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    208 S 3Rd St Albemarle, NC 28001

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    Sponsored
    For Sale
    $395,000

    MULTI_FAMILY - Other - Albemarle, NC

    Property size:
    3,600 SF
    Lot size:
    0.17 Acres
    Days on Market:
    1
    Last Refresh:
    Mar 17 at 11:06 pm

    Property Features for 208 S 3Rd St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    CBD
    Rooms
    Bedroom 5, Basement, Bedroom 3, Bedroom 8, Bedroom 6, Bedroom 4, Bedroom 2, Bedroom 7, Bathroom 1, Bedroom 1
    Bedrooms
    8
    Bathrooms
    1
    APN
    6548-03-33-1795
    Parking features
    On Street
    Patio and Porch features
    Porch
    Interior features
    Attic Other
    Fireplace
    1
    Basement
    Dirt Floor, Unfinished
    Appliances
    Electric Range, Refrigerator
    Size
    3,600 SF
    Lot size
    0.17 Acres

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Heating system
    Electric (Heating), Central
    Cooling system
    Attic Fan, Electric, Central Air

    Building Details

    Year built
    1918
    Floors in Building
    3
    Number of units
    4
    Flooring type
    Carpet, Laminate
    Building materials
    Vinyl
    Roof type
    Composition
    Architectural style
    Other
    Additional Structures
    Other

    We can help!

    Listing Contact
    Daniel Fisher
    Daniel Fisher

    Daniel H. Fisher, Broker (704) 617-3544

    Listing agent Daniel Fisher (704) 617-3544

    Listing date Mar 17, 2026

    MLS# 4358248 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Albemarle Multifamily Asset with STR Potential

    This stabilized, high-margin 3,600 square foot multifamily property is located in the heart of Albemarle's Revitalized Core. The configuration features four 900 square foot units, each containing two bedrooms and one bathroom. Each unit has its own covered front porch, independent exterior entry, and a similar layout. Every unit is separately metered for electric and water. The units offer a functional two-level layout with full kitchens, dining and living areas on the main floor, and bedrooms with updated bath elements upstairs. Flooring is typically durable LVP or laminate with carpet on the stairs. Modern energy-efficient HVAC systems and ceiling fans keep tenant utility costs low. The vinyl exterior, street parking, and minimal landscaping keep landlord maintenance negligible. An unfinished basement provides emergency egress and contains storm water control infrastructure. Significant value-add potential exists through light cosmetic improvements and the flexible Central Business District zoning, which allows easy conversion to Short-Term Rental (STR) or Mid-Term Rental (MTR) use. The independent direct-entry layouts are suitable for contactless check-in. The property is well-positioned to capture stable demand from traveling medical professionals and staff at Atrium Health Stanly, Pfeiffer University Health Sciences campus visitors, Albemarle Business Center employees, brewery tourists, and outdoor adventurers heading to Uwharrie National Forest. Guests are steps from the walkable downtown, including local shops, cafes, and wineries. The property has no common areas, effectively eliminating unbillable utility costs and cleaning requirements. The property is located in an AE flood zone and sits on a lot of 0.1722 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Albemarle
    County
    Stanly
    State
    North Carolina
    Longitude
    -80.19659404
    Latitude
    35.34804435

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    FAQs

    What type of property is this?
    Quadplex - High-margin multifamily property in Albemarle's revitalized core with STR potential.
    Where is this quadplex located?
    The property is located at 208 S 3Rd St Albemarle, NC.
    What is the asking price?
    The asking price for this property is $395,000.
    What are key features of this property?
    This property features: - High-income potential through by-right Short-Term Rental (STR) conversion.; - Zero-drag operational model with no common areas, individual exterior entries, and separately metered utilities.; - Prime location in Albemarle's Revitalized Core, offering 100% walkability to downtown amenities.
    (704) 617-3544
    Request Owner's contact information
    208 S 3Rd St Albemarle, NC 28001
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    Albemarle, NC 28001
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    208 S 3Rd St Albemarle, NC 28001
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    We can help!
    Listing Contact
    Daniel Fisher
    Daniel Fisher
    Real Estate License ID: 228185
    (704) 617-3544 (704) 544-5643 (800) 225-5947
    Learn more
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