Renovated Two-Unit
For Sale
$225,000
114 S Mitchell Street, Rutherfordton, NC 28139
Residential Income, Rutherfordton, NC
Property Size1,380 SF
Lot Size0.17 Acres
Price / SF$163.04
Days on Market160
Property Features for 114 S Mitchell Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R21L
Zoning description
RMST
Bedrooms
2
Bathrooms
1
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 2, Bedroom 1, Laundry Room
Parking
4
Parking features
Driveway
Patio and Porch features
Porch
Appliances
Electric Range, Refrigerator
Elementary school
Unspecified
Middle school
Unspecified
High school
Unspecified
Directions
From Main St downtown Rutherfordton, Take West Court St. Turn left on South Mitchell. Property is 2nd on right. Alternatively, GPS 114 S. Mitchell, Rutherfordton, NC. NOTE: Parking is in rear of property. Access from West Court St.
Standard status
Active
APN
1634036
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
.17 acres S Mitchell Street
Legal Description
.17 acres S Mitchell Street
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Window Unit(s)
Building Details
Year built
1951
Floors in Building
1
Number of units
2
Flooring type
Carpet, Linoleum
Building materials
Asbestos
Roof type
Shingle
Listing Agency:
RE/MAX Journey · RE/MAX International
(828) 395-2222
Listed By:
Randy Reavis · License #322805
(828) 287-6819
Added: Mar 27
Changed: Aug 26
Last Checked: Sep 2 at 3:06AM
MLS# 4321384
Copyright © 2026 Canopy 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 renovated duplex contains two separate one-bedroom, one-bath units, each with a living room and approximately 690 sq ft of living space. Combined property size is 1,380 sq ft. Individual entrances, separate utility meters, and dedicated laundry areas support distinct unit operations. The property also includes electric ranges, refrigerators, carpet and linoleum flooring, natural-gas heating, window-unit cooling, a shingle roof, and a porch.
Located in Rutherfordton, the property is described as centrally positioned with shopping, dining, and medical services within walking distance. The 0.17-acre parcel includes a driveway, public sewer service, and an R21L zoning designation. Built in 1951, the duplex offers a two-unit residential configuration with the option to occupy one side while leasing the other or operate both units as rentals.
Located in Rutherfordton, the property is described as centrally positioned with shopping, dining, and medical services within walking distance. The 0.17-acre parcel includes a driveway, public sewer service, and an R21L zoning designation. Built in 1951, the duplex offers a two-unit residential configuration with the option to occupy one side while leasing the other or operate both units as rentals.
Key Highlights
- Two separate one‑bedroom, one‑bath units
- Approximately 690 sq ft per unit; 1,380 sq ft total
- Separate entrances, utility meters, and laundry areas for each 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
$8,132
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
3.61%
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%
$162,640
$162.6K
Cap Rate 7%
$116,171
$116.2K
Cap Rate 9%
$90,356
$90.4K
Market Conditions
NOI Build-Up for 1,380 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
$12.4K $9.00/SF
− Vacancy
−$802 −$0.58/SF
EGI
$11.6K $8.42/SF
− OpEx
−$3.5K −$2.53/SF
NOI
$8.1K $5.89/SF
Area
Rutherford County, NC
Vacancy
6.46%
Lease Rate
$9.00 /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%
$162,640
Cap Rate 7%
$116,171
Cap Rate 9%
$90,356
Alternative Uses
Best Use
Multifamily LT 5
$116.2K
$101.7K – $135.5K
NOI $8,132 @ 7.0% cap · market cap 3.61%
Second Best
Apartment 5plus
$106.7K
$93.4K – $124.5K
NOI $7,470 @ 7.0% cap · market cap 3.32%
Theoretical Best
Office A
$304.3K
$266.3K – $355.1K
NOI $21,303 @ 7.0% cap · market cap 9.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
621
Businesses Nearby
Explore this area
Business Placement
Demographics for 28139, NC
18,665
Population
8,953
Households
2.1
Avg Household Size
48
Median Age
23%
College-Educated
87%
High-School Grad
181.9 sq mi
ZIP Area
103
Density / Sq Mi
$52,148
Median Household Income
$36,340
Median Earnings
$842
Median Rent
$195,300
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 one-bedroom units provide separate entrances, utility meters, and laundry areas in a compact multi-unit property.
Where is this duplex located?
The property is located at 114 S Mitchell Street Rutherfordton, NC.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Two separate one‑bedroom, one‑bath units; Approximately 690 sq ft per unit; 1,380 sq ft total; Separate entrances, utility meters, and laundry areas for each unit
