Four-Duplex Residential
New
For Sale
$1,000,000
114 Coley Rd, Salisbury, NC 28146
Four brick buildings offer a mix of single-level and townhome layouts, with concrete driveways and private rear patios.
Property Size6,984 SF
Lot Size1.31 Acres
Price / SF$143.18
Days on Market3
Property Features for 114 Coley Rd
General Information
Standard status
Active
Size
6,984 SF
Lot size
1.31 Acres
Property subtype
Multi-Family
Additional Details
Multifamily Units
8
Amenities
private rear concrete patios
Building Details
Year Built
1976
Buildings
4
Construction
brick
Listing Agency:
TMR Realty, Inc.
Listed By:
Mechelle Kuld · License #280063
(704) 310-6414
Source:
Lewisandkirk
Added: Sep 24
Last Checked: Sep 24 at 2:39PM
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 TMR Realty, Inc.
Investment Insights
Based on property information with market context.
The property comprises four brick duplex buildings with eight units across 6,984 square feet. Three buildings have single-story floor plans; the fourth contains two-story townhome-style units. Five units have LVP flooring throughout, while two townhome units have LVP in the kitchens and bathrooms. One unit has not been remodeled. Each unit has a private rear concrete patio, and vapor barriers are installed in all crawlspaces.
Set on a 1.31-acre parcel, the property was built in 1976. Concrete driveways provide on-site parking for occupants.
Set on a 1.31-acre parcel, the property was built in 1976. Concrete driveways provide on-site parking for occupants.
Key Highlights
- Four brick duplexes with eight total units
- 1.31‑acre parcel
- 6,984 square feet; built in 1976
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
$63,080
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
6.31%
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%
$1,261,600
$1.3M
Cap Rate 7%
$901,143
$901.1K
Cap Rate 9%
$700,889
$700.9K
Market Conditions
NOI Build-Up for 6,984 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
$96.4K $13.80/SF
− Vacancy
−$6.3K −$0.90/SF
EGI
$90.1K $12.90/SF
− OpEx
−$27.0K −$3.87/SF
NOI
$63.1K $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%
$1,261,600
Cap Rate 7%
$901,143
Cap Rate 9%
$700,889
Alternative Uses
Best Use
Multifamily LT 5
$901.1K
$788.5K – $1.05M
NOI $63,080 @ 7.0% cap · market cap 6.31%
Second Best
Apartment 5plus
$812.6K
$711.0K – $948.0K
NOI $56,881 @ 7.0% cap · market cap 5.69%
Theoretical Best
Office A
$2.20M
$1.92M – $2.56M
NOI $153,871 @ 7.0% cap · market cap 15.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
55
Businesses Nearby
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Business Placement
Demographics for 28146, NC
29,572
Population
14,111
Households
2.1
Avg Household Size
44
Median Age
24%
College-Educated
92%
High-School Grad
97.1 sq mi
ZIP Area
305
Density / Sq Mi
$67,053
Median Household Income
$43,106
Median Earnings
$888
Median Rent
$227,600
Median Home Value
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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?
Duplex - Four brick buildings offer a mix of single-level and townhome layouts, with concrete driveways and private rear patios.
Where is this duplex located?
The property is located at 114 Coley Rd Salisbury, NC.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Four brick duplexes with eight total units; 1.31‑acre parcel; 6,984 square feet; built in 1976
