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    3354 Clay Apartments Ct Lenoir, NC 28645

    View on Map
    Sponsored
    For Sale
    $1,600,000

    MULTI_FAMILY - Lenoir, NC

    Lot size:
    2.00 Acres
    Days on Market:
    2
    Last Refresh:
    Mar 19 at 12:06 am

    Property Features for 3354 Clay Apartments Ct

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bedroom 8, Bathroom 5, Bathroom 16, Bedroom 29, Bedroom 24, Bedroom 5, Bedroom 16, Bedroom 14, Bedroom 4, Bedroom 12, Bedroom 6, Bedroom 2, Bedroom 21, Bathroom 1, Bathroom 12, Bedroom 9, Bedroom 23, Bedroom 18, Bedroom 7, Bedroom 30, Bathroom 3, Bathroom 13, Bedroom 32, Bathroom 9, Bedroom 22, Bedroom 3, Bathroom 10, Bathroom 14, Bedroom 13, Bedroom 1, Bathroom 6, Bedroom 20, Bedroom 11, Bedroom 27, Bathroom 4, Bathroom 2, Bedroom 10, Bathroom 15, Bedroom 28, Bathroom 8, Bathroom 11, Bedroom 31, Bedroom 17, Bathroom 7, Bedroom 15, Bedroom 19, Bedroom 26, Bedroom 25
    Bedrooms
    32
    Bathrooms
    16
    APN
    06244-3-13
    Pets allowed
    Yes
    Appliances
    Oven
    Lot size
    2.00 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Ductless (Heating), Central
    Cooling system
    Ceiling Fan(s), Ductless, Window Unit(s), Central Air

    Building Details

    Year built
    1960
    Number of units
    16
    Building materials
    Vinyl
    Roof type
    Shingle, Aluminum

    We can help!

    Listing Contact
    Jennifer Mech
    Jennifer Mech

    Keller Williams Lake Norman (704) 892-5518

    Listing agent Jennifer Mech (704) 526-8252

    Listing date Mar 18, 2026

    MLS# 4358691

    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

    Lenoir Multifamily Investment Opportunity

    This 16-unit multifamily community in Lenoir, North Carolina, presents an investment opportunity. The property consists of eight duplex homes, each featuring two bedrooms and one bathroom, situated on a private road. All units are connected to city water and city sewer services. The buildings have newer vinyl siding, roofs, furnaces, and air handlers or mini-splits. One of the roofs was replaced in February, and several hot water heaters have been replaced. Electrical and plumbing have been updated as needed. All units are currently occupied and generating cash flow, with potential for rent increases. Units are equipped with stoves and refrigerators. Tenants are responsible for all utilities, while the owner covers lawn mowing twice per month. The location is approximately 10 minutes from Lenoir, 25 minutes from Hickory, and 20 minutes from Morganton, with proximity to schools, shopping, and dining. The property is situated on a 2-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Skin Care Clinic Big Box & Wholesale Store Hotel & Motel HVAC Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Lenoir
    County
    Caldwell
    State
    North Carolina
    Longitude
    -81.602795
    Latitude
    35.866207

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    FAQs

    What type of property is this?
    Apartment building - 16-unit multifamily property in Lenoir, NC with cash flow.
    Where is this apartment building located?
    The property is located at 3354 Clay Apartments Ct Lenoir, NC.
    What is the asking price?
    The asking price for this property is $1,600,000.
    What are key features of this property?
    This property features: - Priced below appraisal, offering instant equity and cash flow potential.; - 16-unit community consisting of 8 duplex homes, providing a substantial investment opportunity.; - Recent upgrades include newer vinyl siding, roofs, furnaces, and air handlers/mini-splits, reducing potential maintenance costs.
    (704) 526-8252
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    3354 Clay Apartments Ct Lenoir, NC 28645
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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
    3354 Clay Apartments Ct Lenoir, NC 28645
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    We can help!
    Listing Contact
    Jennifer Mech
    Jennifer Mech
    (704) 526-8252 (704) 727-4050
    Learn more
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