Building Details

Year Built 1972

Listing Agency: Coldwell Banker Realty

Listed By: Pamela Ward Show Phone

Source: Lewisandkirk

Added: Jul 21 Changed: Sep 8 Last Checked: Sep 8 at 7:35AM

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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 Coldwell Banker Realty

Investment Insights

Based on property information with market context.

An updated one-owner full-brick ranch home anchors this 1.2-acre multi-use property, featuring a newly renovated kitchen with modern cabinetry, countertops, backsplash, and stainless-steel appliances. The residence also includes updated baths, spacious living areas, a brick-paver sunroom, abundant storage, and an oversized garage.

A detached studio apartment sits on-site with its own 2-car garage, providing flexibility for rental income, guest use, or on-site workspace. The property is grandfathered as residential but is zoned Highway Business, supporting a range of commercial or mixed-use possibilities.

Positioned just 2 miles from Union County, this live-work setup offers two distinct structures for a combined residential and potential commercial strategy.

Key Highlights

• 1.2‑acre multi‑use property with a one‑owner full‑brick ranch home built in 1972
• Newly renovated kitchen with modern cabinetry, countertops, backsplash, and stainless‑steel appliances
• Updated baths plus spacious living areas and a brick‑paver sunroom

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

$25,867

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

5.75%

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%

$517,340 $517.3K

Cap Rate 7%

$369,529 $369.5K

Cap Rate 9%

$287,411 $287.4K

Market Conditions

NOI Build-Up for 2,231 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

$40.2K $18.00/SF

− Vacancy

−$3.2K −$1.44/SF

EGI

$37.0K $16.56/SF

− OpEx

−$11.1K −$4.97/SF

NOI

$25.9K $11.59/SF

Area

Anson County, NC

Vacancy

7.98%

Lease Rate

$18.00 /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%

$517,340

Cap Rate 7%

$369,529

Cap Rate 9%

$287,411

Alternative Uses

Best Use

Multifamily LT 5

$369.5K

$323.3K – $431.1K (±1% cap)

NOI $25,867 @ 7.0% cap · market cap 5.75%

Second Best

Apartment 5plus

$337.2K

$295.1K – $393.4K (±1% cap)

NOI $23,604 @ 7.0% cap · market cap 5.25%

Theoretical Best

Office A

$702.2K

$614.4K – $819.2K (±1% cap)

NOI $49,153 @ 7.0% cap · market cap 10.92%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Storage Facility Big Box & Wholesale Store Catering Service Pharmacy Hair Salon Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

42

Businesses Nearby

Explore this area Business Placement

Demographics for 28133, NC

2,550

Population

1,116

Households

2.3

Avg Household Size

45

Median Age

9%

College-Educated

82%

High-School Grad

81.7 sq mi

ZIP Area

31

Density / Sq Mi

$55,675

Median Household Income

$50,263

Median Earnings

$975

Median Rent

$160,500

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Duplex - Updated brick ranch home plus a detached studio apartment with separate 2-car garage on a 1.2-acre multi-use site.

Where is this duplex located?

The property is located at 164 New York Ave Peachland, NC.

What is the asking price?

The asking price for this property is $450,000.

What are key features of this property?

This property features: 1.2‑acre multi‑use property with a one‑owner full‑brick ranch home built in 1972; Newly renovated kitchen with modern cabinetry, countertops, backsplash, and stainless‑steel appliances; Updated baths plus spacious living areas and a brick‑paver sunroom