Building Details

Year Built 1960

Listing Agency: A PLUS REALTY j***@aplusrealtync.com Show Phone

Listed By: JASON ELDRETH · License #283438

Source: Corcoran

Added: Sep 18, 2025 Changed: Aug 18 Last Checked: Aug 22 at 6:43AM

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Investment Insights

Based on property information with market context.

This commercial property features 5 buildings with a total of 14 rental units. The unit mix includes twelve 2-bedroom, 1-bathroom units and one 3-bedroom, 1-bathroom unit, along with the Glade Valley US Post Office. All 14 units are currently rented to full-time tenants. The property also includes a 3000-square-foot storage area located under the #18 building, which is also being rented. Air conditioning is provided for 3 of the units. The property size is 10390 square feet.

Key Highlights

• High Gross Return: Over 10 percent return on investment.
• Fully Rented: All 14 units are currently occupied.
• Multiple Buildings and Units: Consists of 5 buildings with a total of 14 rental units.

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

$87,483

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

7.61%

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%

$1,749,660 $1.7M

Cap Rate 7%

$1,249,757 $1.2M

Cap Rate 9%

$972,033 $972.0K

Market Conditions

NOI Build-Up for 10,390 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

$168.3K $16.20/SF

− Vacancy

−$9.3K −$0.89/SF

EGI

$159.1K $15.31/SF

− OpEx

−$71.6K −$6.89/SF

NOI

$87.5K $8.42/SF

Area

Alleghany County, NC

Vacancy

5.50%

Lease Rate

$16.20 /SF/Yr

Expense Ratio

45.00%

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%

$1,749,660

Cap Rate 7%

$1,249,757

Cap Rate 9%

$972,033

Alternative Uses

Best Use

Apartment 5plus

$1.25M

$1.09M – $1.46M (±1% cap)

NOI $87,483 @ 7.0% cap · market cap 7.61%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$2.26M

$1.97M – $2.63M (±1% cap)

NOI $157,994 @ 7.0% cap · market cap 13.75%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

United States Postal ... Post Office

Suggested Use

Top Pick Electrical Service Garden Center Pet Grooming Service Spa & Massage Center Food Market Department Store

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

17

Businesses Nearby

Explore this area Business Placement

Demographics for 28627, NC

1,334

Population

855

Households

1.6

Avg Household Size

49

Median Age

14%

College-Educated

86%

High-School Grad

25.8 sq mi

ZIP Area

52

Density / Sq Mi

$42,938

Median Household Income

$23,366

Median Earnings

$678

Median Rent

$190,300

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

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Frequently Asked Questions

What type of property is this?

Apartment building - Commercial property with 14 rental units and US Post Office.

Where is this apartment building located?

The property is located at 18 40 90 Glade Valley Church Road Glade Valley, NC.

What is the asking price?

The asking price for this property is $1,149,000.

What are key features of this property?

This property features: High Gross Return: Over 10 percent return on investment.; Fully Rented: All 14 units are currently occupied.; Multiple Buildings and Units: Consists of 5 buildings with a total of 14 rental units.