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    Four-Unit Residential Income Property Title is generated by Realmo AI

    1101 College Avenue SW, Lenoir, NC 28645

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    For Sale
    $320,000

    MULTI_FAMILY - Lenoir, NC

    Lot size:
    0.25 Acres
    Added:
    Feb 18, 2026
    Days on Market:
    106
    Last Refresh:
    Jun 4 at 7:06 pm

    Property Features for 1101 College Avenue SW

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    6
    Bathrooms
    5
    Rooms
    Bedroom 4, Bedroom 2, Bathroom 5, Bedroom 1, Bedroom 5, Bathroom 2, Bathroom 4, Bedroom 3, Bathroom 1, Bathroom 3, Bedroom 6
    Parking features
    Garage - Detached, On Street, Driveway
    Standard status
    Active
    APN
    06-13-4-7
    Lot size
    0.25 Acres

    Taxes and HOA fees

    Tax Description
    BK 2033 PG 986 YR 21 ST 300.00

    Utilities

    Sewer type
    Public Sewer
    Cooling system
    Window Unit(s)

    Building Details

    Year built
    1920
    Number of units
    3
    Building materials
    Hard Stucco

    We can help!

    Listing Contact
    Alba Carbajal Martinez

    Listing agent Alba Carbajal Martinez

    Listing office Nestlewood Realty, LLC 2108 South Blvd #107, Charlotte, NC

    Listing date Feb 18, 2026

    MLS# 4345154 Listing URL

    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.

    HighLights

    • Income‑producing multi‑unit property with four separate units currently operated as four units
    • New roof installed in 2023
    • Electrical updates and improvements completed by the current owner
    • Units have window HVAC systems; Cooling includes window unit(s)
    • Total current rents are $2,900/month across four units; all tenants are on month‑to‑month leases
    • Year built 1920; hard stucco construction; public sewer

    Overview

    This four-unit residential income property is currently operated as four separate units. The owner has completed electrical updates and other improvements, and a new roof was installed in 2023. Each unit is equipped with window HVAC systems. Notably, one unit does not include a kitchen, while the other units do. Tenants are on month-to-month leases, which can provide flexibility for an investor managing occupancy and unit turns.

    Located at 1101 College Avenue SW in Lenoir, North Carolina (Caldwell County), the property is configured for four independent rental units. Current gross rents total $2,900 per month across the four units, reflecting the existing tenant and lease structure.

    For buyers or operators looking for a small, multi-unit hold, the recent roof and electrical work help reduce near-term capital items relative to a typical older rental. The window HVAC configuration may simplify unit-level heating and cooling service. With all tenants on month-to-month terms, the property may be well-suited for someone planning to review unit performance and leasing strategies over time, including consideration of the one non-kitchen unit in their operating plan.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lenoir
    County
    Caldwell
    State
    North Carolina
    Longitude
    -81.542404
    Latitude
    35.911112

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    FAQs

    What type of property is this?
    Quadplex - Four-unit income property with a 2023 roof and window HVAC; three kitchens plus one unit without a kitchen.
    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: Income‑producing multi‑unit property with four separate units currently operated as four units; New roof installed in 2023; Electrical updates and improvements completed by the current owner
    (828) 449-5227
    We can help!
    Listing Contact
    Alba Carbajal Martinez
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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