Listing Agency: Green Creek Realty LLC

Listed By: William Anderson Show Phone

Source: Highperformancerea

Added: Sep 9 Changed: Oct 25 Last Checked: Oct 7 at 1:42PM

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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 / Yr

$254,793

Cap Rate

6.47%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,095,860 $5.1M

Cap Rate 7%

$3,639,900 $3.6M

Cap Rate 9%

$2,831,033 $2.8M

Is this asking price fair?

Market Conditions

NOI Build-Up for 24,083 SF

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 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. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

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

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