with two independently set-up units, the property provides a residential income structure with one larger (3-bedroom) unit and one smaller (2-bedroom) unit, each with one bathroom.
The property is located at 515 E. 10th Street in Lumberton, NC. The building configuration supports straightforward tenant separation with distinct unit layouts on two levels.
As a duplex with two independently set-up units, the property provides a residential income structure with one larger (3-bedroom) unit and one smaller (2-bedroom) unit, each with one bathroom.
Key Highlights
- Duplex with two occupied units
- Upstairs unit: 3 bedrooms and 1 bathroom
- Downstairs unit: 2 bedrooms and 1 bathroom
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
$11,264
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
8.73%
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%
$225,280
$225.3K
Cap Rate 7%
$160,914
$160.9K
Cap Rate 9%
$125,156
$125.2K
Market Conditions
NOI Build-Up for 1,948 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
$17.1K $8.76/SF
− Vacancy
−$973 −$0.50/SF
EGI
$16.1K $8.26/SF
− OpEx
−$4.8K −$2.48/SF
NOI
$11.3K $5.78/SF
Area
Robeson County, NC
Vacancy
5.70%
Lease Rate
$8.76 /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%
$225,280
Cap Rate 7%
$160,914
Cap Rate 9%
$125,156
Alternative Uses
Best Use
Multifamily LT 5
$160.9K
$140.8K – $187.7K
NOI $11,264 @ 7.0% cap · market cap 8.73%
Second Best
Apartment 5plus
$143.3K
$125.4K – $167.2K
NOI $10,031 @ 7.0% cap · market cap 7.78%
Theoretical Best
Office A
$537.0K
$469.9K – $626.5K
NOI $37,589 @ 7.0% cap · market cap 29.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
568
Businesses Nearby
Explore this area
Business Placement
Demographics for 28358, NC
32,865
Population
14,838
Households
2.2
Avg Household Size
39
Median Age
17%
College-Educated
82%
High-School Grad
196.6 sq mi
ZIP Area
167
Density / Sq Mi
$46,756
Median Household Income
$34,031
Median Earnings
$837
Median Rent
$106,200
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 - Duplex features two occupied units: a 3-bedroom/1-bath upstairs and a 2-bedroom/1-bath downstairs.
Where is this duplex located?
The property is located at 515 E 10th St Lumberton, NC.
What is the asking price?
The asking price for this property is $129,000.
What are key features of this property?
This property features: Duplex with two occupied units; Upstairs unit: 3 bedrooms and 1 bathroom; Downstairs unit: 2 bedrooms and 1 bathroom
