Multi-Unit Apartment
For Sale
$447,500
1806 Walker Avenue, Greensboro, NC 27403
Residential Income, Greensboro, NC
Property Size3,800 SF
Lot Size0.15 Acres
Price / SF$117.76
Days on Market64
Property Features for 1806 Walker Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
SFR
Rooms
Basement
Parking
8
Subdivision
College Park
Elementary school
Lindley
Middle school
Kiser
High school
Grimsley
Directions
From W. Market Street - take Josphine Boyd toward UNCG, right on Walker. Property two blocks down on right.
Standard status
Active
Size
3,800 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
143 PB 7-11 COLLEGE PARK PL:7-11
Tax Annual Amount
7321
Legal Description
143 PB 7-11 COLLEGE PARK PL:7-11
Building Details
Year built
1926
Floors in Building
2
Number of units
5
Architectural style
Other
Listing Agency:
Berkshire Hathaway HomeServices Yost & Little Realty
(336) 272-0151
Listed By:
Mark Yost
(336) 707-6275
Added: Jul 24
Changed: Sep 14
Last Checked: Sep 25 at 10:06PM
MLS# 1228526
Copyright © 2026 Triad Multiple Listing Service. 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 apartment property includes approximately 3,800 square feet across five potential rental dwellings, with existing tenants in place. The building dates to 1926, includes a basement, and occupies a 0.15-acre site. SFR zoning applies to the property.
Located at 1806 Walker Avenue in Greensboro, the property is two blocks from UNC-G and within walking distance of the campus. Shopping, restaurants, downtown, Friendly Center, hospitals, and parks are also identified in the surrounding area. The address is in the 27403 ZIP code of Guilford County.
Located at 1806 Walker Avenue in Greensboro, the property is two blocks from UNC-G and within walking distance of the campus. Shopping, restaurants, downtown, Friendly Center, hospitals, and parks are also identified in the surrounding area. The address is in the 27403 ZIP code of Guilford County.
Key Highlights
- Approximately 3,800 square feet overall
- Five potential rental dwellings
- Existing tenants occupy units
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
$31,894
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
7.13%
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%
$637,880
$637.9K
Cap Rate 7%
$455,629
$455.6K
Cap Rate 9%
$354,378
$354.4K
Market Conditions
NOI Build-Up for 3,800 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
$61.6K $16.20/SF
− Vacancy
−$3.6K −$0.94/SF
EGI
$58.0K $15.26/SF
− OpEx
−$26.1K −$6.87/SF
NOI
$31.9K $8.39/SF
Area
Greensboro, NC
Vacancy
5.80%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$637,880
Cap Rate 7%
$455,629
Cap Rate 9%
$354,378
Alternative Uses
Best Use
Apartment 5plus
$455.6K
$398.7K – $531.6K
NOI $31,894 @ 7.0% cap · market cap 7.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.20M
$1.05M – $1.41M
NOI $84,320 @ 7.0% cap · market cap 18.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
777
Businesses Nearby
Explore this area
Business Placement
Demographics for 27403, NC
23,679
Population
8,671
Households
2.7
Avg Household Size
28
Median Age
48%
College-Educated
88%
High-School Grad
5.8 sq mi
ZIP Area
4,083
Density / Sq Mi
$56,722
Median Household Income
$24,843
Median Earnings
$998
Median Rent
$218,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - SFR-zoned property with a basement near UNC-G, shopping, restaurants, downtown, hospitals, and parks.
Where is this apartment building located?
The property is located at 1806 Walker Avenue Greensboro, NC.
What is the asking price?
The asking price for this property is $447,500.
What are key features of this property?
This property features: Approximately 3,800 square feet overall; Five potential rental dwellings; Existing tenants occupy units
