Renovated Duplex With Separate
For Sale
$230,000
114 South Mitchell Street, Rutherfordton, NC 28139
Turnkey 2-unit duplex with separate entrances and independently metered utilities for flexible living or rental use.
Property Size1,380 SF
Price / SF$166.67
Days on Market96
Property Features for 114 South Mitchell Street
General Information
Standard status
Active
Size
1,380 SF
Class
B
Property subtype
Multi-Family
Zoning
RMST
Additional Details
Business Included
Yes
Multifamily Units
2
Building Details
Building Size
1,380 SF
Year Built
1951
Tenancy
Multi
Listing Agency:
RE/MAX
Listed By:
Randall Reavis · License #322805
(828) 395-2222
Source:
Remaxcommercial
Added: Jun 11
Changed: Sep 10
Last Checked: Sep 14 at 5:06AM
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 RE/MAX
Investment Insights
Based on property information with market context.
This newly renovated free-standing duplex is configured as two separate 1-bedroom, 1-bath units. Each side includes a living room and approximately 690 square feet of living space, for a total of about 1,380 square feet. Both units have their own entrances, separate utility meters, and laundry areas, supporting independent occupancy or full rental operation. The property is described as being in excellent condition with extensive updates, and it is noted that there are no tenants since the remodel.
The duplex is located at 114 South Mitchell Street in Rutherfordton, with walkability to shopping, dining, and medical. The remarks also state it is about two blocks from historic Rutherfordton and downtown, and approximately three blocks from the hospital.
With separately metered water/sewer, power, and natural gas, the building is well suited for an owner-occupant who wants one unit for personal use while renting the other. It also fits buyers looking for a straightforward two-unit rental setup, with a manageable configuration and turnkey presentation following the complete remodel.
The duplex is located at 114 South Mitchell Street in Rutherfordton, with walkability to shopping, dining, and medical. The remarks also state it is about two blocks from historic Rutherfordton and downtown, and approximately three blocks from the hospital.
With separately metered water/sewer, power, and natural gas, the building is well suited for an owner-occupant who wants one unit for personal use while renting the other. It also fits buyers looking for a straightforward two-unit rental setup, with a manageable configuration and turnkey presentation following the complete remodel.
Key Highlights
- Newly renovated 2‑unit duplex (2 separate homes) built in 1951 at 114 S Mitchell St, Rutherfordton, NC 28139
- Two ~690 sq ft units total ~1,380 sq ft, each with a 1 BR, 1 Bath, and LR
- Each unit has its own entrance, separate utility meters, and a dedicated laundry area
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
$8,132
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
3.54%
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%
$162,640
$162.6K
Cap Rate 7%
$116,171
$116.2K
Cap Rate 9%
$90,356
$90.4K
Market Conditions
NOI Build-Up for 1,380 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
$12.4K $9.00/SF
− Vacancy
−$802 −$0.58/SF
EGI
$11.6K $8.42/SF
− OpEx
−$3.5K −$2.53/SF
NOI
$8.1K $5.89/SF
Area
Rutherford County, NC
Vacancy
6.46%
Lease Rate
$9.00 /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%
$162,640
Cap Rate 7%
$116,171
Cap Rate 9%
$90,356
Alternative Uses
Best Use
Multifamily LT 5
$116.2K
$101.7K – $135.5K
NOI $8,132 @ 7.0% cap · market cap 3.54%
Second Best
Apartment 5plus
$106.7K
$93.4K – $124.5K
NOI $7,470 @ 7.0% cap · market cap 3.25%
Theoretical Best
Office A
$304.3K
$266.3K – $355.1K
NOI $21,303 @ 7.0% cap · market cap 9.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
621
Businesses Nearby
Explore this area
Business Placement
Demographics for 28139, NC
18,665
Population
8,953
Households
2.1
Avg Household Size
48
Median Age
23%
College-Educated
87%
High-School Grad
181.9 sq mi
ZIP Area
103
Density / Sq Mi
$52,148
Median Household Income
$36,340
Median Earnings
$842
Median Rent
$195,300
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 - Turnkey 2-unit duplex with separate entrances and independently metered utilities for flexible living or rental use.
Where is this duplex located?
The property is located at 114 South Mitchell Street Rutherfordton, NC.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: Newly renovated 2‑unit duplex (2 separate homes) built in 1951 at 114 S Mitchell St, Rutherfordton, NC 28139; Two ~690 sq ft units total ~1,380 sq ft, each with a 1 BR, 1 Bath, and LR; Each unit has its own entrance, separate utility meters, and a dedicated laundry area
