Renovated Quadplex
For Sale
$800,000
1962 & 1966 Lakeview Rd, Asheboro, NC 27203
Two separately parceled buildings offer updated units, individual electric metering, and substantial on-site parking.
Property Size6,560 SF
Price / SF$121.95
Days on Market17
Property Features for 1962 & 1966 Lakeview Rd
General Information
Standard status
Active
Size
6,560 SF
Property subtype
Multi-Family
Additional Details
Utilities to Site
Yes
Multifamily Units
8
Amenities
washer/dryer hook ups
Building Details
Year Built
1980
Buildings
2
Listing Agency:
FK and Associates Real Estate Firm
(704) 775-5589
Listed By:
Freddy Karmatz, Tristan Karmatz
Source:
Lewisandkirk
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 29 at 12:38PM
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 FK and Associates Real Estate Firm
Investment Insights
Based on property information with market context.
This offering includes two quadplex buildings on separate parcels at 1962 and 1966 Lakeview Rd in Asheboro, North Carolina. The properties contain 8 units totaling 6,560 square feet and were built in 1980. Seven of the eight units have been renovated, and washer/dryer connections are installed in all but one unit.
Utility arrangements vary by address. At 1962 Lakeview, the owner pays water, while residents at 1966 Lakeview pay their own water charges. Garbage service is paid by the landlord. Each unit has a separate electric meter, and the 1966 building also has individual water meters. Both properties include large parking areas.
Utility arrangements vary by address. At 1962 Lakeview, the owner pays water, while residents at 1966 Lakeview pay their own water charges. Garbage service is paid by the landlord. Each unit has a separate electric meter, and the 1966 building also has individual water meters. Both properties include large parking areas.
Key Highlights
- Two quadplexes on separate parcels at 1962 and 1966 Lakeview Rd
- 8 units totaling 6,560 square feet
- 7 of 8 units renovated
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
$58,531
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
7.32%
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%
$1,170,620
$1.2M
Cap Rate 7%
$836,157
$836.2K
Cap Rate 9%
$650,344
$650.3K
Market Conditions
NOI Build-Up for 6,560 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
$89.0K $13.56/SF
− Vacancy
−$5.3K −$0.81/SF
EGI
$83.6K $12.75/SF
− OpEx
−$25.1K −$3.82/SF
NOI
$58.5K $8.92/SF
Area
Randolph County, NC
Vacancy
6.00%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
30.00%
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%
$1,170,620
Cap Rate 7%
$836,157
Cap Rate 9%
$650,344
Alternative Uses
Best Use
Multifamily LT 5
$836.2K
$731.6K – $975.5K
NOI $58,531 @ 7.0% cap · market cap 7.32%
Second Best
Apartment 5plus
$752.1K
$658.1K – $877.5K
NOI $52,648 @ 7.0% cap · market cap 6.58%
Theoretical Best
Office A
$2.26M
$1.97M – $2.63M
NOI $157,961 @ 7.0% cap · market cap 19.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
70
Businesses Nearby
Explore this area
Business Placement
Demographics for 27203, NC
21,869
Population
9,937
Households
2.2
Avg Household Size
37
Median Age
17%
College-Educated
81%
High-School Grad
22.5 sq mi
ZIP Area
972
Density / Sq Mi
$47,506
Median Household Income
$32,900
Median Earnings
$852
Median Rent
$141,100
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?
Quadplex - Two separately parceled buildings offer updated units, individual electric metering, and substantial on-site parking.
Where is this quadplex located?
The property is located at 1962 & 1966 Lakeview Rd Asheboro, NC.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Two quadplexes on separate parcels at 1962 and 1966 Lakeview Rd; 8 units totaling 6,560 square feet; 7 of 8 units renovated
