Renovated
For Sale
$479,900
14 Mills Avenue NW, Concord, NC 28027
Four-unit multifamily property with recent renovations and access to I-85 and Concord Parkway.
Property Size2,716 SF
Price / SF$176.69
Days on Market50
Property Features for 14 Mills Avenue NW
General Information
Standard status
Active
Size
2,716 SF
Property subtype
Fourplex
Additional Details
Highway Access
Yes
Amenities
Size: 0.39, Size Units: Acres
Description: Architectural Shingle
Flooring: Carpet, Vinyl, Wood
Man Level Garage: 0
Details: Wall Unit(s), Window Unit(s)
Heating: Wall Furnace
Description: Electric Dryer Hookup, In Unit, Laundry Room
Days on Market: 45, Listing Price: 479900, Status: Active
Elementary: Winecoff, Middle/Junior High: Northwest Cabarrus, High School: Northwest Cabarrus
Total Bathrooms: 4
Finished Area Above Grade: 2716, Area: 2716, Building Area: 2716, Construction Materials: Vinyl, Year Built: 1949, Construction Type: Site Built
City: Concord, State: NC, Zip: 28027, County: Cabarrus
Full Bathrooms: 4
Sewer: Public Sewer, Water Source: City
Description: Conditional
Auction Y/N: 0
Patio Features: Patio, Porch
Description: Electric Oven, Electric Water Heater, Refrigerator
Building Details
Building Size
2,716 SF
Year Built
1949
Tenancy
Multi
Listing Agency:
Oaktree Real Estate
Listed By:
James Nieman
(704) 363-0422
Source:
Blackstreaminternational
Added: Jul 30
Changed: Sep 17
Last Checked: Sep 16 at 6:00PM
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 Oaktree Real Estate
Investment Insights
Based on property information with market context.
This four-unit multifamily property at 14 Mills Avenue NW in Concord, North Carolina, contains 2,716 square feet and was built in 1949. Each unit has been renovated within the past three years, providing a recently updated configuration across the property.
The property is approximately 10–12 minutes from Downtown Concord, with access to I-85 and Concord Parkway. Its four-unit layout and recent unit renovations provide a clear multifamily profile for evaluating residential income use.
The property is approximately 10–12 minutes from Downtown Concord, with access to I-85 and Concord Parkway. Its four-unit layout and recent unit renovations provide a clear multifamily profile for evaluating residential income use.
Key Highlights
- Four‑unit multifamily property
- All four units renovated within the past three years
- 2,716 square feet
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
$28,890
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
6.02%
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%
$577,800
$577.8K
Cap Rate 7%
$412,714
$412.7K
Cap Rate 9%
$321,000
$321.0K
Market Conditions
NOI Build-Up for 2,716 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
$44.0K $16.20/SF
− Vacancy
−$2.7K −$1.00/SF
EGI
$41.3K $15.20/SF
− OpEx
−$12.4K −$4.56/SF
NOI
$28.9K $10.64/SF
Area
Concord, NC
Vacancy
6.20%
Lease Rate
$16.20 /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%
$577,800
Cap Rate 7%
$412,714
Cap Rate 9%
$321,000
Alternative Uses
Best Use
Multifamily LT 5
$412.7K
$361.1K – $481.5K
NOI $28,890 @ 7.0% cap · market cap 6.02%
Second Best
Apartment 5plus
$381.1K
$333.5K – $444.7K
NOI $26,680 @ 7.0% cap · market cap 5.56%
Theoretical Best
Specialty Retail
$740.1K
$647.6K – $863.5K
NOI $51,809 @ 7.0% cap · market cap 10.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
349
Businesses Nearby
Explore this area
Business Placement
Demographics for 28027, NC
76,478
Population
31,450
Households
2.4
Avg Household Size
36
Median Age
43%
College-Educated
92%
High-School Grad
69.0 sq mi
ZIP Area
1,108
Density / Sq Mi
$89,101
Median Household Income
$48,976
Median Earnings
$1,433
Median Rent
$341,900
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?
Quadplex - Four-unit multifamily property with recent renovations and access to I-85 and Concord Parkway.
Where is this quadplex located?
The property is located at 14 Mills Avenue NW Concord, NC.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: Four‑unit multifamily property; All four units renovated within the past three years; 2,716 square feet
