Three-Building Apartment
For Sale
$1,900,000
1963 1971 1977 Lakeview Road, 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 Market66
Property Features for 1963 1971 1977 Lakeview Road
General Information
Standard status
Active
Size
11,100 SF
Property subtype
Residential Income
Units
Unit Mix
20 x 1BR/1BA
Multifamily Units
20
Additional Details
Utilities to Site
Yes
Building Details
Buildings
3
Listing Agency:
RE/MAX Executive
(704) 707-6632
Listed By:
Angela Hoke · License #247515
(704) 707-6632
Source:
Exprealty
Added: May 28
Changed: Jul 31
Last Checked: Jul 31 at 11:14PM
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 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 For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $170.5k | $15.36 |
| − Vacancy | −$8.5k | −$0.77 |
| EGI | $162.0k | $14.59 |
| − OpEx | −$72.9k | −$6.57 |
| NOI | $89.1k | $8.03 |
11,100 SF · lease $15.36/SF/yr · vacancy 5.00% · expense 45.00%
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
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
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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 Road 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
