Three-Building Apartment
For Sale
$1,900,000
1963 1971 1977 Lakeview Rd, Asheboro, NC 27203
One-bedroom apartments feature individually metered electricity, with water paid by the owner.
Property Size11,100 SF
Price / SF$171.17
Days on Market42
Property Features for 1963 1971 1977 Lakeview Rd
General Information
Standard status
Active
Size
11,100 SF
Property subtype
Multi-Family
Units
Unit Mix
20 x 1BR/1BA
Multifamily Units
20
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1981
Buildings
3
Listing Agency:
RE/MAX Executive
Listed By:
Angela Hoke · License #247515
(704) 540-7500
Source:
Lewisandkirk
Added: Jul 30
Changed: Sep 8
Last Checked: Sep 8 at 7:05AM
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 RE/MAX Executive
Investment Insights
Based on property information with market context.
This apartment property includes 20 one-bedroom, one-bath units across three separate buildings at 1963, 1971, and 1977 Lakeview Road in Asheboro, North Carolina. The buildings contain a combined 11,100 square feet, and all have new roofs. Each apartment is individually metered for electricity, allowing tenants to pay their own electric expenses, while water is currently owner-paid.
The three buildings occupy a combined 1.15 acres. The property offers separate structures with unit placement across the Lakeview Road addresses. 1963 Lakeview was built in 1980 on 0.42 acre, 1971 Lakeview was built in 1981 on 0.3 acre, and 1977 Lakeview was built in 1980 on 0.43 acre.
The three buildings occupy a combined 1.15 acres. The property offers separate structures with unit placement across the Lakeview Road addresses. 1963 Lakeview was built in 1980 on 0.42 acre, 1971 Lakeview was built in 1981 on 0.3 acre, and 1977 Lakeview was built in 1980 on 0.43 acre.
Key Highlights
- 20 one‑bedroom, one‑bath apartment units across 3 separate buildings
- Combined 11,100 square feet across all 3 buildings
- Each unit is individually metered for electricity
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
$89,084
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
4.69%
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%
$1,781,680
$1.8M
Cap Rate 7%
$1,272,629
$1.3M
Cap Rate 9%
$989,822
$989.8K
Market Conditions
NOI Build-Up for 11,100 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
$170.5K $15.36/SF
− Vacancy
−$8.5K −$0.77/SF
EGI
$162.0K $14.59/SF
− OpEx
−$72.9K −$6.57/SF
NOI
$89.1K $8.03/SF
Area
Randolph County, NC
Vacancy
5.00%
Lease Rate
$15.36 /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%
$1,781,680
Cap Rate 7%
$1,272,629
Cap Rate 9%
$989,822
Alternative Uses
Best Use
Apartment 5plus
$1.27M
$1.11M – $1.48M
NOI $89,084 @ 7.0% cap · market cap 4.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.82M
$3.34M – $4.45M
NOI $267,282 @ 7.0% cap · market cap 14.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - One-bedroom apartments feature individually metered electricity, with water paid by the owner.
Where is this apartment building located?
The property is located at 1963 1971 1977 Lakeview Rd Asheboro, NC.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 20 one‑bedroom, one‑bath apartment units across 3 separate buildings; Combined 11,100 square feet across all 3 buildings; Each unit is individually metered for electricity
