Eight-Unit Apartment
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 Market49
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: Oct 25
Last Checked: Oct 7 at 2:05PM
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
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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 / Yr
$62,694
Cap Rate
5.02%
Suggested Prices Based on Cap Rates
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
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 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.
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Location Intelligence
Trade Area within ½ mile
105
Businesses Nearby
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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
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
