12-Unit Remodeled Apartment
For Sale
$1,399,000
120 121 128 Cedar Avenue, Hudson, NC 28638
Three brick buildings offer separately metered apartments with in-unit laundry, dishwashers, and central air.
Property Size8,640 SF
Days on Market11
Property Features for 120 121 128 Cedar Avenue
General Information
Standard status
Active
Size
8,640 SF
Property subtype
Residential Income
Building Details
Building Size
8,640 SF
Year Built
1959
Units
12
Listing Agency:
K2 Real Estate Group
(704) 970-7219
Listed By:
Olga Leggett · License #234194
Source:
Techrealtyllc
Added: Aug 9
Changed: Aug 16
Last Checked: Aug 19 at 2:14PM
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 K2 Real Estate Group
Investment Insights
Based on property information with market context.
This multifamily property comprises three brick buildings with four apartments in each, for a total of 12 units. Every apartment is configured with two bedrooms and one bathroom and has been remodeled. Interior features include a washer and dryer, dishwasher, and central air. The buildings also have newer low-maintenance metal roofing.
Utilities are separately metered and paid by tenants. The property is located at 120, 121, and 128 Cedar Avenue in Hudson, North Carolina. Built in 1959, the apartment community includes annual leases and has a tenant base described as having low turnover with many long-term occupants.
Utilities are separately metered and paid by tenants. The property is located at 120, 121, and 128 Cedar Avenue in Hudson, North Carolina. Built in 1959, the apartment community includes annual leases and has a tenant base described as having low turnover with many long-term occupants.
Key Highlights
- 12 total units across 3 buildings, with 4 apartments per building
- All apartments offer 2 bedrooms and 1 bathroom
- Remodeled interiors include washers, dryers, dishwashers, and central air
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
$59,716
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
4.27%
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%
$1,194,320
$1.2M
Cap Rate 7%
$853,086
$853.1K
Cap Rate 9%
$663,511
$663.5K
Market Conditions
NOI Build-Up for 8,640 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
$116.1K $13.44/SF
− Vacancy
−$7.5K −$0.87/SF
EGI
$108.6K $12.57/SF
− OpEx
−$48.9K −$5.65/SF
NOI
$59.7K $6.91/SF
Area
Caldwell County, NC
Vacancy
6.50%
Lease Rate
$13.44 /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%
$1,194,320
Cap Rate 7%
$853,086
Cap Rate 9%
$663,511
Alternative Uses
Best Use
Apartment 5plus
$853.1K
$746.5K – $995.3K
NOI $59,716 @ 7.0% cap · market cap 4.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.97M
$1.73M – $2.30M
NOI $138,019 @ 7.0% cap · market cap 9.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
181
Businesses Nearby
Explore this area
Business Placement
Demographics for 28638, NC
11,880
Population
4,961
Households
2.4
Avg Household Size
44
Median Age
19%
College-Educated
84%
High-School Grad
20.0 sq mi
ZIP Area
594
Density / Sq Mi
$58,914
Median Household Income
$36,330
Median Earnings
$693
Median Rent
$174,800
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 - Three brick buildings offer separately metered apartments with in-unit laundry, dishwashers, and central air.
Where is this apartment building located?
The property is located at 120 121 128 Cedar Avenue Hudson, NC.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: 12 total units across 3 buildings, with 4 apartments per building; All apartments offer 2 bedrooms and 1 bathroom; Remodeled interiors include washers, dryers, dishwashers, and central air
