Connected 10-Unit Apartment
For Sale
$785,000
701 Nelson, Rocky Mount, NC 27803
All units offer two bedrooms, one bathroom, and ceiling-register mini-split systems.
Property Size3,024 SF
Price / SF$259.59
Days on Market54
Property Features for 701 Nelson
General Information
Standard status
Active
Size
3,024 SF
Property subtype
Commercial
Units
Unit Mix
10 x 2BR/1BA
Multifamily Units
10
Taxes and HOA fees
Annual Taxes
$3,435
Amenities
ceiling register Mini-Splits
Building Details
Year Built
1975
Buildings
2
Listing Agency:
BRADDOCK REALTY
(888) 731-1710
Listed By:
BENJAMIN DAVID RIEGEL · License #363368
(252) 969-0699
Source:
Corcoran
Added: Sep 10
Changed: Nov 1
Last Checked: Nov 1 at 5:37AM
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 BRADDOCK REALTY
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Investment Insights
Based on property information with market context.
This multifamily property consists of two connected apartment buildings at 701–707 Nelson St and 1600–1612 Betz St. The 10 units share a consistent two-bedroom, one-bathroom layout, with ceiling-register mini-split systems serving each residence. The buildings were constructed in 1975, and vacant units are rent-ready.
Five apartments are occupied and five are vacant. Electrical service is individually metered, with tenants paying the provider directly. Water usage is tracked through individual submeters and billed to residents by the owner. The property is located in Rocky Mount, North Carolina.
Five apartments are occupied and five are vacant. Electrical service is individually metered, with tenants paying the provider directly. Water usage is tracked through individual submeters and billed to residents by the owner. The property is located in Rocky Mount, North Carolina.
Key Highlights
- Two connected apartment buildings with 10 total units
- All units are configured as two‑bedroom, one‑bathroom apartments
- Ceiling‑register mini‑splits installed in every unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,728
Cap Rate
3.40%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$534,560
$534.6K
Cap Rate 7%
$381,829
$381.8K
Cap Rate 9%
$296,978
$297.0K
Market Conditions
NOI Build-Up for 3,024 SF
Gross rent
$52.3K $17.28/SF
− Vacancy
−$3.7K −$1.21/SF
EGI
$48.6K $16.07/SF
− OpEx
−$21.9K −$7.23/SF
NOI
$26.7K $8.84/SF
Area
Nash County, NC
Vacancy
7.00%
Lease Rate
$17.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$534,560
Cap Rate 7%
$381,829
Cap Rate 9%
$296,978
Alternative Uses
Best Use
Apartment 5plus
$381.8K
$334.1K – $445.5K
NOI $26,728 @ 7.0% cap · market cap 3.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$997.0K
$872.4K – $1.16M
NOI $69,790 @ 7.0% cap · market cap 8.89%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
199
Businesses Nearby
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Business Placement
Demographics for 27803, NC
20,882
Population
10,079
Households
2.1
Avg Household Size
44
Median Age
23%
College-Educated
88%
High-School Grad
41.9 sq mi
ZIP Area
498
Density / Sq Mi
$59,647
Median Household Income
$38,154
Median Earnings
$889
Median Rent
$168,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - All units offer two bedrooms, one bathroom, and ceiling-register mini-split systems.
Where is this apartment building located?
The property is located at 701 Nelson Rocky Mount, NC.
What is the asking price?
The asking price for this property is $785,000.
What are key features of this property?
This property features: Two connected apartment buildings with 10 total units; All units are configured as two‑bedroom, one‑bathroom apartments; Ceiling‑register mini‑splits installed in every unit
