Building Details

Year Built 1973

Construction brick

Listing Agency: Coldwell Banker Boyd & Hassell

Listed By: Mary Foster · License #295085 Show Phone

Source: Highperformancerea

Added: Aug 6 Changed: Oct 2 Last Checked: Oct 7 at 3:29PM

Report an Issue

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 Boyd & Hassell

Investment Insights

Based on property information with market context.

This 11-unit brick apartment complex was built in 1973 and is currently fully occupied. Property improvements include a new roof on the upper building in 2025 and a new roof on the lower building in 2018. Interior and building updates include new windows, appliances, LVP and carpet flooring, fresh paint, ceiling fans, lighting, and bathroom improvements in many units.

The property is located at 18 Berkley Ave in Granite Falls, North Carolina, a short distance from downtown Granite Falls and approximately 20 minutes from downtown Hickory. The two-building configuration and documented improvement history provide a clear overview of the asset’s existing condition and operating profile.

Key Highlights

• 11‑unit apartment complex built in 1973
• Fully occupied multifamily property
• Brick construction with two building roof replacements

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$56,688

Cap Rate

4.20%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,133,760 $1.1M

Cap Rate 7%

$809,829 $809.8K

Cap Rate 9%

$629,867 $629.9K

Market Conditions

NOI Build-Up for 8,202 SF

Gross rent

$110.2K $13.44/SF

− Vacancy

−$7.2K −$0.87/SF

EGI

$103.1K $12.57/SF

− OpEx

−$46.4K −$5.65/SF

NOI

$56.7K $6.91/SF

Area

Caldwell County, NC

Vacancy

6.50%

Lease Rate

$13.44 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,133,760

Cap Rate 7%

$809,829

Cap Rate 9%

$629,867

Alternative Uses

Best Use

Apartment 5plus

$809.8K

$708.6K – $944.8K (±1% cap)

NOI $56,688 @ 7.0% cap · market cap 4.20%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.87M

$1.64M – $2.18M (±1% cap)

NOI $131,022 @ 7.0% cap · market cap 9.71%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick Dental Office Law Firm (Bike/Boat/Book/etc) Store Garden Center HVAC Service Skin Care Clinic

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

Lease Details

11

Residential units

100%

Occupancy

Location Intelligence

Trade Area within ½ mile

297

Businesses Nearby

Explore this area Business Placement

Demographics for 28630, NC

19,772

Population

9,220

Households

2.1

Avg Household Size

44

Median Age

18%

College-Educated

82%

High-School Grad

61.0 sq mi

ZIP Area

324

Density / Sq Mi

$65,713

Median Household Income

$41,407

Median Earnings

$808

Median Rent

$197,800

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 apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

Eight-Unit Apartment Building

102 King Henry Ln, Granite Falls, NC 28630

$1,250,000

9,071 SF

View details

Duplex with Separate Entrances

2646 Campground Rd, Granite Falls, NC 28630

$275,000

2,160 SF

View details

Manufacturing Property with Loading Dock

1 S Main Street B, Granite Falls, NC 28630

$2,800,000

64,161 SF

View details

Three-Unit Triplex with Decks

84 Falls Ave, Granite Falls, NC 28630

$275,000

2,021 SF

View details

Mixed-Use Property with Retail and Apartments

67 Falls Avenue, Granite Falls, NC 28630

$174,900

1,600 SF

View details

Industrial Shop with Two Bay Doors

17-G Lake Street, Granite Falls, NC 28630

$85,000

900 SF

View details

Self-Serve Car Wash Portfolio

#1 -155 N Main Street, Granite Falls, NC 28630

Contact for pricing

View details

Frequently Asked Questions

What type of property is this?

Apartment building - Fully occupied multifamily asset with roof replacements and interior updates across its 11 units.

Where is this apartment building located?

The property is located at 18 Berkley Ave Granite Falls, NC.

What is the asking price?

The asking price for this property is $1,350,000.

What are key features of this property?

This property features: 11‑unit apartment complex built in 1973; Fully occupied multifamily property; Brick construction with two building roof replacements