Building Details

Year Built 1960

Listing Agency: A PLUS Realty

Listed By: Jason Eldreth · License #283438 Show Phone

Source: Highperformancerea

Added: Mar 5 Changed: Oct 3 Last Checked: Oct 7 at 2:28PM

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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 / Yr

$87,483

Cap Rate

7.61%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,749,660 $1.7M

Cap Rate 7%

$1,249,757 $1.2M

Cap Rate 9%

$972,033 $972.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 10,390 SF

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 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. How Realmo checks its estimates

Property Analytics

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Open Analytics

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

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 Rd 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.