Two-Unit Duplex with Covered
For Sale
$319,000
Pending
637 Walnut Drive, Jacksonville, NC 28540
Residential Income, Jacksonville, NC
Property Size1,654 SF
Lot Size0.24 Acres
Days on Market49
Property Features for 637 Walnut Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning
R-10
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 4
Patio and Porch features
Porch
Interior features
Wash/Dry Connect, Ceiling Fan(s)
Subdivision
Kenwood Extension
Elementary school
Meadow View
Middle school
Southwest
High school
Southwest
High school district
Onslow
Directions
From Pony Farm Rd turn onto Fire Tower Rd. Take a left on Walnut Drive and property is on your right.
Standard status
Pending
APN
314-66
Size
1,654 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
L18 KENWOOD EXT
Tax Annual Amount
210
Legal Description
L18 KENWOOD EXT
Utilities
Heating system
Electric (Heating), Heat Pump (Heating)
Cooling system
Central Air
Building Details
Year built
2026
Floors in Building
1
Number of units
2
Building materials
Vinyl Siding
Roof type
Shingle
Listing Agency:
Simply Sold Realty
Listed By:
Priscilla Mae Parrott · License #316327
(920) 427-0852
Added: Jul 28
Changed: Sep 12
Last Checked: Sep 14 at 12:06PM
MLS# 100591964
Copyright © 2026 Hive 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 under-construction duplex contains 1,654 square feet arranged as two mirror-image units. Each side includes two bedrooms, one bathroom, a functional layout, a separate entrance, and access to a covered front porch. Vinyl siding, shingle roofing, central air, heat-pump heating, electric heat, ceiling fans, and washer/dryer connections are specified for the property. The projected year built is 2026.
The property occupies 0.24 acres and carries R-10 zoning. Matching floor plans create a consistent configuration across both units, while the separate entries support distinct occupancy. The design can accommodate an owner-occupant in one unit with the other available for rental, as described in the property information.
The property occupies 0.24 acres and carries R-10 zoning. Matching floor plans create a consistent configuration across both units, while the separate entries support distinct occupancy. The design can accommodate an owner-occupant in one unit with the other available for rental, as described in the property information.
Key Highlights
- Two‑unit duplex with 1,654 square feet
- Each unit has 2 bedrooms and 1 bathroom
- Mirror‑image layouts with separate entrances
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
$16,542
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
5.19%
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%
$330,840
$330.8K
Cap Rate 7%
$236,314
$236.3K
Cap Rate 9%
$183,800
$183.8K
Market Conditions
NOI Build-Up for 1,654 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
$24.8K $15.00/SF
− Vacancy
−$1.2K −$0.71/SF
EGI
$23.6K $14.29/SF
− OpEx
−$7.1K −$4.29/SF
NOI
$16.5K $10.00/SF
Area
Onslow County, NC
Vacancy
4.75%
Lease Rate
$15.00 /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%
$330,840
Cap Rate 7%
$236,314
Cap Rate 9%
$183,800
Alternative Uses
Best Use
Multifamily LT 5
$236.3K
$206.8K – $275.7K
NOI $16,542 @ 7.0% cap · market cap 5.19%
Second Best
Apartment 5plus
$214.8K
$188.0K – $250.6K
NOI $15,037 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$359.3K
$314.4K – $419.2K
NOI $25,151 @ 7.0% cap · market cap 7.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
9
Businesses Nearby
Explore this area
Business Placement
Demographics for 28540, NC
49,739
Population
21,466
Households
2.3
Avg Household Size
32
Median Age
23%
College-Educated
92%
High-School Grad
110.3 sq mi
ZIP Area
451
Density / Sq Mi
$61,462
Median Household Income
$32,313
Median Earnings
$1,014
Median Rent
$201,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Matching units include separate entrances and a covered porch.
Where is this duplex located?
The property is located at 637 Walnut Drive Jacksonville, NC.
What is the asking price?
The asking price for this property is $319,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,654 square feet; Each unit has 2 bedrooms and 1 bathroom; Mirror‑image layouts with separate entrances
