Cumberland County, Spring Lake, NC 28390

Triplex — 244, 246 & 248 W Manchester Rd, Spring Lake, NC 28390 Rarely does multi-family inventory come up for sale in this submarket — most of what trades in Spring Lake moves as part of a large bundled portfolio, not as a single, individually deeded asset a smaller investor can actually acquire. This triplex is the exception: three units, one building, built in 1969, sitting on its own 1.58-acre riverfront lot along the Lower Little River, with its own PIN and deed, offered independently at $135,000. The building's shell and roof are in good, structurally sound condition — this isn't a gut-and-guess rehab with unknown bones. The scope is a full interior renovation across 1,875 sqft of livable space (1,965 sqft total including the patio), with unit configuration left open so a buyer can size each unit to whatever mix best fits the square footage. Multi-family use is confirmed directly with the Town of Spring Lake, permits from prior work remain active, and the foundation is slab. Located minutes from the gates of Fort Bragg, this property benefits from a durable, base-driven rental demand base that isn't tied to a single local employer. Rental comps in the submarket run $1,050–$1,301/unit, and ownership's own stabilized cabin property nearby — rustic and renovated — already commands $1,400/unit, suggesting real upside once this fully renovated interior comes online. Underwritten conservatively at $1,200/unit, self-managed cash-on-cash return lands between 14%–19%, with a comp-supported after-repair value of $255,000–$315,000 against an all-in cost of roughly $201,000–$229,000. Proximity to Fort Bragg also opens the door to HUD-VASH, SSVF, and VA Shallow Subsidy rent-guarantee programs for qualified veteran tenants. Beyond the base case, there's real optionality here: the current ranch-style structure could feasibly convert to a townhome-style layout down the line, and this isn't the only multi-family property available in the immediate area — two neighboring duplexes are also individually for sale, opening the door to a coordinated multi-parcel strategy for the right buyer. Self showings are available. For access or questions, contact Tatum directly at [contact details hidden].