Eight-Unit Apartment
New
For Sale
$1,250,000
102 King Henry Ln, Granite Falls, NC 28630
Two-story apartment community with a varied unit mix, in-place occupancy, and kitchens equipped with major appliances.
Property Size9,071 SF
Price / SF$137.80
Days on Market3
Property Features for 102 King Henry Ln
General Information
Standard status
Active
Size
9,071 SF
Property subtype
Multi-Family
Building Details
Year Built
1999
Listing Agency:
Baker Realty
Listed By:
Lisa Starnes · License #286063
(828) 234-6553
Source:
Lewisandkirk
Added: Sep 15
Changed: Sep 16
Last Checked: Sep 17 at 12:07AM
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 Baker Realty
Investment Insights
Based on property information with market context.
This 9,071-square-foot apartment property contains eight units built in 1999. The mix includes seven two-bedroom, 1.5-bath residences and one three-bedroom, 2.5-bath residence. All units are arranged over two levels and include living areas, kitchens, half baths, and dedicated utility or laundry space. Unit 116 also provides a sunroom, pantry, single-car garage, and single-car carport, while the other units include patios. Kitchens are furnished with refrigerators, ranges, microwaves, and dishwashers; washers and dryers are not included.
All eight units are currently leased or rented. Tenants are responsible for water, sewer, and electric costs through the Town of Granite Falls. The property is located at 102 King Henry Ln in Granite Falls, North Carolina, and showings are limited to serious and qualified investors with advance consideration for occupied units.
All eight units are currently leased or rented. Tenants are responsible for water, sewer, and electric costs through the Town of Granite Falls. The property is located at 102 King Henry Ln in Granite Falls, North Carolina, and showings are limited to serious and qualified investors with advance consideration for occupied units.
Key Highlights
- Eight apartment units, with all units currently leased or rented
- 9,071‑square‑foot property built in 1999
- Unit mix includes seven two‑bedroom, 1.5‑bath units and one three‑bedroom, 2.5‑bath unit
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
$62,694
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
5.02%
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%
$1,253,880
$1.3M
Cap Rate 7%
$895,629
$895.6K
Cap Rate 9%
$696,600
$696.6K
Market Conditions
NOI Build-Up for 9,071 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
$121.9K $13.44/SF
− Vacancy
−$7.9K −$0.87/SF
EGI
$114.0K $12.57/SF
− OpEx
−$51.3K −$5.65/SF
NOI
$62.7K $6.91/SF
Area
Caldwell County, NC
Vacancy
6.50%
Lease Rate
$13.44 /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%
$1,253,880
Cap Rate 7%
$895,629
Cap Rate 9%
$696,600
Alternative Uses
Best Use
Apartment 5plus
$895.6K
$783.7K – $1.04M
NOI $62,694 @ 7.0% cap · market cap 5.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.07M
$1.81M – $2.42M
NOI $144,904 @ 7.0% cap · market cap 11.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
105
Businesses Nearby
Explore this area
Business Placement
Demographics for 28630, NC
19,772
Population
9,220
Households
2.1
Avg Household Size
44
Median Age
18%
College-Educated
82%
High-School Grad
61.0 sq mi
ZIP Area
324
Density / Sq Mi
$65,713
Median Household Income
$41,407
Median Earnings
$808
Median Rent
$197,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-story apartment community with a varied unit mix, in-place occupancy, and kitchens equipped with major appliances.
Where is this apartment building located?
The property is located at 102 King Henry Ln Granite Falls, NC.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Eight apartment units, with all units currently leased or rented; 9,071‑square‑foot property built in 1999; Unit mix includes seven two‑bedroom, 1.5‑bath units and one three‑bedroom, 2.5‑bath unit
