24-Unit Multifamily
For Sale
$1,650,000
210 Colonial Dr, Fayetteville, NC 28301
Two adjacent parcels offer a balanced mix of renovated one- and two-bedroom apartments in Fayetteville.
Property Size14,000 SF
Price / SF$117.86
Days on Market15
Property Features for 210 Colonial Dr
General Information
Standard status
Active
Size
14,000 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
requires a new roof soon
Units
Unit Mix
12 x 1BR, 12 x 2BR
Multifamily Units
24
Additional Details
Public Transit
Yes
Building Details
Year Built
1970
Construction
colonial-style
Listing Agency:
Highgarden Real Estate NC
(919) 616-5492
Listed By:
Ashley Hum · License #285338
Source:
Tcrnc
Added: Aug 17
Changed: Aug 31
Last Checked: Aug 31 at 7:02PM
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 Highgarden Real Estate NC
Investment Insights
Based on property information with market context.
This 24-unit multifamily property consists of two adjacent parcels at 210 Colonial Dr in Fayetteville, North Carolina. The unit mix includes 12 one-bedroom apartments and 12 two-bedroom apartments. Built in 1970, the property has undergone substantial interior renovation, with 22 of the 24 units fully remodeled. Units 15 and 16 remain in original condition and provide defined renovation scope as they become available.
Four units are currently vacant and available for viewing, including two at Colonial and two at Fayette. The property requires a new roof soon, adding a significant capital project to the remaining unit updates. Its Fayetteville setting is described as near major employers, retail, and transit.
Four units are currently vacant and available for viewing, including two at Colonial and two at Fayette. The property requires a new roof soon, adding a significant capital project to the remaining unit updates. Its Fayetteville setting is described as near major employers, retail, and transit.
Key Highlights
- 24 total apartment units across two adjacent parcels
- Balanced mix of 12 one‑bedroom and 12 two‑bedroom units
- 22 of 24 units have been fully renovated
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
$117,505
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
7.12%
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%
$2,350,100
$2.4M
Cap Rate 7%
$1,678,643
$1.7M
Cap Rate 9%
$1,305,611
$1.3M
Market Conditions
NOI Build-Up for 14,000 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
$226.8K $16.20/SF
− Vacancy
−$13.2K −$0.94/SF
EGI
$213.6K $15.26/SF
− OpEx
−$96.1K −$6.87/SF
NOI
$117.5K $8.39/SF
Area
Fayetteville, NC
Vacancy
5.80%
Lease Rate
$16.20 /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%
$2,350,100
Cap Rate 7%
$1,678,643
Cap Rate 9%
$1,305,611
Alternative Uses
Best Use
Apartment 5plus
$1.68M
$1.47M – $1.96M
NOI $117,505 @ 7.0% cap · market cap 7.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.07M
$2.68M – $3.58M
NOI $214,771 @ 7.0% cap · market cap 13.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
Location Intelligence
Trade Area within ½ mile
393
Businesses Nearby
Explore this area
Business Placement
Demographics for 28301, NC
17,670
Population
8,590
Households
2.1
Avg Household Size
35
Median Age
17%
College-Educated
88%
High-School Grad
12.4 sq mi
ZIP Area
1,425
Density / Sq Mi
$36,955
Median Household Income
$28,350
Median Earnings
$926
Median Rent
$109,900
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 - Two adjacent parcels offer a balanced mix of renovated one- and two-bedroom apartments in Fayetteville.
Where is this apartment building located?
The property is located at 210 Colonial Dr Fayetteville, NC.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: 24 total apartment units across two adjacent parcels; Balanced mix of 12 one‑bedroom and 12 two‑bedroom units; 22 of 24 units have been fully renovated
