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 Market35
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
(704) 615-7347
Listed By:
Jackie Lowe
Source:
Highperformancerea
Added: Jul 28
Changed: Aug 31
Last Checked: Aug 31 at 1:27AM
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
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 = 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
$21,983
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
5.86%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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
