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 Market64
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
Listed By:
Freddy Karmatz, Tristan Karmatz
Source:
Lewisandkirk
Added: Aug 13
Changed: Sep 13
Last Checked: Oct 7 at 2:14PM
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 / Yr
$58,531
Cap Rate
7.32%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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Market
Vacancy Rate% for Multifamily in South region
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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
