New Construction
For Sale
$319,000
Pending
637 Walnut Dr Unit A & B, Jacksonville, NC 28540
Matching units offer private access and a covered front porch for each residence.
Property Size1,654 SF
Days on Market39
Property Features for 637 Walnut Dr Unit A & B
General Information
Standard status
Pending
Size
1,654 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
separate entrances
covered front porch
Building Details
Year Built
2026
Listing Agency:
Simply Sold Realty
(920) 427-0852
Listed By:
Priscilla Mae Parrott · License #316327
Source:
Yournorthcarolinahomesource
Added: Jul 24
Changed: Aug 28
Last Checked: Aug 30 at 6:03PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Simply Sold Realty
Investment Insights
Based on property information with market context.
This duplex is identified as new construction with a 2026 year built. The property contains two matching residences, each arranged with two bedrooms and one bathroom. Separate entrances provide distinct access for the units, while covered front porches add an outdoor entry feature. Mirror-image layouts create a consistent configuration across both sides of the building.
The property is located at 637 Walnut Dr, Unit A & B, in Jacksonville, North Carolina. Its two-unit design supports an owner-occupancy arrangement with a separate residence, or use as a two-unit residential income property, as described in the listing information. Rendered colors and finishes may differ from the completed construction.
The property is located at 637 Walnut Dr, Unit A & B, in Jacksonville, North Carolina. Its two-unit design supports an owner-occupancy arrangement with a separate residence, or use as a two-unit residential income property, as described in the listing information. Rendered colors and finishes may differ from the completed construction.
Key Highlights
- Two‑unit duplex with matching mirror‑image layouts
- Each unit includes 2 bedrooms and 1 bathroom
- Separate entrances provide distinct access to each unit
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
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Matching units offer private access and a covered front porch for each residence.
Where is this duplex located?
The property is located at 637 Walnut Dr Unit A & B 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 matching mirror‑image layouts; Each unit includes 2 bedrooms and 1 bathroom; Separate entrances provide distinct access to each unit
