Furnished Duplex with Separate
For Sale
$329,000
Pending
2021 Elizabeth Avenue, Winston-Salem, NC 27103
Residential Income, Winston-Salem, NC
Property Size1,629 SF
Lot Size0.20 Acres
Days on Market114
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
large front porch
Building Details
Year built
1935
Number of units
2
Listing Agency:
Shoreline Properties
Listed By:
Jordan Laham · License #NC 302905
(910) 264-5456
Added: Jun 2
Changed: Sep 8
Last Checked: Sep 23 at 11:06PM
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 1,629-square-foot duplex contains two furnished apartments, each configured with one bedroom, one bathroom, a kitchen, and living space. The units share the main entry and foyer while maintaining separate entrances beyond that point, and each is separately metered. A full basement provides shared laundry, while the property also includes a front porch and hardwood flooring in the lower apartment. Hardwood remains beneath the upstairs carpet.
Built in 1935 on a 0.2-acre lot, the property is zoned RM5 and located at 2021 Elizabeth Avenue in Winston-Salem. It is near Baptist Hospital and has operated as two separate Airbnb units in recent years, providing a documented two-unit rental configuration.
Built in 1935 on a 0.2-acre lot, the property is zoned RM5 and located at 2021 Elizabeth Avenue in Winston-Salem. It is near Baptist Hospital and has operated as two separate Airbnb units in recent years, providing a documented two-unit rental configuration.
Key Highlights
- Two furnished apartments, each with 1 bedroom and 1 bathroom
- 1,629 square feet on a 0.2‑acre lot
- Separate metering for each unit
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
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,359
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
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Duplex - Two furnished units offer private entries, shared foyer access, and laundry facilities in the basement.
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 and 1 bathroom; 1,629 square feet on a 0.2‑acre lot; Separate metering for each unit
