Two-Unit Duplex With Private
For Sale
Under Contract
$519,900
106 King Street, Monroe, NC 28110
Residential Income, Monroe, NC
Property Size2,543 SF
Lot Size0.34 Acres
Price / SF$204.44
Days on Market48
Property Features for 106 King Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning description
CAO-B
Bedrooms
6
Bathrooms
6
Full bathrooms
4
Half bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bathroom 4, Bathroom 5, Bathroom 6, Laundry Room, Bedroom 2, Bedroom 4, Bedroom 5, Bathroom 1, Bedroom 6, Bedroom 1, Bathroom 3
Parking features
Driveway
Pets allowed
Yes
Appliances
Dishwasher, Disposal, Electric Cooktop, Electric Oven, Electric Range
Elementary school
Unspecified
Middle school
Unspecified
High school
Unspecified
Directions
GPS directions to 2312 Sunset Avenue, Gastonia, North Carolina 28052
Standard status
Active Under Contract
APN
09226052
Lot size
0.34 Acres
Taxes and HOA fees
Tax Description
#41-#43 BLKC CYLONE HEIGHTS PB01 PG104
Legal Description
#41-#43 BLKC CYLONE HEIGHTS PB01 PG104
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Ceiling Fan(s), Central Air
Building Details
Year built
2026
Floors in Building
2
Number of units
2
Building materials
Vinyl
Roof type
Composition
Architectural style
Other
Listing Agency:
CEDAR REALTY LLC
(704) 453-2650
Listed By:
Brandon Chase · License #249103
(704) 305-4178
Added: Jul 17
Changed: Aug 31
Last Checked: Sep 2 at 4:06PM
MLS# 4405027
Copyright © 2026 Canopy MLS. 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 two-unit duplex contains approximately 2,543 heated square feet across two independent residences. Each side includes three bedrooms, 2.5 bathrooms, a great room, dining area, kitchen with breakfast space, main-level laundry, and a powder room. Upstairs, both residences provide a primary suite with ensuite bath, two additional bedrooms, and a second full bathroom. Private entrances support separate occupancy, while driveway parking, central air, central heating, and public sewer add practical functionality. The property sits on a 0.34-acre lot and carries a 2026 year built designation.
The address is near downtown Monroe, Highway 74, the Monroe Expressway, Atrium Health Union, shopping, and dining. Kitchens are equipped with electric cooktops, electric ovens, electric ranges, dishwashers, and disposals. Vinyl construction and composition roofing complete the primary building features.
The address is near downtown Monroe, Highway 74, the Monroe Expressway, Atrium Health Union, shopping, and dining. Kitchens are equipped with electric cooktops, electric ovens, electric ranges, dishwashers, and disposals. Vinyl construction and composition roofing complete the primary building features.
Key Highlights
- Two independent residences, each with 3 bedrooms and 2.5 bathrooms
- Approximately 2,543 heated square feet on a 0.34‑acre lot
- Private entrances provide separate access for both residences
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
$22,969
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
4.42%
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%
$459,380
$459.4K
Cap Rate 7%
$328,129
$328.1K
Cap Rate 9%
$255,211
$255.2K
Market Conditions
NOI Build-Up for 2,543 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
$35.1K $13.80/SF
− Vacancy
−$2.3K −$0.90/SF
EGI
$32.8K $12.90/SF
− OpEx
−$9.8K −$3.87/SF
NOI
$23.0K $9.03/SF
Area
Union 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%
$459,380
Cap Rate 7%
$328,129
Cap Rate 9%
$255,211
Alternative Uses
Best Use
Multifamily LT 5
$328.1K
$287.1K – $382.8K
NOI $22,969 @ 7.0% cap · market cap 4.42%
Second Best
Apartment 5plus
$298.1K
$260.9K – $347.8K
NOI $20,870 @ 7.0% cap · market cap 4.01%
Theoretical Best
Office A
$785.5K
$687.3K – $916.4K
NOI $54,984 @ 7.0% cap · market cap 10.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
696
Businesses Nearby
Explore this area
Business Placement
Demographics for 28110, NC
53,316
Population
20,236
Households
2.6
Avg Household Size
37
Median Age
24%
College-Educated
87%
High-School Grad
127.4 sq mi
ZIP Area
418
Density / Sq Mi
$81,221
Median Household Income
$41,425
Median Earnings
$1,313
Median Rent
$302,600
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 - Two independent residences offer matching layouts, private entrances, dedicated laundry, and separate kitchens with breakfast areas.
Where is this duplex located?
The property is located at 106 King Street Monroe, NC.
What is the asking price?
The asking price for this property is $519,900.
What are key features of this property?
This property features: Two independent residences, each with 3 bedrooms and 2.5 bathrooms; Approximately 2,543 heated square feet on a 0.34‑acre lot; Private entrances provide separate access for both residences
