Listing Agency: Green Creek Realty LLC

Listed By: William Anderson Show Phone

Source: Highperformancerea

Added: Sep 9 Changed: Sep 10 Last Checked: Sep 14 at 5:54PM

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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 Green Creek Realty LLC

Investment Insights

Based on property information with market context.

This multifamily portfolio contains 20 residential properties totaling 24,083 square feet across Cleveland, Gaston, Lincoln, and Rutherford counties. The holdings include single-family residences and other multifamily assets, with individual property details provided in the portfolio materials. All properties have laundry connections, and most include a range; some also feature dishwashers. No tenant-owned property conveys with the sale.

Tenants pay utilities at nearly all properties, with the exception of trash service at 112 Delmont Ct, where the owner pays the City of Gastonia. The portfolio is offered as-is, with existing tenant leases conveyed as-is and where-is. Buyers should inspect the properties and verify individual conditions, improvements, and lease details. Prospective visitors should not disturb occupants.

Key Highlights

• 20‑property multifamily portfolio across Cleveland, Gaston, Lincoln, and Rutherford counties
• 24,083 total square feet
• All properties include laundry connections

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

$254,793

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

6.47%

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%

$5,095,860 $5.1M

Cap Rate 7%

$3,639,900 $3.6M

Cap Rate 9%

$2,831,033 $2.8M

Market Conditions

NOI Build-Up for 24,083 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

$505.7K $21.00/SF

− Vacancy

−$42.5K −$1.76/SF

EGI

$463.3K $19.24/SF

− OpEx

−$208.5K −$8.66/SF

NOI

$254.8K $10.58/SF

Area

Lincoln County, NC

Vacancy

8.40%

Lease Rate

$21.00 /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%

$5,095,860

Cap Rate 7%

$3,639,900

Cap Rate 9%

$2,831,033

Alternative Uses

Best Use

Apartment 5plus

$3.64M

$3.18M – $4.25M (±1% cap)

NOI $254,793 @ 7.0% cap · market cap 6.47%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$7.58M

$6.63M – $8.84M (±1% cap)

NOI $530,597 @ 7.0% cap · market cap 13.47%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Multifamily properties

Suggested Use

Top Pick (Bike/Boat/Book/etc) 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.

Lease Details

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

9

Businesses Nearby

Explore this area Business Placement

Demographics for 28033, NC

2,862

Population

1,267

Households

2.3

Avg Household Size

43

Median Age

9%

College-Educated

85%

High-School Grad

16.1 sq mi

ZIP Area

178

Density / Sq Mi

$68,643

Median Household Income

$38,681

Median Earnings

$918

Median Rent

$204,800

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

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What type of property is this? Where is this multifamily properties located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Multifamily property - Multi-county residential portfolio with tenant-paid utilities and laundry connections throughout.

Where is this multifamily property located?

The property is located at 1920 Johnstown Rd Crouse, NC.

What is the asking price?

The asking price for this property is $3,938,400.

What are key features of this property?

This property features: 20‑property multifamily portfolio across Cleveland, Gaston, Lincoln, and Rutherford counties; 24,083 total square feet; All properties include laundry connections