Updated Brick
For Sale
$375,000
1106 Lane St, Kannapolis, NC 28083
Two matching residential units support flexible owner occupancy or rental use in a growing Kannapolis setting.
Property Size1,896 SF
Price / SF$197.78
Days on Market80
Property Features for 1106 Lane St
General Information
Standard status
Active
Size
1,896 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1935
Construction
brick
Listing Agency:
Servant Heart Realty Group LLC
Listed By:
Jackie Lowe
(704) 615-7347
Source:
Highperformancerea
Added: Jul 28
Changed: Oct 4
Last Checked: Oct 7 at 5:05PM
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 Servant Heart Realty Group LLC
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Investment Insights
Based on property information with market context.
This brick duplex, built in 1935, contains two matching two-bedroom, one-bath units totaling 1,896 square feet. Each side measures just under 950 square feet and offers a consistent layout suited to either owner occupancy or rental use. One unit is occupied under an existing lease and is professionally managed.
System improvements include central air installed in 2023, a gas furnace added in 2019, PEX plumbing completed in 2024, and windows replaced in 2023. The property occupies a corner lot in Kannapolis, minutes from the revitalized Downtown district and Atrium Health Ballpark. Both units share a documented rental history, while the current configuration allows the owner to occupy one side and lease the other or rent both units.
System improvements include central air installed in 2023, a gas furnace added in 2019, PEX plumbing completed in 2024, and windows replaced in 2023. The property occupies a corner lot in Kannapolis, minutes from the revitalized Downtown district and Atrium Health Ballpark. Both units share a documented rental history, while the current configuration allows the owner to occupy one side and lease the other or rent both units.
Key Highlights
- Two 2‑bedroom, 1‑bath units with matching layouts
- 1,896 square feet total; each unit is just under 950 sq ft
- Brick duplex built in 1935 on a corner lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,983
Cap Rate
5.86%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$439,660
$439.7K
Cap Rate 7%
$314,043
$314.0K
Cap Rate 9%
$244,256
$244.3K
Market Conditions
NOI Build-Up for 1,896 SF
Gross rent
$34.1K $18.00/SF
− Vacancy
−$2.7K −$1.44/SF
EGI
$31.4K $16.56/SF
− OpEx
−$9.4K −$4.97/SF
NOI
$22.0K $11.59/SF
Area
Cabarrus County, NC
Vacancy
7.98%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$439,660
Cap Rate 7%
$314,043
Cap Rate 9%
$244,256
Alternative Uses
Best Use
Multifamily LT 5
$314.0K
$274.8K – $366.4K
NOI $21,983 @ 7.0% cap · market cap 5.86%
Second Best
Apartment 5plus
$286.6K
$250.7K – $334.3K
NOI $20,059 @ 7.0% cap · market cap 5.35%
Theoretical Best
Office A
$596.8K
$522.2K – $696.2K
NOI $41,773 @ 7.0% cap · market cap 11.14%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
391
Businesses Nearby
Explore this area
Business Placement
Demographics for 28083, NC
25,821
Population
11,925
Households
2.2
Avg Household Size
38
Median Age
19%
College-Educated
85%
High-School Grad
20.0 sq mi
ZIP Area
1,291
Density / Sq Mi
$60,563
Median Household Income
$39,831
Median Earnings
$1,120
Median Rent
$194,300
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?
Duplex - Two matching residential units support flexible owner occupancy or rental use in a growing Kannapolis setting.
Where is this duplex located?
The property is located at 1106 Lane St Kannapolis, NC.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units with matching layouts; 1,896 square feet total; each unit is just under 950 sq ft; Brick duplex built in 1935 on a corner lot
