Two-Unit Duplex Income
For Sale
$284,999
173 - 175 Booker Drive SW, Concord, NC 28025
Duplex with two mirrored 1-bedroom, 1-bath units, each featuring a sunroom laundry area and updated HVAC systems.
Property Size1,254 SF
Price / SF$227.27
Days on Market52
Property Features for 173 - 175 Booker Drive SW
General Information
Standard status
Active
Size
1,254 SF
Property subtype
Duplex
Occupancy
100%
Additional Details
Multifamily Units
2
Amenities
Size: 0.09, Size Units: Acres
Man Level Garage: 0
Details: Central Air, Electric
Heating: Electric
Description: Laundry Room
Days on Market: 34, Listing Price: 284999, Status: Active
Elementary: R. McAllister, Middle/Junior High: Concord, High School: Concord
Finished Area Above Grade: 1254, Area: 1254, Building Area: 1254, Construction Materials: Block, Year Built: 1950, Construction Type: Site Built
City: Concord, State: NC, Zip: 28025, County: Cabarrus
Sewer: Public Sewer, Water Source: City
Description: Yes
Auction Y/N: 0
Description: Electric Range, Refrigerator, Washer/Dryer
Building Details
Building Size
1,254 SF
Year Built
1950
Tenancy
Multi
Listing Agency:
Southern Homes of the Carolinas, Inc
(704) 896-2000
Listed By:
Jenny Dabbs
(704) 305-6105
Source:
Blackstreaminternational
Added: Jul 24
Changed: Sep 13
Last Checked: Sep 13 at 9:55AM
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 Southern Homes of the Carolinas, Inc
Investment Insights
Based on property information with market context.
This duplex includes two mirrored units at 173 and 175 Booker Drive SW, each with a 1-bedroom, 1-bath layout. Every unit has a kitchen, living room, and a laundry area located in a sunroom. The property benefits from new HVAC systems installed in both units, and unit 173 has a brand new refrigerator; all appliances convey.
Both units are currently occupied by long-term tenants who wish to remain, providing immediate rental income. The property is described as being conveniently located near Logan Center and a bus stop.
Showings are limited due to tenant occupancy and will be scheduled through an open house day (TBD the week of July 27, 2026).
Both units are currently occupied by long-term tenants who wish to remain, providing immediate rental income. The property is described as being conveniently located near Logan Center and a bus stop.
Showings are limited due to tenant occupancy and will be scheduled through an open house day (TBD the week of July 27, 2026).
Key Highlights
- Duplex at 173 & 175 Booker Dr SW with two mirrored 1‑bedroom, 1‑bath units
- Each unit includes a laundry area in a sunroom, plus kitchen and living room space
- Both units are currently occupied by long‑term tenants who want to remain
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
$13,339
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
4.68%
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%
$266,780
$266.8K
Cap Rate 7%
$190,557
$190.6K
Cap Rate 9%
$148,211
$148.2K
Market Conditions
NOI Build-Up for 1,254 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
$20.3K $16.20/SF
− Vacancy
−$1.3K −$1.00/SF
EGI
$19.1K $15.20/SF
− OpEx
−$5.7K −$4.56/SF
NOI
$13.3K $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%
$266,780
Cap Rate 7%
$190,557
Cap Rate 9%
$148,211
Alternative Uses
Best Use
Multifamily LT 5
$190.6K
$166.7K – $222.3K
NOI $13,339 @ 7.0% cap · market cap 4.68%
Second Best
Apartment 5plus
$176.0K
$154.0K – $205.3K
NOI $12,318 @ 7.0% cap · market cap 4.32%
Theoretical Best
Specialty Retail
$341.7K
$299.0K – $398.7K
NOI $23,921 @ 7.0% cap · market cap 8.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
405
Businesses Nearby
Explore this area
Business Placement
Demographics for 28025, NC
58,260
Population
23,759
Households
2.5
Avg Household Size
38
Median Age
33%
College-Educated
91%
High-School Grad
108.4 sq mi
ZIP Area
537
Density / Sq Mi
$79,271
Median Household Income
$43,167
Median Earnings
$1,223
Median Rent
$264,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex with two mirrored 1-bedroom, 1-bath units, each featuring a sunroom laundry area and updated HVAC systems.
Where is this duplex located?
The property is located at 173 - 175 Booker Drive SW Concord, NC.
What is the asking price?
The asking price for this property is $284,999.
What are key features of this property?
This property features: Duplex at 173 & 175 Booker Dr SW with two mirrored 1‑bedroom, 1‑bath units; Each unit includes a laundry area in a sunroom, plus kitchen and living room space; Both units are currently occupied by long‑term tenants who want to remain
