Renovated Multifamily Apartment
For Sale
Contact for pricing
Pending
1133 Berkshire Rd, Fayetteville, NC 28304
Renovated 33-unit apartment building with 2 bed, 1 bath units featuring washer/dryer hookups and central heating and cooling.
Property Size27,700 SF
Days on Market150
Property Features for 1133 Berkshire Rd
General Information
Standard status
Pending
Size
27,700 SF
Class
C
Total Parking Spaces
70
Property subtype
Multifamily
Zoning
MR5- Mixed Residential
Additional Details
Multifamily Units
33
Building Details
Year Built
1972
Year Renovated
2024
Buildings
10
Stories
1
Units
33
Tenancy
Multi
Listing Agency:
Franklin Johnson Commercial Real Estate
Listed By:
Michael Paschal · License #NC
(910) 527-5990
Source:
Crexi
Added: Apr 9
Changed: Aug 31
Last Checked: Sep 4 at 2:38PM
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 Franklin Johnson Commercial Real Estate
Investment Insights
Based on property information with market context.
This renovated multifamily apartment building contains 33 units, each configured as a 2-bedroom, 1-bath apartment with washer and dryer hookups. Storage is available at the rear, and all units include central heating and cooling.
The majority of units were totally remodeled within the last two years, including HVAC, flooring, paint, countertops, cabinetry, and updated bathroom fixtures. The property is located off Owen Drive and near Raeford Road.
Set in the Glendale Subdivision, the building is described as being less than one mile from Cape Fear Valley Medical Center and the new Methodist University Cape Fear Valley Health School of Medicine.
The majority of units were totally remodeled within the last two years, including HVAC, flooring, paint, countertops, cabinetry, and updated bathroom fixtures. The property is located off Owen Drive and near Raeford Road.
Set in the Glendale Subdivision, the building is described as being less than one mile from Cape Fear Valley Medical Center and the new Methodist University Cape Fear Valley Health School of Medicine.
Key Highlights
- Renovated 33‑unit apartment building with all units featuring 2 bedrooms and 1 bath
- Each unit has washer/dryer hookups, storage area at the rear, and central heating and cooling
- Most units were totally remodeled within the last two years with HVAC, flooring, paint, countertops, cabinetry, and updated bathroom fixtures
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
$232,492
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
6.12%
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%
$4,649,840
$4.6M
Cap Rate 7%
$3,321,314
$3.3M
Cap Rate 9%
$2,583,244
$2.6M
Market Conditions
NOI Build-Up for 27,700 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
$448.7K $16.20/SF
− Vacancy
−$26.0K −$0.94/SF
EGI
$422.7K $15.26/SF
− OpEx
−$190.2K −$6.87/SF
NOI
$232.5K $8.39/SF
Area
Fayetteville, NC
Vacancy
5.80%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$4,649,840
Cap Rate 7%
$3,321,314
Cap Rate 9%
$2,583,244
Alternative Uses
Best Use
Apartment 5plus
$3.32M
$2.91M – $3.87M
NOI $232,492 @ 7.0% cap · market cap 6.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.07M
$5.31M – $7.08M
NOI $424,940 @ 7.0% cap · market cap 11.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
33
Residential units
Location Intelligence
Trade Area within ½ mile
1,786
Businesses Nearby
Explore this area
Business Placement
Demographics for 28304, NC
37,120
Population
16,424
Households
2.3
Avg Household Size
37
Median Age
25%
College-Educated
92%
High-School Grad
17.4 sq mi
ZIP Area
2,133
Density / Sq Mi
$57,867
Median Household Income
$35,907
Median Earnings
$1,218
Median Rent
$154,300
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?
Apartment building - Renovated 33-unit apartment building with 2 bed, 1 bath units featuring washer/dryer hookups and central heating and cooling.
Where is this apartment building located?
The property is located at 1133 Berkshire Rd Fayetteville, NC.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: Renovated 33‑unit apartment building with all units featuring 2 bedrooms and 1 bath; Each unit has washer/dryer hookups, storage area at the rear, and central heating and cooling; Most units were totally remodeled within the last two years with HVAC, flooring, paint, countertops, cabinetry, and updated bathroom fixtures
