Four-Unit Quadplex with Wood
For Sale
$299,900
106 College Street, Thomasville, NC 27360
Residential Income, Thomasville, NC
Property Size2,624 SF
Lot Size0.17 Acres
Price / SF$114.29
Days on Market375
Property Features for 106 College Street
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Zoning
R6
Directions
Turn onto College St. off Main St, See sign on left
Standard status
Active
Size
2,624 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
808
Amenities
wood floors
Building Details
Year built
1936
Number of units
4
Listing Agency:
Wendy Hill Realty
(336) 475-6800
Listed By:
Wendy Hill · License #131681
(336) 442-5718
Added: Sep 15, 2025
Changed: Sep 24
Last Checked: Sep 24 at 9:06AM
MLS# 1195707
Copyright © 2026 Triad Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This quadplex contains four one-bedroom units within a 2,624-square-foot residential income property built in 1936. Wood floors are featured throughout, and the property includes parking for residents. The 0.17-acre site is zoned R6.
Located at 106 College Street in Thomasville, North Carolina, the property is in Davidson County and carries a 27360 ZIP code. Its four-unit configuration provides a defined multifamily layout for residential income use.
Located at 106 College Street in Thomasville, North Carolina, the property is in Davidson County and carries a 27360 ZIP code. Its four-unit configuration provides a defined multifamily layout for residential income use.
Key Highlights
- Four one‑bedroom units in a quadplex configuration
- 2,624 square feet on a 0.17‑acre site
- R6 zoning
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
$24,691
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
8.23%
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%
$493,820
$493.8K
Cap Rate 7%
$352,729
$352.7K
Cap Rate 9%
$274,344
$274.3K
Market Conditions
NOI Build-Up for 2,624 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
$37.8K $14.40/SF
− Vacancy
−$2.5K −$0.96/SF
EGI
$35.3K $13.44/SF
− OpEx
−$10.6K −$4.03/SF
NOI
$24.7K $9.41/SF
Area
Davidson County, NC
Vacancy
6.65%
Lease Rate
$14.40 /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%
$493,820
Cap Rate 7%
$352,729
Cap Rate 9%
$274,344
Alternative Uses
Best Use
Multifamily LT 5
$352.7K
$308.6K – $411.5K
NOI $24,691 @ 7.0% cap · market cap 8.23%
Second Best
Apartment 5plus
$306.0K
$267.8K – $357.0K
NOI $21,421 @ 7.0% cap · market cap 7.14%
Theoretical Best
Office A
$665.7K
$582.5K – $776.7K
NOI $46,602 @ 7.0% cap · market cap 15.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
639
Businesses Nearby
Explore this area
Business Placement
Demographics for 27360, NC
47,165
Population
20,987
Households
2.2
Avg Household Size
41
Median Age
17%
College-Educated
85%
High-School Grad
88.5 sq mi
ZIP Area
533
Density / Sq Mi
$60,898
Median Household Income
$40,029
Median Earnings
$853
Median Rent
$174,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - R6-zoned residential income property with four one-bedroom units and on-site parking.
Where is this quadplex located?
The property is located at 106 College Street Thomasville, NC.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Four one‑bedroom units in a quadplex configuration; 2,624 square feet on a 0.17‑acre site; R6 zoning
