12-Unit Townhome Apartment
For Sale
Contact for pricing
Pending
118 Ethel Dr, Stanley, NC 28164
Fully occupied community with renovated interiors, updated exterior components, and convenient access to I-485 and I-85.
Property Size9,947 SF
Days on Market151
Property Features for 118 Ethel Dr
General Information
Standard status
Pending
Size
9,947 SF
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Units
Unit Mix
12 x 2BR/1.5BA
Multifamily Units
12
Additional Details
Average Monthly Rent
$973
Highway Access
Yes
Amenities
common laundry
Building Details
Year Built
1973
Buildings
2
Stories
2
Units
12
Listing Agency:
Britt Commercial Real Estate
Listed By:
Zachary Britt · License #NC 315119
Source:
Crexi
Added: Apr 3
Changed: Aug 30
Last Checked: Aug 30 at 5:00PM
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 Britt Commercial Real Estate
Investment Insights
Based on property information with market context.
This 12-unit apartment community is configured as townhomes, with each residence offering two bedrooms and 1.5 baths. The property contains 9,947 SF and was built in 1973. All units are currently occupied, and ten interiors received renovations between 2020 and 2024.
Property improvements include a new roof, siding, and multiple HVAC replacements. The community is located at 118-120 Ethel Dr in Stanley, North Carolina, approximately 18 miles northwest of Uptown Charlotte. Access to I-485 and I-85 connects the property with Charlotte-area employment centers and surrounding communities.
Property improvements include a new roof, siding, and multiple HVAC replacements. The community is located at 118-120 Ethel Dr in Stanley, North Carolina, approximately 18 miles northwest of Uptown Charlotte. Access to I-485 and I-85 connects the property with Charlotte-area employment centers and surrounding communities.
Key Highlights
- 12‑unit townhome community with 2BR/1.5BA residences
- 9,947 SF property built in 1973
- Fully occupied apartment community
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
$105,237
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
7.02%
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%
$2,104,740
$2.1M
Cap Rate 7%
$1,503,386
$1.5M
Cap Rate 9%
$1,169,300
$1.2M
Market Conditions
NOI Build-Up for 9,947 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
$208.9K $21.00/SF
− Vacancy
−$17.5K −$1.76/SF
EGI
$191.3K $19.24/SF
− OpEx
−$86.1K −$8.66/SF
NOI
$105.2K $10.58/SF
Area
Gaston County, NC
Vacancy
8.40%
Lease Rate
$21.00 /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%
$2,104,740
Cap Rate 7%
$1,503,386
Cap Rate 9%
$1,169,300
Alternative Uses
Best Use
Apartment 5plus
$1.50M
$1.32M – $1.75M
NOI $105,237 @ 7.0% cap · market cap 7.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.13M
$2.74M – $3.65M
NOI $219,152 @ 7.0% cap · market cap 14.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
204
Businesses Nearby
Explore this area
Business Placement
Demographics for 28164, NC
14,903
Population
6,387
Households
2.3
Avg Household Size
45
Median Age
24%
College-Educated
91%
High-School Grad
41.0 sq mi
ZIP Area
363
Density / Sq Mi
$82,661
Median Household Income
$51,238
Median Earnings
$1,161
Median Rent
$268,800
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 - Fully occupied community with renovated interiors, updated exterior components, and convenient access to I-485 and I-85.
Where is this apartment building located?
The property is located at 118 Ethel Dr Stanley, NC.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 12‑unit townhome community with 2BR/1.5BA residences; 9,947 SF property built in 1973; Fully occupied apartment community
