Furnished Duplex with
For Sale
$329,000
Pending
2021 Elizabeth Avenue, Winston-Salem, NC 27103
MULTI_FAMILY - Winston-Salem, NC
Property Size1,629 SF
Lot Size0.20 Acres
Days on Market69
Property Features for 2021 Elizabeth Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RM5
Rooms
Basement
Directions
Take South Hawthorne Road towards Baptist Hospital, left on Elizabeth Ave. Home is on the right.
Standard status
Pending
Size
1,629 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3172
Amenities
shared laundry
front porch
Building Details
Year built
1935
Number of units
2
Listing Agency:
Shoreline Properties
(910) 264-5456
Listed By:
Jordan Laham · License #NC 302905
(910) 264-5456
Added: Jun 2
Changed: Aug 9
Last Checked: Aug 9 at 6:06AM
MLS# 1222795
Copyright © 2026 Triad Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex contains two furnished apartments, each configured with one bedroom, one bathroom, a kitchen, and living space. A common front entry and foyer lead to separate apartment entrances. The property includes a full basement with shared laundry, a front porch, and hardwood flooring in the lower unit; hardwood is also present beneath the upstairs carpeting. Built in 1935, the property is zoned RM5 and measures 1,629 square feet on a 0.2-acre lot.
The property is located at 2021 Elizabeth Avenue in Winston-Salem, near Baptist Hospital. It sits along a tree-lined street and has been operated as two separate Airbnb units for the past few years. Separate metering serves the apartments.
The property is located at 2021 Elizabeth Avenue in Winston-Salem, near Baptist Hospital. It sits along a tree-lined street and has been operated as two separate Airbnb units for the past few years. Separate metering serves the apartments.
Key Highlights
- Two furnished apartments, each with 1 bedroom, 1 bathroom, kitchen, and living area
- 1,629 square feet on a 0.2‑acre lot
- Separate metering for each apartment
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
$15,592
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
4.74%
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%
$311,840
$311.8K
Cap Rate 7%
$222,743
$222.7K
Cap Rate 9%
$173,244
$173.2K
Market Conditions
NOI Build-Up for 1,629 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
$24.4K $15.00/SF
− Vacancy
−$2.2K −$1.33/SF
EGI
$22.3K $13.67/SF
− OpEx
−$6.7K −$4.10/SF
NOI
$15.6K $9.57/SF
Area
Winston-Salem, NC
Vacancy
8.84%
Lease Rate
$15.00 /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%
$311,840
Cap Rate 7%
$222,743
Cap Rate 9%
$173,244
Alternative Uses
Best Use
Multifamily LT 5
$222.7K
$194.9K – $259.9K
NOI $15,592 @ 7.0% cap · market cap 4.74%
Second Best
Apartment 5plus
$204.8K
$179.2K – $238.9K
NOI $14,335 @ 7.0% cap · market cap 4.36%
Theoretical Best
Office A
$300.9K
$263.3K – $351.1K
NOI $21,064 @ 7.0% cap · market cap 6.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,597
Businesses Nearby
Explore this area
Business Placement
Demographics for 27103, NC
36,023
Population
17,884
Households
2
Avg Household Size
39
Median Age
41%
College-Educated
92%
High-School Grad
18.6 sq mi
ZIP Area
1,937
Density / Sq Mi
$66,582
Median Household Income
$40,498
Median Earnings
$1,113
Median Rent
$220,600
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?
Duplex - Two separately metered apartments offer private entries, individual kitchens, living areas, and furnished interiors.
Where is this duplex located?
The property is located at 2021 Elizabeth Avenue Winston-Salem, NC.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Two furnished apartments, each with 1 bedroom, 1 bathroom, kitchen, and living area; 1,629 square feet on a 0.2‑acre lot; Separate metering for each apartment
