Two-Unit Duplex
For Sale
$129,000
515 E 10th Street, Lumberton, NC 28358
COMMERCIAL - Lumberton, NC
Property Size1,948 SF
Lot Size0.13 Acres
Price / SF$66.22
Days on Market44
Property Features for 515 E 10th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Residential
Parking features
Paved or Surfaced
Directions
Fayetteville Rd. to Pine St. Take left on 10th St. Cross Cedar St. 5th property on left.
Standard status
Active
APN
32280403001
Size
1,948 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LT 9 BLK C WOODLAWN SD
Tax Annual Amount
1186
Legal Description
LT 9 BLK C WOODLAWN SD
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1953
Number of units
2
Flooring type
Vinyl, Carpet
Building materials
Vinyl Siding, Wood Frame
Roof type
Shingle
Listing Agency:
Century 21 The Real Estate Ctr
(910) 738-8151
Listed By:
Mike K Ivey · License #187952
(910) 827-0891
Added: Jul 7
Changed: Aug 19
Last Checked: Aug 19 at 10:06PM
MLS# 100586907
Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,948-square-foot duplex, built in 1953, contains two occupied apartments. The upper residence offers three bedrooms and one bathroom, while the lower residence includes two bedrooms and one bathroom. Interior finishes include vinyl and carpet flooring, with electric forced-air heat and central air conditioning. The building has vinyl siding, wood-frame construction, and a shingle roof.
The property occupies 0.1339 acres and is served by public water and public sewer. Paved or surfaced parking is provided, and the zoning is Residential.
The property occupies 0.1339 acres and is served by public water and public sewer. Paved or surfaced parking is provided, and the zoning is Residential.
Key Highlights
- Two occupied apartments in a single duplex property
- Upper unit has 3 bedrooms and 1 bathroom
- Lower unit has 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
785
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 - Occupied duplex with separate two- and three-bedroom apartments, central air, paved parking, and public utilities.
Where is this duplex located?
The property is located at 515 E 10th Street 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: Two occupied apartments in a single duplex property; Upper unit has 3 bedrooms and 1 bathroom; Lower unit has 2 bedrooms and 1 bathroom
