Renovated Quadplex with Flex
For Sale
$599,000
1101 N Main St, Salisbury, NC 28144
All four residences are rented and include one bedroom, two bathrooms, and adaptable bonus space.
Property Size3,852 SF
Price / SF$155.50
Days on Market17
Property Features for 1101 N Main St
General Information
Standard status
Active
Size
3,852 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
4 x 1BR/2BA
Multifamily Units
4
Amenities
laundry room
Building Details
Year Built
1947
Buildings
1
Construction
full brick
Listing Agency:
Apex Realty Of The Carolinas Inc
Listed By:
Sharetha Holman sharetha.holman@gmail.com · License #244433
(980) 297-8161
Source:
Judy.lakenormanhomeguide
Added: Aug 28
Changed: Sep 11
Last Checked: Sep 12 at 10:31AM
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 Apex Realty Of The Carolinas Inc
Investment Insights
Based on property information with market context.
Located at 1101 N Main St in Salisbury, this 3,852-square-foot quadplex combines a full-brick exterior with a complete renovation. Built in 1947, the property contains four one-bedroom residences, each with two bathrooms and an additional flex or office area. The adaptable space can support work, study, hobbies, or everyday living needs.
A shared laundry room adds two coin-operated washers and two coin-operated dryers. All units are currently rented, providing an established operating configuration for a multifamily owner. The property’s four-unit layout, individual bonus areas, and on-site laundry create a practical combination of residential functionality and shared amenities.
A shared laundry room adds two coin-operated washers and two coin-operated dryers. All units are currently rented, providing an established operating configuration for a multifamily owner. The property’s four-unit layout, individual bonus areas, and on-site laundry create a practical combination of residential functionality and shared amenities.
Key Highlights
- Four‑unit quadplex with all units currently rented
- 3,852 SF full‑brick property built in 1947
- Each unit includes 1 bedroom and 2 bathrooms
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
$34,792
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
5.81%
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%
$695,840
$695.8K
Cap Rate 7%
$497,029
$497.0K
Cap Rate 9%
$386,578
$386.6K
Market Conditions
NOI Build-Up for 3,852 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
$53.2K $13.80/SF
− Vacancy
−$3.5K −$0.90/SF
EGI
$49.7K $12.90/SF
− OpEx
−$14.9K −$3.87/SF
NOI
$34.8K $9.03/SF
Area
Rowan 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%
$695,840
Cap Rate 7%
$497,029
Cap Rate 9%
$386,578
Alternative Uses
Best Use
Multifamily LT 5
$497.0K
$434.9K – $579.9K
NOI $34,792 @ 7.0% cap · market cap 5.81%
Second Best
Apartment 5plus
$448.2K
$392.2K – $522.9K
NOI $31,373 @ 7.0% cap · market cap 5.24%
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,867 @ 7.0% cap · market cap 14.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
471
Businesses Nearby
Explore this area
Business Placement
Demographics for 28144, NC
26,254
Population
12,655
Households
2.1
Avg Household Size
40
Median Age
27%
College-Educated
89%
High-School Grad
30.1 sq mi
ZIP Area
872
Density / Sq Mi
$51,432
Median Household Income
$29,787
Median Earnings
$982
Median Rent
$205,900
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
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Frequently Asked Questions
What type of property is this?
Quadplex - All four residences are rented and include one bedroom, two bathrooms, and adaptable bonus space.
Where is this quadplex located?
The property is located at 1101 N Main St Salisbury, NC.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Four‑unit quadplex with all units currently rented; 3,852 SF full‑brick property built in 1947; Each unit includes 1 bedroom and 2 bathrooms
