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    Stabilized Multifamily Portfolio in Mount Pleasant Title is generated by Realmo AI

    1554 Barringer Street, Mount Pleasant, NC 28124

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    For Sale
    $775,000

    MULTI_FAMILY - Mount Pleasant, NC

    Lot size:
    0.41 Acres
    Added:
    Jan 6, 2026
    Days on Market:
    132
    Last Refresh:
    May 18 at 2:06 pm

    Property Features for 1554 Barringer Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    RH
    Bedrooms
    11
    Bathrooms
    6
    Rooms
    Bedroom 5, Bedroom 11, Bathroom 4, Laundry Room, Bedroom 1, Bathroom 6, Bedroom 3, Bedroom 8, Bathroom 1, Bathroom 5, Bedroom 7, Bedroom 10, Bathroom 2, Bathroom 3, Bedroom 6, Bedroom 4, Bedroom 9, Bedroom 2
    Parking features
    Driveway
    Appliances
    Dishwasher, Oven, Refrigerator, Washer
    Standard status
    Active
    APN
    5670-32-3256-0000
    Lot size
    0.41 Acres

    Taxes and HOA fees

    Tax Description
    W/S BARRINGER ST 1.00LT

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Heat Pump (Heating)
    Cooling system
    Window Unit(s), Central Air

    Building Details

    Year built
    1985
    Number of units
    5
    Flooring type
    Vinyl
    Building materials
    Aluminum, Brick Partial

    We can help!

    Listing Contact
    Erika McNew
    Erika McNew

    Listing agent Erika McNew License #285391

    Listing office The Virtual Realty Group 15105 John J Delaney Dr Ste 135, Charlotte, NC

    Listing date Jan 6, 2026

    MLS# 4333741 Listing URL

    Copyright © 2026 Canopy MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Stabilized 5‑unit multifamily portfolio offering strong cash flow.
    • Single‑family residence (1554 Barringer) completely renovated with 3BR/2BA and full plumbing rehabilitation, including an added bathroom.
    • Fourplex improvements include a new roof, gutter system, extended concrete driveway, and centralized mailbox bank.
    • Interior upgrades in select units (1566 & 1568) feature LVP flooring, new appliances (stove and washer), new window units (1568), and washer/dryer connections.
    • Separately metered units for water and electricity, allowing tenants to cover all utility costs.
    • Located in the growing Mount Pleasant submarket of Cabarrus County, with convenient access to Concord, Kannapolis, and Charlotte.

    Overview

    This stabilized five-unit multifamily portfolio is located in Mount Pleasant, North Carolina. The portfolio includes a single-family residence at 1554 Barringer Street, converted into a three-bedroom, two-bathroom home with full plumbing rehabilitation, an added bathroom with a high ceiling, and a vacuum barrier, and a fourplex at 1558, 1562, 1566, and 1568 Barringer Street. The property is situated on a 0.41-acre lot. Each unit is separately metered for water and electricity, with tenants responsible for their own utilities. The fourplex features a replaced roof, a new gutter system, a newly extended concrete driveway, and a new centralized mailbox bank. Interior upgrades have been completed in units 1566 and 1568, including LVP flooring, new appliances (stove and washer), new window units in 1568, freshly painted interiors and cabinets, updated switches and fixtures, and added washer and dryer connections. New lighting fixtures have been installed throughout the rehabbed units. Lawn maintenance costs $20 per month, with the single-family residence tenant responsible for lawn care as part of their lease agreement. The property benefits from convenient access to Concord, Kannapolis, and the Charlotte metro, supporting ongoing rental demand. Professional management is currently in place at 8%.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy Gym & Fitness Center Big Box & Wholesale Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Mount Pleasant
    County
    Cabarrus
    State
    North Carolina
    Longitude
    -80.431546
    Latitude
    35.396394

    FAQs

    What type of property is this?
    Apartment building - Five-unit multifamily portfolio with strong cash flow in growing submarket.
    Where is this apartment building located?
    The property is located at 1554 Barringer Street Mount Pleasant, NC.
    What is the asking price?
    The asking price for this property is $775,000.
    What are key features of this property?
    This property features: Stabilized 5‑unit multifamily portfolio offering strong cash flow.; Single‑family residence (1554 Barringer) **completely renovated with 3BR/2BA and full plumbing rehabilitation, including an added bathroom.**; Fourplex improvements include a new roof, gutter system, extended concrete driveway, and centralized mailbox bank.
    (704) 606-3550
    We can help!
    Listing Contact
    Erika McNew
    Erika McNew
    Real Estate License ID: 285391
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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