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    5929 Mourglea Avenue Connelly Springs, NC 28612

    View on Map
    For Sale
    $309,900

    MULTI_FAMILY - Connelly Springs, NC

    Lot size:
    1.27 Acres
    Added:
    Aug 18, 2025
    Days on Market:
    226
    Last Refresh:
    Mar 31 at 8:06 pm

    Property Features for 5929 Mourglea Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    10
    Rooms
    Bedroom 2, Bedroom 5, Bathroom 3, Bathroom 7, Bedroom 1, Bathroom 1, Bedroom 9, Bathroom 2, Bedroom 4, Bedroom 8, Bedroom 7, Bathroom 4, Bathroom 5, Bedroom 3, Bedroom 6, Bathroom 6, Bedroom 10
    Parking features
    Driveway
    Pets allowed
    Yes
    Appliances
    Electric Range, Refrigerator
    Standard status
    Active
    APN
    2742-99-1529
    Lot size
    1.27 Acres

    Taxes and HOA fees

    TaxDescription
    REID: 14316 & 33632 Burke Deed 2517 Pg 212

    Utilities

    Utilities
    Cable Available
    Heating system
    Heat Pump (Heating)
    Cooling system
    Heat Pump

    Building Details

    Year built
    1991
    Number of units
    4
    Flooring type
    Vinyl, Carpet, Laminate
    Building materials
    Aluminum, Metal

    We can help!

    Listing Contact
    Shane Cook
    Shane Cook

    Listing agent Shane Cook License #210804

    Listing office C Shane Cook & Associates 215 Avery Ave, Morganton, NC

    Listing date Aug 18, 2025

    MLS# 4293072 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.

    Overview

    Updated Investment Property Near Valdese

    This investment property, located just south of Rutherford College and Valdese, includes four singlewide mobile homes built in the 1990s. The units have been updated and generate $3,200 per month ($38,400 per year) in rental income. Improvements include new carpet, flooring, paneling, paint, interior and exterior doors, vanities and toilets, water heaters, and appliances. Each home has a heat pump. The landlord provides town water and maintains a shared dumpster, while tenants are responsible for all other utilities. Each unit has its own septic system. The property is set in a scenic location at the foot of Mineral Springs Mountain, just outside the town limits, and comprises 1.27 acres. The properties are tenant occupied, and 24 hours' notice is required for showings.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Restaurant Building Supply Spa & Massage Center Hair Salon Auto Repair Shop Nail Salon Auto Parts Store Pharmacy Food Market Grocery & Convenience Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Connelly Springs
    County
    State
    North Carolina
    Longitude
    -81.5301459
    Latitude
    35.728327

    Nearby Similar for Sale

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      Connelly Springs Service Garage

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      Waterfront Land in Gated Community

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    FAQs

    What type of property is this?
    Quadplex - Four updated mobile homes generating income near Rutherford College & Valdese.
    Where is this quadplex located?
    The property is located at 5929 Mourglea Avenue Connelly Springs, NC.
    What is the asking price?
    The asking price for this property is $309,900.
    What are key features of this property?
    This property features: Immediate Income: Generates $3,200/month ($38,400/year) in rental income.; Updated Units: Four well‑maintained 1990s singlewide mobile homes with recent improvements including flooring, paint, and appliances.; Heat Pumps: Each home is equipped with a heat pump for heating and cooling.
    (828) 443-3205
    We can help!
    Listing Contact
    Shane Cook
    Shane Cook
    Real Estate License ID: 210804
    Learn More
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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
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