Building Details

Tenancy Multi

Listing Agency: Century 21 Connected b***@gmail.com Show Phone

Listed By: Ada Torres West · License #280755 Show Phone

Source: Exprealty

Added: Jun 16 Changed: Aug 20 Last Checked: Aug 20 at 10:42AM

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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 Century 21 Connected

Investment Insights

Based on property information with market context.

This duplex in East Flat Rock includes two separately entered units, each with its own utilities and private yard. Both residences are currently occupied by tenants, offering an existing rental setup for an owner or investor. The property’s two-unit configuration supports straightforward oversight without combining entrances or utility systems.

Located at 104 Jody St, the property is near I-26, downtown Hendersonville, shopping, and parks. Its residential income configuration and current occupancy provide a clear operating profile, while the separate unit features support independent use of each residence.

Key Highlights

• Two‑unit duplex at 104 Jody St
• Both units currently occupied by tenants
• Separate entrances and utilities for each 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

$13,557

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

4.00%

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%

$271,140 $271.1K

Cap Rate 7%

$193,671 $193.7K

Cap Rate 9%

$150,633 $150.6K

Market Conditions

NOI Build-Up for 1,509 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

$22.6K $15.00/SF

− Vacancy

−$3.3K −$2.17/SF

EGI

$19.4K $12.83/SF

− OpEx

−$5.8K −$3.85/SF

NOI

$13.6K $8.98/SF

Area

Henderson County, NC

Vacancy

14.44%

Lease Rate

$15.00 /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%

$271,140

Cap Rate 7%

$193,671

Cap Rate 9%

$150,633

Alternative Uses

Best Use

Multifamily LT 5

$193.7K

$169.5K – $226.0K (±1% cap)

NOI $13,557 @ 7.0% cap · market cap 4.00%

Second Best

Apartment 5plus

$171.3K

$149.9K – $199.9K (±1% cap)

NOI $11,993 @ 7.0% cap · market cap 3.54%

Theoretical Best

Office A

$502.9K

$440.0K – $586.7K (±1% cap)

NOI $35,202 @ 7.0% cap · market cap 10.38%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Hair Salon Real Estate Agency Auto Parts Store Restaurant Cafe & Coffee Shop Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

100%

Occupancy

Multi-tenant

Tenancy

Yes

Highway access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

154

Businesses Nearby

Explore this area Business Placement

Demographics for 28726, NC

3,787

Population

1,450

Households

2.6

Avg Household Size

35

Median Age

9%

College-Educated

79%

High-School Grad

2.5 sq mi

ZIP Area

1,515

Density / Sq Mi

$56,638

Median Household Income

$31,139

Median Earnings

$945

Median Rent

$178,600

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Duplex - Two-unit rental property with separate utilities, private yards, and established occupancy in East Flat Rock.

Where is this duplex located?

The property is located at 104 Jody St East Flat Rock, NC.

What is the asking price?

The asking price for this property is $339,000.

What are key features of this property?

This property features: Two‑unit duplex at 104 Jody St; Both units currently occupied by tenants; Separate entrances and utilities for each unit