11-Unit Brick Apartment
For Sale
$1,350,000
18 Berkley Ave, Granite Falls, NC 28630
Fully occupied multifamily asset with roof replacements and interior updates across its 11 units.
Property Size8,202 SF
Price / SF$164.59
Days on Market25
Property Features for 18 Berkley Ave
General Information
Standard status
Active
Size
8,202 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
11
Building Details
Year Built
1973
Construction
brick
Listing Agency:
Coldwell Banker Boyd & Hassell
(828) 270-4219
Listed By:
Mary Foster · License #295085
Source:
Highperformancerea
Added: Aug 6
Changed: Aug 29
Last Checked: Aug 25 at 4:50AM
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.
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 = 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
$56,688
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
4.20%
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%
$1,133,760
$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
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
$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 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%
$1,133,760
Cap Rate 7%
$809,829
Cap Rate 9%
$629,867
Alternative Uses
Best Use
Apartment 5plus
$809.8K
$708.6K – $944.8K
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
NOI $131,022 @ 7.0% cap · market cap 9.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
