Furnished Coastal
For Sale
$614,900
710 Canal Drive, Carolina Beach, NC 28428
Residential Income, Carolina Beach, NC
Property Size1,900 SF
Lot Size0.14 Acres
Price / SF$323.63
Days on Market48
Property Features for 710 Canal Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-1
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Half bathrooms
2
Rooms
Bedroom 1, Bedroom 4, Bedroom 2, Bathroom 2, Bathroom 4, Bathroom 1, Bedroom 3, Bathroom 3
Parking features
Assigned, Driveway, Paved or Surfaced
Security features
Security Lighting
Patio and Porch features
Deck, Porch
Interior features
Wash/Dry Connect, Ceiling Fan(s), Furnished, Walk-in Shower, Blinds/Shades
Exterior features
Mail on Site, Trash on Site
Appliances
Gas Oven, Gas Cooktop, Electric Oven, Washer, Refrigerator, Dryer, Dishwasher, Sump Pump
Lot features
Third Row
View
Water
Elementary school
Carolina Beach
Middle school
Murray
High school
Ashley
Directions
Take Lake Park Blvd N then turn left on Winner Ave, make a left on Canal Drive, the home will be on your right.
Standard status
Active
APN
R08815-011-005-000
Size
1,900 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 16 BLK 12 CAROLINA BEACH
Tax Annual Amount
3031
Legal Description
LOT 16 BLK 12 CAROLINA BEACH
Utilities
Utilities
Cable Available
Heating system
Electric (Heating), Forced Air
Cooling system
Central Air, Window Unit(s), Wall/Window Unit(s)
Water source
Public
Amenities
sunroom
outdoor deck
screened-in front deck
covered outside deck
vinyl-fenced backyard
detached storage building
in-unit washer/dryer
Building Details
Year built
1954
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Laminate
Building materials
Block, Wood Siding, Wood Frame
Roof type
Membrane, Shingle
Listing Agency:
Salt Water Real Estate LLC
(910) 707-1775
Listed By:
Carol M Ellington · License #263240
(910) 368-7327
Added: Aug 2
Changed: Sep 17
Last Checked: Sep 18 at 4:06PM
MLS# 100593303
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 1,900-square-foot duplex contains two furnished two-bedroom units, with one full bath upstairs and one-and-a-half baths downstairs. Each residence has a kitchen, private outdoor space, and its own washer and dryer. The upper unit includes a sunroom oriented toward the marina and a deck with partial ocean views. The lower unit features an updated kitchen with a gas range, refreshed bathrooms, a screened front deck, and a covered rear deck.
The property sits on a 0.144-acre lot near the beach and marina in Carolina Beach. A vinyl-enclosed backyard provides outdoor space, while a detached storage building supports equipment and recreational gear storage. Building systems include a newer HVAC system, and 2023 work added a French drain, crawl-space encapsulation, and two sump pumps with battery backup. Constructed in 1954 and zoned R-1, the property has a documented vacation-rental history and is offered with its furnishings.
The property sits on a 0.144-acre lot near the beach and marina in Carolina Beach. A vinyl-enclosed backyard provides outdoor space, while a detached storage building supports equipment and recreational gear storage. Building systems include a newer HVAC system, and 2023 work added a French drain, crawl-space encapsulation, and two sump pumps with battery backup. Constructed in 1954 and zoned R-1, the property has a documented vacation-rental history and is offered with its furnishings.
Key Highlights
- Two furnished 2‑bedroom units with 1 full bath upstairs and 1.5 baths downstairs
- 1,900 square feet on a 0.144‑acre lot in Carolina Beach
- Near the beach and marina, with marina‑facing and partial ocean views
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
$18,037
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
2.93%
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%
$360,740
$360.7K
Cap Rate 7%
$257,671
$257.7K
Cap Rate 9%
$200,411
$200.4K
Market Conditions
NOI Build-Up for 1,900 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
$28.5K $15.00/SF
− Vacancy
−$2.7K −$1.44/SF
EGI
$25.8K $13.56/SF
− OpEx
−$7.7K −$4.07/SF
NOI
$18.0K $9.49/SF
Area
New Hanover County, NC
Vacancy
9.59%
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%
$360,740
Cap Rate 7%
$257,671
Cap Rate 9%
$200,411
Alternative Uses
Best Use
Multifamily LT 5
$257.7K
$225.5K – $300.6K
NOI $18,037 @ 7.0% cap · market cap 2.93%
Second Best
Apartment 5plus
$236.7K
$207.2K – $276.2K
NOI $16,572 @ 7.0% cap · market cap 2.70%
Theoretical Best
Office A
$616.7K
$539.6K – $719.5K
NOI $43,167 @ 7.0% cap · market cap 7.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
623
Businesses Nearby
Explore this area
Business Placement
Demographics for 28428, NC
6,848
Population
6,268
Households
1.1
Avg Household Size
51
Median Age
48%
College-Educated
98%
High-School Grad
5.2 sq mi
ZIP Area
1,317
Density / Sq Mi
$87,670
Median Household Income
$41,138
Median Earnings
$1,515
Median Rent
$490,100
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 - Two residential units near the beach and marina include private outdoor areas, equipped kitchens, and individual laundry appliances.
Where is this duplex located?
The property is located at 710 Canal Drive Carolina Beach, NC.
What is the asking price?
The asking price for this property is $614,900.
What are key features of this property?
This property features: Two furnished 2‑bedroom units with 1 full bath upstairs and 1.5 baths downstairs; 1,900 square feet on a 0.144‑acre lot in Carolina Beach; Near the beach and marina, with marina‑facing and partial ocean views
