Owner-Occupied Duplex with Separate
622 Rainey Drive Spring Lake, NC 28390
For Sale
$440,000
Pending
DUPLEX - Other - Spring Lake, NC
Property Size1,562 SF
Lot Size0.45 Acres
Days on Market25
Property Features for 622 Rainey Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bathroom 2, Laundry Room, Bedroom 3, Bathroom 1
Parking
2
Patio and Porch features
Patio
Interior features
Breakfast Bar, Granite Counters, Open Floorplan, Pantry
Appliances
Electric Oven, Electric Range, Electric Water Heater, Microwave, Stainless Steel Appliance(s), Water Heater
Standard status
Pending
APN
0514-50-1649.000
Size
1,562 SF
Lot size
0.45 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
LOT#41 BLK B SEC I TWIN LAKES MB#7-119
Tax Annual Amount
2034
Utilities
Sewer type
Public Sewer
Cooling system
Electric, Central Air, Heat Pump
Water source
Public
Building Details
Year built
2024
Floors in Building
2
Flooring type
Carpet, Vinyl
Building materials
Vinyl Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
Ann Milton Realty
(910) 814-1012
Listed By:
Randy Yost · License #305419
(919) 612-8575
Added: Jul 3
Changed: Jul 27
Last Checked: Jul 27 at 11:06PM
MLS# 10178087
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 duplex includes two separate units, each offering three bedrooms and 2.5 bathrooms. The layout features functional open-concept living areas with modern finishes throughout. Each unit has its own kitchen, a generous primary suite, upstairs laundry, and ample storage, along with separate entrances designed to support privacy between residents.
The property is located at 622/626 Rainey Drive in Spring Lake, North Carolina. Public remarks indicate it is convenient to shopping, dining, schools, Fort Bragg, and major highways, supporting an easy commute.
With two independent residences under one roof, the configuration can fit a range of buyers, including tenants seeking a live-in option while having a second unit for income, or investors looking for a residential income property with unit separation. The low-maintenance duplex format and consistent in-unit amenities such as upstairs laundry and dedicated storage help reduce friction for everyday living and tenancy.
The property is located at 622/626 Rainey Drive in Spring Lake, North Carolina. Public remarks indicate it is convenient to shopping, dining, schools, Fort Bragg, and major highways, supporting an easy commute.
With two independent residences under one roof, the configuration can fit a range of buyers, including tenants seeking a live-in option while having a second unit for income, or investors looking for a residential income property with unit separation. The low-maintenance duplex format and consistent in-unit amenities such as upstairs laundry and dedicated storage help reduce friction for everyday living and tenancy.
Key Highlights
- 2024‑built duplex with two units, each with 3 bedrooms and 2.5 bathrooms
- Open floorplan with granite counters, breakfast bar, pantry, and an upstairs laundry in each unit
- Each unit includes central air with a heat pump and electric cooling
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $21.6k | $13.80 |
| − Vacancy | −$1.3k | −$0.83 |
| EGI | $20.3k | $12.97 |
| − OpEx | −$6.1k | −$3.89 |
| NOI | $14.2k | $9.08 |
1,562 SF · lease $13.80/SF/yr · vacancy 5.98% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$202.7K
$177.3K – $236.5K
NOI $14,187 @ 7.0% cap · market cap 3.22%
Second Best
Apartment 5plus
$160.1K
$140.1K – $186.8K
NOI $11,205 @ 7.0% cap · market cap 2.55%
Theoretical Best
Office A
$373.3K
$326.6K – $435.5K
NOI $26,128 @ 7.0% cap · market cap 5.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - Two 3-bedroom, 2.5-bath units with separate entrances and upstairs laundry—suited for owner-occupancy or rental use.
Where is this duplex located?
The property is located at 622 Rainey Drive Spring Lake, NC.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: 2024‑built duplex with two units, each with 3 bedrooms and 2.5 bathrooms; Open floorplan with granite counters, breakfast bar, pantry, and an upstairs laundry in each unit; Each unit includes central air with a heat pump and electric cooling
