Two-Story Duplex with Private
For Sale
$450,000
101 /103 Baldwin Ave, Spencer, NC 28159
Each residence includes three bedrooms, two-and-a-half bathrooms, open living areas, and rear patio access.
Property Size2,610 SF
Price / SF$172.41
Days on Market23
Property Features for 101 /103 Baldwin Ave
General Information
Standard status
Active
Size
2,610 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2.5BA
Multifamily Units
2
Building Details
Year Built
2026
Buildings
1
Stories
2
Listing Agency:
EXP Realty LLC
(770) 401-2793
Listed By:
Brett Metcalf
Source:
Highperformancerea
Added: Aug 8
Changed: Aug 28
Last Checked: Aug 29 at 12:08PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of EXP Realty LLC
Investment Insights
Based on property information with market context.
This newly built duplex contains two mirror-image residences within a two-story configuration totaling 2,610 square feet. Each side offers three bedrooms and 2.5 bathrooms, with a private entrance and a layout designed for practical daily living. The main floor combines the living and dining areas, kitchen, half bath, laundry space, and rear patio access. Upstairs are three bedrooms, including a primary suite with its own bathroom, along with a second full bathroom and closet storage.
The property is located at 101/103 Baldwin Ave in Spencer, North Carolina. Both residences include kitchens with islands and pantries, supporting an efficient arrangement across the two units. The home was built in 2026.
The property is located at 101/103 Baldwin Ave in Spencer, North Carolina. Both residences include kitchens with islands and pantries, supporting an efficient arrangement across the two units. The home was built in 2026.
Key Highlights
- Two‑unit duplex with 2,610 square feet
- Each side includes 3 bedrooms and 2.5 bathrooms
- Two‑story mirror‑image floor plans
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
$23,574
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
5.24%
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%
$471,480
$471.5K
Cap Rate 7%
$336,771
$336.8K
Cap Rate 9%
$261,933
$261.9K
Market Conditions
NOI Build-Up for 2,610 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
$36.0K $13.80/SF
− Vacancy
−$2.3K −$0.90/SF
EGI
$33.7K $12.90/SF
− OpEx
−$10.1K −$3.87/SF
NOI
$23.6K $9.03/SF
Area
Rowan County, NC
Vacancy
6.50%
Lease Rate
$13.80 /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%
$471,480
Cap Rate 7%
$336,771
Cap Rate 9%
$261,933
Alternative Uses
Best Use
Multifamily LT 5
$336.8K
$294.7K – $392.9K
NOI $23,574 @ 7.0% cap · market cap 5.24%
Second Best
Apartment 5plus
$303.7K
$265.7K – $354.3K
NOI $21,257 @ 7.0% cap · market cap 4.72%
Theoretical Best
Office A
$821.5K
$718.8K – $958.4K
NOI $57,504 @ 7.0% cap · market cap 12.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
98
Businesses Nearby
Explore this area
Business Placement
Demographics for 28159, NC
3,067
Population
1,458
Households
2.1
Avg Household Size
39
Median Age
23%
College-Educated
81%
High-School Grad
2.2 sq mi
ZIP Area
1,394
Density / Sq Mi
$63,396
Median Household Income
$43,302
Median Earnings
$1,042
Median Rent
$160,300
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 - Each residence includes three bedrooms, two-and-a-half bathrooms, open living areas, and rear patio access.
Where is this duplex located?
The property is located at 101 /103 Baldwin Ave Spencer, NC.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,610 square feet; Each side includes 3 bedrooms and 2.5 bathrooms; Two‑story mirror‑image floor plans
