Updated Quadplex with 2023
For Sale
$320,000
1101 College Ave 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 Market201
Property Features for 1101 College Ave Sw
General Information
Standard status
Active
Size
2,844 SF
Property subtype
Residential Income
Additional Details
Gross Income
$34,800
Multifamily Units
4
Listing Agency:
Nestlewood Realty, LLC
(704) 302-4464
Listed By:
Alba Carbajal Martinez
(828) 449-5227
Source:
Exprealty
Added: Feb 11
Changed: Aug 30
Last Checked: Aug 30 at 11:28PM
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, LLC
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 = 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
$21,295
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
6.65%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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 Ave 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
