Secluded Duplex on Large
For Sale
$700,000
52031 Piney Ridge Road, Frisco, NC 27936
RESIDENTIAL, Beach Box, Frisco, NC
Property Size2,600 SF
Lot Size2.25 Acres
Price / SF$269.23
Days on Market141
Property Features for 52031 Piney Ridge Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
SED-1
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Utility Room, Laundry Room, Bathroom 1, Bedroom 3, Bedroom 2, Bedroom 1, Bedroom 4, Bedroom 5, Bathroom 2, Bathroom 3
Interior features
Attic, Bay/Bow Window, Cedar Closet(s), Pantry, Walk in Closet
Appliances
Dishwasher, Dryer, Freezer, Microwave, Range/Oven, Refrigerator w/Ice Maker, Washer, 2nd Dishwasher, 2nd Refrigerator, Stackable Washer/Dryer
Lot features
Adj to Park Serv./ Preserv, Adj. To Common Area, Level, Wooded
Directions
From Nags Head, NC. take Highway 12 heading south. Go through the villages of Waves, Salvo, Rodanthe, Avon, Buxton, keep going and you will be coming into Frisco. Once you get to Frisco be looking for the Scotch Bonnet marina on the right. About a mile after the marina on the left will be Henry drive, make that left onto Henry. Go about a quarter mile and you will come to Piney Ridge road. The house will be directly in front of you.
Subdivision
Frisco Oceanside
Standard status
Active
Size
2,600 SF
Lot size
2.25 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2400
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Building Details
Year built
1989
Number of units
2
Flooring type
Tile - Ceramic, Tile, Carpet, Vinyl
Building materials
Masonry, Wood
Roof type
Shingle
Architectural style
Other
Listing Agency:
Home Zu
(888) 875-4218
Listed By:
Susan Ayers · License #347205
(888) 875-4218
Added: Apr 3
Changed: Aug 19
Last Checked: Aug 21 at 1:06AM
MLS# 132397
Copyright © 2026 Outer Banks Association of Realtors®. 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 property features a house with two separate units, each measuring 1300 square feet. The house is situated on 2.25 acres, offering secluded privacy in a wooded setting on the ocean side of Highway 12. The upstairs unit includes 3 bedrooms and 2 bathrooms, along with a large deck that surrounds the entire house. The downstairs unit has 2 large bedrooms and 1 large bathroom, complemented by a front porch, patio, and a screened-in back porch with a hot tub. The property also includes an adjacent one-acre cleared, buildable lot, offering additional potential.
Key Highlights
- Two separate units totaling 2,600 SF: 1,300 SF upper unit and 1,300 SF lower unit
- 3BR/2BA upstairs unit with a large deck that wraps around the house
- Downstairs unit offers 2 large bedrooms, 1 large bathroom, plus a front porch, patio, and screened‑in back porch with hot tub
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
$38,384
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
5.48%
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%
$767,680
$767.7K
Cap Rate 7%
$548,343
$548.3K
Cap Rate 9%
$426,489
$426.5K
Market Conditions
NOI Build-Up for 2,600 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
$57.7K $22.20/SF
− Vacancy
−$2.9K −$1.11/SF
EGI
$54.8K $21.09/SF
− OpEx
−$16.5K −$6.33/SF
NOI
$38.4K $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%
$767,680
Cap Rate 7%
$548,343
Cap Rate 9%
$426,489
Alternative Uses
Best Use
Multifamily LT 5
$548.3K
$479.8K – $639.7K
NOI $38,384 @ 7.0% cap · market cap 5.48%
Second Best
Apartment 5plus
$508.0K
$444.5K – $592.7K
NOI $35,562 @ 7.0% cap · market cap 5.08%
Theoretical Best
Office A
$627.6K
$549.1K – $732.2K
NOI $43,930 @ 7.0% cap · market cap 6.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
31
Businesses Nearby
Explore this area
Business Placement
Demographics for 27936, NC
994
Population
766
Households
1.3
Avg Household Size
55
Median Age
36%
College-Educated
85%
High-School Grad
5.2 sq mi
ZIP Area
191
Density / Sq Mi
$43,162
Median Household Income
$29,554
Median Earnings
$430,100
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 - Two-unit house on 2.25 acres with buildable lot.
Where is this duplex located?
The property is located at 52031 Piney Ridge Road Frisco, NC.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Two separate units totaling 2,600 SF: 1,300 SF upper unit and 1,300 SF lower unit; 3BR/2BA upstairs unit with a large deck that wraps around the house; Downstairs unit offers 2 large bedrooms, 1 large bathroom, plus a front porch, patio, and screened‑in back porch with hot tub
