Brick Duplex with Updated
For Sale
$299,000
1204 W fifth Avenue, Lexington, NC 27295
Two leased residences feature private laundry areas, refreshed finishes, and a low-maintenance masonry exterior.
Property Size1,928 SF
Days on Market19
Property Features for 1204 W fifth Avenue
General Information
Standard status
Active
Size
1,928 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Average Monthly Rent
$1,020
Building Details
Building Size
1,928 SF
Year Built
1967
Buildings
1
Units
2
Construction
brick
Tenancy
Multi
Listing Agency:
COMPASS
Listed By:
Angelica Shchetinin
Source:
Roskindhomes
Added: Aug 13
Changed: Aug 30
Last Checked: Aug 30 at 6:30PM
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 COMPASS
Investment Insights
Based on property information with market context.
This fully brick duplex contains two separately leased residences, each arranged with two bedrooms, one full bathroom, and a dedicated laundry area. Interior improvements completed in 2023 include new flooring throughout and fresh paint. Laundry plumbing has also been updated in both units, while the masonry exterior supports straightforward exterior maintenance.
The leases extend through September 2026 for one residence and January 2027 for the other. The property is located in Lexington near shopping, local amenities, and major roadways. The address is 1204 W Fifth Avenue, Lexington, NC 27295, and the building was constructed in 1967.
The leases extend through September 2026 for one residence and January 2027 for the other. The property is located in Lexington near shopping, local amenities, and major roadways. The address is 1204 W Fifth Avenue, Lexington, NC 27295, and the building was constructed in 1967.
Key Highlights
- Two‑unit duplex with both residences currently leased
- Each unit includes 2 bedrooms and 1 full bath
- Lease terms extend through September 2026 and January 2027
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
$18,142
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
6.07%
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%
$362,840
$362.8K
Cap Rate 7%
$259,171
$259.2K
Cap Rate 9%
$201,578
$201.6K
Market Conditions
NOI Build-Up for 1,928 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
$27.8K $14.40/SF
− Vacancy
−$1.8K −$0.96/SF
EGI
$25.9K $13.44/SF
− OpEx
−$7.8K −$4.03/SF
NOI
$18.1K $9.41/SF
Area
Davidson County, NC
Vacancy
6.65%
Lease Rate
$14.40 /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%
$362,840
Cap Rate 7%
$259,171
Cap Rate 9%
$201,578
Alternative Uses
Best Use
Multifamily LT 5
$259.2K
$226.8K – $302.4K
NOI $18,142 @ 7.0% cap · market cap 6.07%
Second Best
Apartment 5plus
$224.8K
$196.7K – $262.3K
NOI $15,739 @ 7.0% cap · market cap 5.26%
Theoretical Best
Office A
$489.2K
$428.0K – $570.7K
NOI $34,241 @ 7.0% cap · market cap 11.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
246
Businesses Nearby
Explore this area
Business Placement
Demographics for 27295, NC
39,042
Population
16,775
Households
2.3
Avg Household Size
43
Median Age
19%
College-Educated
89%
High-School Grad
127.6 sq mi
ZIP Area
306
Density / Sq Mi
$65,446
Median Household Income
$39,150
Median Earnings
$866
Median Rent
$191,900
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?
Duplex - Two leased residences feature private laundry areas, refreshed finishes, and a low-maintenance masonry exterior.
Where is this duplex located?
The property is located at 1204 W fifth Avenue Lexington, NC.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Two‑unit duplex with both residences currently leased; Each unit includes 2 bedrooms and 1 full bath; Lease terms extend through September 2026 and January 2027
