Modern Duplex with Contemporary
For Sale
$398,999
705 E Spruce St, Goldsboro, NC 27530
Two-unit residential property with current renters, efficient layouts, and energy-conscious features in a newer construction setting.
Property Size2,594 SF
Price / SF$153.82
Days on Market22
Property Features for 705 E Spruce St
General Information
Standard status
Active
Size
2,594 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
2025
Buildings
1
Listing Agency:
Movil Realty
(919) 908-8000
Listed By:
Leo Murphy
Source:
Findnorthcarolinaproperties
Added: Aug 10
Changed: Aug 29
Last Checked: Aug 30 at 5:57PM
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 Movil Realty
Investment Insights
Based on property information with market context.
Completed in 2025, this duplex contains two residential units with contemporary finishes, efficient floor plans, and low-maintenance construction. The property includes updated systems and energy-efficient features associated with its newer build. Renters are currently in place, supporting immediate rental use, while the two-unit configuration also accommodates an owner-occupant arrangement with one unit rented separately.
Located at 705 E Spruce St in Goldsboro, North Carolina, the property is situated on a quiet street. The offering is identified as FHA- and VA-eligible, and the sister property at 208 S Leslie is also available for purchase for buyers considering ownership of both assets.
Located at 705 E Spruce St in Goldsboro, North Carolina, the property is situated on a quiet street. The offering is identified as FHA- and VA-eligible, and the sister property at 208 S Leslie is also available for purchase for buyers considering ownership of both assets.
Key Highlights
- 2025 construction with 2 residential units
- 2,594 property size
- Renters currently in place
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
$22,650
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
5.68%
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%
$453,000
$453.0K
Cap Rate 7%
$323,571
$323.6K
Cap Rate 9%
$251,667
$251.7K
Market Conditions
NOI Build-Up for 2,594 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
$34.2K $13.20/SF
− Vacancy
−$1.9K −$0.73/SF
EGI
$32.4K $12.47/SF
− OpEx
−$9.7K −$3.74/SF
NOI
$22.7K $8.73/SF
Area
Wayne County, NC
Vacancy
5.50%
Lease Rate
$13.20 /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%
$453,000
Cap Rate 7%
$323,571
Cap Rate 9%
$251,667
Alternative Uses
Best Use
Multifamily LT 5
$323.6K
$283.1K – $377.5K
NOI $22,650 @ 7.0% cap · market cap 5.68%
Second Best
Apartment 5plus
$302.1K
$264.3K – $352.4K
NOI $21,144 @ 7.0% cap · market cap 5.30%
Theoretical Best
Specialty Retail
$2.09M
$1.82M – $2.43M
NOI $145,984 @ 7.0% cap · market cap 36.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
950
Businesses Nearby
Explore this area
Business Placement
Demographics for 27530, NC
37,470
Population
17,796
Households
2.1
Avg Household Size
41
Median Age
22%
College-Educated
89%
High-School Grad
106.5 sq mi
ZIP Area
352
Density / Sq Mi
$55,507
Median Household Income
$37,696
Median Earnings
$827
Median Rent
$176,500
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 - Two-unit residential property with current renters, efficient layouts, and energy-conscious features in a newer construction setting.
Where is this duplex located?
The property is located at 705 E Spruce St Goldsboro, NC.
What is the asking price?
The asking price for this property is $398,999.
What are key features of this property?
This property features: 2025 construction with 2 residential units; 2,594 property size; Renters currently in place
