Renovated Duplex with Leased
New
For Sale
$254,900
134 & 136 Dunham Avenue, Salisbury, NC 28146
Two residential units feature updated systems and interior finishes.
Property Size1,550 SF
Price / SF$164.45
Days on Market5
Property Features for 134 & 136 Dunham Avenue
General Information
Standard status
Active
Size
1,550 SF
Property subtype
Duplex
Occupancy
100%
Additional Details
Average Monthly Rent
$900
Multifamily Units
2
Amenities
Size: 0.75, Size Units: Acres
Man Level Garage: 0
Details: Central Air
Heating: Central, Natural Gas
Description: Electric Dryer Hookup, In Kitchen, Washer Hookup
Days on Market: 0, Listing Price: 254900, Status: Active
Elementary: Unspecified, Middle/Junior High: Unspecified, High School: Unspecified
Total Bathrooms: 4
Finished Area Above Grade: 1550, Area: 1550, Building Area: 1550, Construction Materials: Asbestos, Stories: 1, Year Built: 1952, Construction Type: Site Built
City: Salisbury, State: NC, Zip: 28146, County: Rowan, Subdivision: none
Full Bathrooms: 2, Half Bathrooms: 0
Sewer: Public Sewer, Water Source: City
Description: No
Auction Y/N: 0
Description: Dishwasher, Electric Range, Refrigerator
Building Details
Building Size
1,550 SF
Year Built
1952
Tenancy
Multi
Listing Agency:
Rowan Realty Ltd.
(704) 239-5538
Listed By:
Debbie Miller
(704) 239-5538
Source:
Blackstreaminternational
Added: Aug 19
Changed: Aug 22
Last Checked: Aug 22 at 5:30AM
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 Rowan Realty Ltd.
Investment Insights
Based on property information with market context.
Built in 1952, this duplex includes two residential units at 134 & 136 Dunham Avenue in Salisbury, North Carolina. Renovation work completed after the 2019 acquisition addressed the roof, plumbing, electrical systems, kitchens, flooring, and paint. HVAC units were replaced with new equipment in 2020 and 2025, while the dishwasher in 134 was replaced this year.
Each unit carries a new one-year lease, and occupancy dates to 2019. The seller pays for yard maintenance and arranges HVAC maintenance 2 x / year. Tenant privacy is requested, with showings permitted upon an acceptable offer.
Each unit carries a new one-year lease, and occupancy dates to 2019. The seller pays for yard maintenance and arranges HVAC maintenance 2 x / year. Tenant privacy is requested, with showings permitted upon an acceptable offer.
Key Highlights
- Two residential units each have a new one year lease
- Renovations include the roof, plumbing, electrical systems, kitchens, flooring, and paint
- New HVAC units from 2020 and 2025
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
$14,000
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
5.49%
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%
$280,000
$280.0K
Cap Rate 7%
$200,000
$200.0K
Cap Rate 9%
$155,556
$155.6K
Market Conditions
NOI Build-Up for 1,550 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
$21.4K $13.80/SF
− Vacancy
−$1.4K −$0.90/SF
EGI
$20.0K $12.90/SF
− OpEx
−$6.0K −$3.87/SF
NOI
$14.0K $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%
$280,000
Cap Rate 7%
$200,000
Cap Rate 9%
$155,556
Alternative Uses
Best Use
Multifamily LT 5
$200.0K
$175.0K – $233.3K
NOI $14,000 @ 7.0% cap · market cap 5.49%
Second Best
Apartment 5plus
$180.3K
$157.8K – $210.4K
NOI $12,624 @ 7.0% cap · market cap 4.95%
Theoretical Best
Office A
$487.9K
$426.9K – $569.2K
NOI $34,150 @ 7.0% cap · market cap 13.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
373
Businesses Nearby
Explore this area
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
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 residential units feature updated systems and interior finishes.
Where is this duplex located?
The property is located at 134 & 136 Dunham Avenue Salisbury, NC.
What is the asking price?
The asking price for this property is $254,900.
What are key features of this property?
This property features: Two residential units each have a new one year lease; Renovations include the roof, plumbing, electrical systems, kitchens, flooring, and paint; New HVAC units from 2020 and 2025
