12-Unit Apartment
For Sale
$1,250,000
Pending
1616 W Fifth Avenue, Gastonia, NC 28052
Every apartment includes window air conditioning and washer-dryer connections.
Property Size8,880 SF
Days on Market10
Property Features for 1616 W Fifth Avenue
General Information
Standard status
Pending
Size
8,880 SF
Property subtype
Residential Income
Amenities
window AC units
washer/dryer connections
Apartment
No
12
Electric Dryer Hookup,Washer Hookup
8880
City
0.82
Parking Space(s)
Asphalt,Paved
Slab
Publicly Maintained Road
Building Details
Building Size
8,880 SF
Year Built
1976
Listing Agency:
(423) 973-8634
Listed By:
Candice Heath
Source:
Greaterimpactrealty
Added: Oct 21
Changed: Oct 28
Last Checked: Oct 28 at 3:11PM
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 Candice Heath
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Investment Insights
Based on property information with market context.
This 12-unit apartment property contains 8,880 square feet on a 0.82-acre site and dates to 1976. Recent work includes a roof replacement in 2023, parking lot upgrades, and installation of window AC units in every apartment in 2024. Washer and dryer connections are also provided in all units.
The property is minutes from historic downtown Gastonia, where the FUSE and Social District feature a multipurpose stadium, retail, breweries, and restaurants.
The property is minutes from historic downtown Gastonia, where the FUSE and Social District feature a multipurpose stadium, retail, breweries, and restaurants.
Key Highlights
- 12 apartments totaling 8,880 square feet
- 0.82‑acre site in Gastonia, NC
- Roof replaced in 2023
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$93,949
Cap Rate
7.52%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,878,980
$1.9M
Cap Rate 7%
$1,342,129
$1.3M
Cap Rate 9%
$1,043,878
$1.0M
Market Conditions
NOI Build-Up for 8,880 SF
Gross rent
$186.5K $21.00/SF
− Vacancy
−$15.7K −$1.76/SF
EGI
$170.8K $19.24/SF
− OpEx
−$76.9K −$8.66/SF
NOI
$93.9K $10.58/SF
Area
Gaston County, NC
Vacancy
8.40%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,878,980
Cap Rate 7%
$1,342,129
Cap Rate 9%
$1,043,878
Alternative Uses
Best Use
Apartment 5plus
$1.34M
$1.17M – $1.57M
NOI $93,949 @ 7.0% cap · market cap 7.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.79M
$2.45M – $3.26M
NOI $195,644 @ 7.0% cap · market cap 15.65%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
317
Businesses Nearby
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Business Placement
Demographics for 28052, NC
35,332
Population
15,561
Households
2.3
Avg Household Size
38
Median Age
16%
College-Educated
83%
High-School Grad
41.4 sq mi
ZIP Area
853
Density / Sq Mi
$46,015
Median Household Income
$34,339
Median Earnings
$1,058
Median Rent
$173,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Every apartment includes window air conditioning and washer-dryer connections.
Where is this apartment building located?
The property is located at 1616 W Fifth Avenue Gastonia, NC.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 12 apartments totaling 8,880 square feet; 0.82‑acre site in Gastonia, NC; Roof replaced in 2023
