36-Unit All-Electric Quadplex
For Sale
$4,950,000
601 Main Street, Lillington, NC 27546
Residential Income, Lillington, NC
Property Size46,400 SF
Lot Size7.10 Acres
Price / SF$106.68
Days on Market193
Property Features for 601 Main Street
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Zoning
RA-30
Bedrooms
71
Bathrooms
88
Full bathrooms
71
Half bathrooms
33
Rooms
Bedroom 20, Bedroom 22, Bathroom 13, Bathroom 24, Bathroom 72, Bathroom 38, Bathroom 25, Bedroom 1, Bathroom 43, Bathroom 36, Bedroom 56, Bathroom 89, Bathroom 102, Bathroom 87, Bathroom 94, Bathroom 37, Bathroom 9, Bedroom 29, Bedroom 48, Bathroom 39, Bathroom 64, Bedroom 10, Bathroom 98, Bedroom 51, Bathroom 100, Bedroom 55, Bedroom 46, Bathroom 47, Bedroom 26, Bathroom 26, Bathroom 3, Bathroom 22, Bathroom 67, Bathroom 75, Bathroom 70, Bedroom 15, Bedroom 36, Bedroom 7, Bedroom 33, Bedroom 28, Bathroom 40, Bathroom 92, Bedroom 35, Bedroom 23, Bathroom 7, Bathroom 35, Bathroom 31, Bedroom 13, Bathroom 20, Bathroom 11, Bathroom 103, Bedroom 31, Bathroom 23, Bedroom 30, Bedroom 27, Bedroom 62, Bedroom 57, Bathroom 27, Bathroom 101, Bathroom 5, Bathroom 15, Bathroom 1, Bathroom 69, Bedroom 34, Bathroom 88, Bathroom 82, Bedroom 38, Bathroom 18, Bathroom 4, Bathroom 33, Bedroom 58, Bathroom 95, Bathroom 73, Bathroom 29, Bedroom 21, Bedroom 25, Bedroom 8, Bathroom 49, Bedroom 70, Bathroom 45, Bedroom 9, Bedroom 42, Bathroom 80, Bedroom 47, Bedroom 4, Bedroom 63, Bathroom 32, Bathroom 74, Bathroom 58, Bathroom 50, Bedroom 68, Bathroom 54, Bathroom 85, Bedroom 69, Bedroom 54, Bedroom 43, Bedroom 40, Bedroom 24, Bathroom 34, Bathroom 44, Bedroom 6, Bathroom 104, Bathroom 71, Bathroom 81, Bedroom 52, Bathroom 56, Bathroom 10, Bedroom 65, Bathroom 8, Bedroom 41, Bedroom 16, Bedroom 18, Bathroom 16, Bathroom 48, Bathroom 61, Bathroom 65, Bathroom 19, Bedroom 66, Bathroom 76, Bathroom 55, Bathroom 83, Bathroom 59, Bedroom 3, Bedroom 39, Bathroom 17, Bathroom 53, Bathroom 30, Bathroom 51, Bedroom 53, Bathroom 52, Bathroom 14, Bedroom 59, Bathroom 93, Bedroom 14, Bedroom 60, Bathroom 41, Bathroom 90, Bedroom 11, Bedroom 2, Bathroom 84, Bathroom 91, Bedroom 49, Bathroom 42, Bedroom 64, Bedroom 12, Bathroom 99, Bedroom 17, Bedroom 5, Bathroom 62, Bedroom 37, Bathroom 12, Bathroom 60, Bathroom 78, Bedroom 67, Bedroom 45, Bathroom 97, Bathroom 57, Bedroom 32, Bedroom 71, Bathroom 28, Bathroom 86, Bedroom 61, Bedroom 50, Bedroom 44, Bathroom 21, Bathroom 2, Bedroom 19, Bathroom 79, Bathroom 6, Bathroom 63, Bathroom 77, Bathroom 96, Bathroom 46, Bathroom 66, Bathroom 68
Exterior features
Storage
Appliances
Dishwasher, Dryer, Electric Cooktop, Refrigerator, Washer, Water Heater
Subdivision
Not in a Subdivision
Elementary school
Harnett - Buies Creek Elementary
Middle school
Harnett - Harnett Central Middle
High school
Harnett - Harnett Central High
Standard status
Active
APN
0670-86-6402.000/ 0670-86-7395.000
Size
46,400 SF
Lot size
7.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
1.26AC PC#F-450C 5.843AC L C PULLEY MAP#98-248
Tax Annual Amount
29817
Legal Description
1.26AC PC#F-450C 5.843AC L C PULLEY MAP#98-248
Utilities
Sewer type
Public Sewer
Heating system
Central, Forced Air
Cooling system
Heat Pump, Electric, Central Air
Water source
Public
Building Details
Year built
1999
Floors in Building
2
Number of units
4
Flooring type
Vinyl, Carpet
Building materials
Brick Veneer, Frame, Vinyl Siding
Roof type
Asphalt
Additional Structures
Storage
Listing Agency:
Turlington Real Estate Group
(910) 892-0463
Listed By:
Lucia Turlington · License #265256
(919) 697-6905
Added: Feb 8
Changed: Aug 19
Last Checked: Aug 20 at 11:06PM
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.
Investment Insights
Based on property information with market context.
This quadplex-style multifamily property was built in 1999 and is configured with 36 total units on ground-level entrances. The unit mix includes two 1 bed/1 bath units, thirty-three 2 bed/2.5 bath units, and one 3 bed/3 bath unit. Exterior materials include brick veneer, vinyl siding, and frame construction on slab. Units are individually metered and all-electric, and each unit includes appliances such as a refrigerator, electric cooktop, dishwasher, washer, dryer, and water heater. An onsite office is currently used for storage for the property management and maintenance crew.
Improvements and maintenance include asphalt roofing and roof replacements completed in 2016. AC units and appliances have been replaced as needed, with roughly 50% of units updated with LVP flooring on the main level and in the bathrooms, and carpet replaced as needed. The property is served by public water and public sewer.
The site includes 7.1 acres, along with an additional 2.85 acres of cleared land proposed for 24 more units in four buildings with six units each. Harnett County has addressed the additional-build plan, and utilities are at the road; plans will be conveyed at closing.
Improvements and maintenance include asphalt roofing and roof replacements completed in 2016. AC units and appliances have been replaced as needed, with roughly 50% of units updated with LVP flooring on the main level and in the bathrooms, and carpet replaced as needed. The property is served by public water and public sewer.
The site includes 7.1 acres, along with an additional 2.85 acres of cleared land proposed for 24 more units in four buildings with six units each. Harnett County has addressed the additional-build plan, and utilities are at the road; plans will be conveyed at closing.
Key Highlights
- RA‑30 zoned quadplex‑style apartment property with 7.1 acres total site area
- 36 total units: two 1 bed/1 bath, 33 two bed/2.5 bath, and one 3 bed/3 bath
- All units have ground‑level entrances and are individually metered all‑electric
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
$378,554
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
7.65%
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%
$7,571,080
$7.6M
Cap Rate 7%
$5,407,914
$5.4M
Cap Rate 9%
$4,206,156
$4.2M
Market Conditions
NOI Build-Up for 46,400 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
$584.6K $12.60/SF
− Vacancy
−$43.8K −$0.95/SF
EGI
$540.8K $11.66/SF
− OpEx
−$162.2K −$3.50/SF
NOI
$378.6K $8.16/SF
Area
Harnett County, NC
Vacancy
7.50%
Lease Rate
$12.60 /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%
$7,571,080
Cap Rate 7%
$5,407,914
Cap Rate 9%
$4,206,156
Alternative Uses
Best Use
Multifamily LT 5
$5.41M
$4.73M – $6.31M
NOI $378,554 @ 7.0% cap · market cap 7.65%
Second Best
Apartment 5plus
$5.02M
$4.39M – $5.85M
NOI $351,061 @ 7.0% cap · market cap 7.09%
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.
Property Analytics
Property Profile
Current Use
Lease Details
36
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
155
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - RA-30 zoned, all-electric quadplex-style apartments with individually metered units and ground-level entrances.
Where is this quadplex 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: RA‑30 zoned quadplex‑style apartment property with 7.1 acres total site area; 36 total units: two 1 bed/1 bath, 33 two bed/2.5 bath, and one 3 bed/3 bath; All units have ground‑level entrances and are individually metered all‑electric
