Updated Quadplex with 2023
For Sale
$320,000
1101 College Avenue SW, Lenoir, NC 28645
Four separately operated units offer month-to-month occupancy arrangements and varied physical configurations.
Property Size2,844 SF
Price / SF$112.52
Days on Market169
Property Features for 1101 College Avenue SW
General Information
Standard status
Active
Size
2,844 SF
Property subtype
Residential Income
Zoning
R-6
Additional Details
Gross Income
$34,800
Multifamily Units
4
Amenities
Window Unit(s)
Crawl Space
Driveway, On Street
Building Details
Building Size
2,844 SF
Year Built
1920
Listing Agency:
Nestlewood Realty
Listed By:
Alba Carbajal Martinez
(828) 449-5227
Source:
Evrealestate
Added: May 1
Changed: Oct 16
Last Checked: Oct 16 at 8:30AM
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 Nestlewood Realty
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Investment Insights
Based on property information with market context.
This quadplex is arranged as four separately operated units, with electrical work and additional improvements completed by the current owner. A new roof was installed in 2023, and the units are equipped with window HVAC systems. One of the four units does not include a kitchen, creating a varied configuration across the property.
All four units are occupied under month-to-month leases, allowing lease terms to be revisited as part of future ownership planning. The property is located at 1101 College Ave SW in Lenoir, NC.
All four units are occupied under month-to-month leases, allowing lease terms to be revisited as part of future ownership planning. The property is located at 1101 College Ave SW in Lenoir, NC.
Key Highlights
- Four separately operated units
- New roof installed in 2023
- Electrical updates and other improvements completed
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,295
Cap Rate
6.65%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$425,900
$425.9K
Cap Rate 7%
$304,214
$304.2K
Cap Rate 9%
$236,611
$236.6K
Market Conditions
NOI Build-Up for 2,844 SF
Gross rent
$32.4K $11.40/SF
− Vacancy
−$2.0K −$0.70/SF
EGI
$30.4K $10.70/SF
− OpEx
−$9.1K −$3.21/SF
NOI
$21.3K $7.49/SF
Area
Caldwell County, NC
Vacancy
6.17%
Lease Rate
$11.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$425,900
Cap Rate 7%
$304,214
Cap Rate 9%
$236,611
Alternative Uses
Best Use
Multifamily LT 5
$304.2K
$266.2K – $354.9K
NOI $21,295 @ 7.0% cap · market cap 6.65%
Second Best
Apartment 5plus
$280.8K
$245.7K – $327.6K
NOI $19,656 @ 7.0% cap · market cap 6.14%
Theoretical Best
Office A
$649.0K
$567.9K – $757.2K
NOI $45,431 @ 7.0% cap · market cap 14.20%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
818
Businesses Nearby
Explore this area
Business Placement
Demographics for 28645, NC
46,004
Population
21,558
Households
2.1
Avg Household Size
45
Median Age
17%
College-Educated
82%
High-School Grad
329.1 sq mi
ZIP Area
140
Density / Sq Mi
$50,529
Median Household Income
$34,526
Median Earnings
$726
Median Rent
$157,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Four separately operated units offer month-to-month occupancy arrangements and varied physical configurations.
Where is this quadplex located?
The property is located at 1101 College Avenue SW Lenoir, NC.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: Four separately operated units; New roof installed in 2023; Electrical updates and other improvements completed
