Separately Deeded
For Sale
$369,000
904 N Mckay Ave #906, Dunn, NC 28334
Two residential units are offered together, with distinct layouts, covered outdoor spaces, and separate carport configurations.
Property Size3,492 SF
Price / SF$105.67
Days on Market27
Property Features for 904 N Mckay Ave #906
General Information
Standard status
Active
Size
3,492 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2BA, 1 x 4BR/1.5BA
Multifamily Units
2
Amenities
screened-in porch
washer/dryer hookup
open front porch
Building Details
Year Built
1935
Listing Agency:
(919) 782-4503
Listed By:
Carolina Collective Realty
(919) 782-4503
Source:
Carolinacollectiverealty
Added: Aug 3
Changed: Aug 28
Last Checked: Aug 28 at 10:07AM
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 Carolina Collective Realty
Investment Insights
Based on property information with market context.
This duplex contains two separately deeded residential units offered together. The right-side 904 unit measures 1,532 square feet and was remodeled into a three-bedroom, two-bath layout with washer and dryer hookups. It also includes a screened porch and a single-car carport.
The left-side 906 unit provides 1,900 square feet with four bedrooms and one and one-half bathrooms. Its exterior features an open front porch and a double carport. The property was built in 1935, and the 906 unit is currently leased. The two-unit configuration supports separate occupancy arrangements while maintaining a single combined offering.
The left-side 906 unit provides 1,900 square feet with four bedrooms and one and one-half bathrooms. Its exterior features an open front porch and a double carport. The property was built in 1935, and the 906 unit is currently leased. The two-unit configuration supports separate occupancy arrangements while maintaining a single combined offering.
Key Highlights
- Two duplex units sold together with each side deeded separately
- 904 unit: 1,532 square feet, 3 bedrooms, 2 baths, and remodeled interior
- 906 unit: 1,900 square feet, 4 bedrooms, and 1.5 bathrooms
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
$28,489
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
7.72%
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%
$569,780
$569.8K
Cap Rate 7%
$406,986
$407.0K
Cap Rate 9%
$316,544
$316.5K
Market Conditions
NOI Build-Up for 3,492 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
$44.0K $12.60/SF
− Vacancy
−$3.3K −$0.95/SF
EGI
$40.7K $11.66/SF
− OpEx
−$12.2K −$3.50/SF
NOI
$28.5K $8.16/SF
Area
Harnett County, NC
Vacancy
7.50%
Lease Rate
$12.60 /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%
$569,780
Cap Rate 7%
$406,986
Cap Rate 9%
$316,544
Alternative Uses
Best Use
Multifamily LT 5
$407.0K
$356.1K – $474.8K
NOI $28,489 @ 7.0% cap · market cap 7.72%
Second Best
Apartment 5plus
$377.4K
$330.3K – $440.3K
NOI $26,420 @ 7.0% cap · market cap 7.16%
Theoretical Best
Office A
$760.2K
$665.1K – $886.9K
NOI $53,211 @ 7.0% cap · market cap 14.42%
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
458
Businesses Nearby
Explore this area
Business Placement
Demographics for 28334, NC
23,697
Population
10,339
Households
2.3
Avg Household Size
42
Median Age
18%
College-Educated
86%
High-School Grad
160.3 sq mi
ZIP Area
148
Density / Sq Mi
$54,527
Median Household Income
$37,967
Median Earnings
$826
Median Rent
$171,300
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 residential units are offered together, with distinct layouts, covered outdoor spaces, and separate carport configurations.
Where is this duplex located?
The property is located at 904 N Mckay Ave #906 Dunn, NC.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: Two duplex units sold together with each side deeded separately; 904 unit: 1,532 square feet, 3 bedrooms, 2 baths, and remodeled interior; 906 unit: 1,900 square feet, 4 bedrooms, and 1.5 bathrooms
