Connected 10-Unit Apartment
New
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 Market5
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: Sep 13
Last Checked: Sep 14 at 8:11AM
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
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 = 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
$26,728
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
3.40%
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%
$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
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
$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 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%
$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.
Property Analytics
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Open Analytics
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
199
Businesses Nearby
Explore this area
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
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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
