36-Unit Apartment
601 Main Street, Lillington, NC 27546
For Sale
$4,950,000
Residential Income, Lillington, NC
Property Size46,400 SF
Lot Size7.10 Acres
Price / SF$106.68
Days on Market276
Property Features for 601 Main Street
General Information
Property type
Property subtype
Zoning
Bedrooms
Bathrooms
Full bathrooms
Half bathrooms
Rooms
Exterior features
Appliances
Subdivision
Elementary school
Middle school
High school
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Individually Metered Utilities
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Sewer type
Heating system
Cooling system
Water source
Building Details
Year built
Floors in Building
Number of units
Flooring type
Building materials
Roof type
Additional Structures
Listing Agency:
Turlington Real Estate Group
(910) 892-0463
Listed By:
Lucia Turlington · License NC #265256
(919) 697-6905
Added: Feb 8
Changed: Nov 2
Last Checked: Nov 10 at 5:06PM
MLS# 10145383
Copyright © 2026 Doorify MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
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This 36-unit apartment property was built in 1999 and contains 46,400 square feet across a mix of two one-bedroom/one-bath apartments, 33 two-bedroom/2.5-bath apartments, and one three-bedroom/three-bath apartment. All residences offer ground-level entry, brick veneer, frame, or vinyl siding, and individually metered electric service. Unit appliances include refrigerators, stoves, washers, and dryers, while the property also provides resident and visitor parking, a garbage dumpster, and ground care. An onsite office is currently used for storage by management and maintenance personnel.
The property encompasses 7.1 acres in Lillington, near Campbell University and approximately 10 minutes from the town. Public water and sewer serve the site, and the property is zoned RA-30. All roofs were replaced in 2016; HVAC systems, appliances, flooring, and other components have been updated or repaired as needed.
A separate 2.85-acre cleared area is planned for 24 additional units in four buildings of six units each. Harnett County has addressed the plans, which convey at closing, and utilities are located at the road.
The property encompasses 7.1 acres in Lillington, near Campbell University and approximately 10 minutes from the town. Public water and sewer serve the site, and the property is zoned RA-30. All roofs were replaced in 2016; HVAC systems, appliances, flooring, and other components have been updated or repaired as needed.
A separate 2.85-acre cleared area is planned for 24 additional units in four buildings of six units each. Harnett County has addressed the plans, which convey at closing, and utilities are located at the road.
Key Highlights
- 36 units totaling 46,400 square feet on 7.1 acres
- Unit mix includes 2 one‑bedroom, 33 two‑bedroom, and 1 three‑bedroom apartments
- 2.85 acres planned for 24 additional units in four 6‑unit buildings
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$351,061
Cap Rate
7.09%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,021,220
$7.0M
Cap Rate 7%
$5,015,157
$5.0M
Cap Rate 9%
$3,900,678
$3.9M
Market Conditions
NOI Build-Up for 46,400 SF
Gross rent
$684.9K $14.76/SF
− Vacancy
−$46.6K −$1.00/SF
EGI
$638.3K $13.76/SF
− OpEx
−$287.2K −$6.19/SF
NOI
$351.1K $7.57/SF
Area
Harnett County, NC
Vacancy
6.80%
Lease Rate
$14.76 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,021,220
Cap Rate 7%
$5,015,157
Cap Rate 9%
$3,900,678
Alternative Uses
Best Use
Apartment 5plus
$5.02M
$4.39M – $5.85M
NOI $351,061 @ 7.0% cap · market cap 7.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.10M
$8.84M – $11.78M
NOI $707,047 @ 7.0% cap · market cap 14.28%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
36
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
155
Businesses Nearby
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Business Placement
Demographics for 27546, NC
20,637
Population
7,933
Households
2.6
Avg Household Size
37
Median Age
26%
College-Educated
89%
High-School Grad
122.5 sq mi
ZIP Area
168
Density / Sq Mi
$61,781
Median Household Income
$39,914
Median Earnings
$1,079
Median Rent
$227,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Ground-level apartments with individually metered electric service, resident parking, appliances, and an onsite storage office.
Where is this apartment building located?
The property is located at 601 Main Street Lillington, NC.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: 36 units totaling 46,400 square feet on 7.1 acres; Unit mix includes 2 one‑bedroom, 33 two‑bedroom, and 1 three‑bedroom apartments; 2.85 acres planned for 24 additional units in four 6‑unit buildings
