36-Unit Apartment
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 Market213
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 25, Bedroom 66, Bedroom 14, Bedroom 28, Bathroom 10, Bathroom 33, Bedroom 57, Bathroom 4, Bedroom 12, Bathroom 45, Bathroom 25, Bedroom 32, Bathroom 23, Bathroom 61, Bathroom 71, Bathroom 17, Bathroom 19, Bedroom 38, Bathroom 95, Bedroom 16, Bathroom 69, Bedroom 69, Bedroom 42, Bathroom 85, Bathroom 100, Bathroom 43, Bathroom 12, Bathroom 52, Bathroom 22, Bedroom 65, Bedroom 18, Bathroom 18, Bathroom 103, Bathroom 30, Bedroom 52, Bedroom 49, Bathroom 72, Bathroom 39, Bedroom 17, Bathroom 62, Bathroom 24, Bedroom 62, Bathroom 54, Bedroom 70, Bedroom 41, Bathroom 58, Bedroom 15, Bedroom 43, Bathroom 90, Bathroom 93, Bathroom 13, Bathroom 79, Bedroom 1, Bathroom 28, Bathroom 38, Bathroom 70, Bathroom 11, Bedroom 21, Bedroom 45, Bathroom 40, Bedroom 71, Bathroom 68, Bathroom 60, Bedroom 31, Bathroom 56, Bathroom 87, Bathroom 96, Bedroom 67, Bedroom 53, Bedroom 24, Bedroom 6, Bathroom 57, Bathroom 99, Bathroom 97, Bathroom 81, Bedroom 27, Bathroom 59, Bathroom 75, Bathroom 53, Bedroom 40, Bathroom 83, Bathroom 66, Bedroom 29, Bedroom 58, Bedroom 63, Bathroom 88, Bathroom 102, Bathroom 63, Bedroom 22, Bedroom 46, Bathroom 26, Bathroom 49, Bathroom 64, Bedroom 44, Bedroom 34, Bathroom 34, Bedroom 48, Bathroom 16, Bathroom 50, Bathroom 76, Bathroom 104, Bathroom 32, Bathroom 78, Bathroom 89, Bathroom 98, Bedroom 5, Bathroom 37, Bathroom 2, Bedroom 64, Bathroom 44, Bathroom 48, Bathroom 92, Bathroom 101, Bedroom 55, Bathroom 7, Bathroom 20, Bathroom 47, Bathroom 14, Bedroom 2, Bedroom 56, Bathroom 21, Bedroom 7, Bedroom 10, Bathroom 31, Bedroom 26, Bathroom 77, Bathroom 82, Bedroom 4, Bathroom 73, Bathroom 9, Bedroom 50, Bathroom 80, Bedroom 47, Bathroom 74, Bedroom 61, Bedroom 60, Bedroom 3, Bathroom 41, Bathroom 94, Bedroom 59, Bedroom 51, Bedroom 36, Bathroom 29, Bedroom 20, Bathroom 51, Bathroom 55, Bedroom 33, Bedroom 68, Bathroom 3, Bedroom 19, Bathroom 27, Bathroom 1, Bathroom 8, Bathroom 36, Bathroom 35, Bathroom 65, Bathroom 86, Bathroom 91, Bathroom 42, Bedroom 11, Bedroom 23, Bathroom 67, Bedroom 30, Bedroom 8, Bathroom 6, Bathroom 84, Bathroom 46, Bedroom 9, Bathroom 5, Bathroom 15, Bedroom 39, Bedroom 35, Bedroom 54, Bedroom 37, Bedroom 13
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
Forced Air, Central
Cooling system
Central Air, Electric, Heat Pump
Water source
Public
Amenities
refrigerator
stove
washing machine
dryer
garbage dumpster
ground care
onsite office
Building Details
Year built
1999
Floors in Building
2
Number of units
4
Flooring type
Carpet, Vinyl
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: Sep 3
Last Checked: Sep 9 at 8:06AM
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 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 = 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
$351,061
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
7.09%
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%
$7,021,220
$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
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
$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 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%
$7,021,220
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.
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?
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
