Three-Unit Downtown
For Sale
$795,000
220 Armour St, Davidson, NC 28036
The property combines a two-bedroom house with two detached, tenant-occupied garage apartments.
Property Size2,723 SF
Lot Size0.21 Acres
Price / SF$291.96
Days on Market11
Property Features for 220 Armour St
General Information
Standard status
Active
Size
2,723 SF
Total Parking Spaces
2
Lot size
0.21 Acres
Property subtype
Residential Income
Zoning
VI
Units
Unit Mix
1 x 2BR/2BA, 1 x 1BR/1BA, 1 x 1BR/1.5BA
Multifamily Units
3
Additional Details
Utilities to Site
Yes
Building Details
Buildings
3
Tenancy
Multi
Listing Agency:
EXP Realty LLC Mooresville
(336) 398-3824
Listed By:
Sean Herndon
(704) 437-6463
Source:
Exprealty
Added: Oct 20
Changed: Oct 27
Last Checked: Oct 28 at 2:48PM
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 EXP Realty LLC Mooresville
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Investment Insights
Based on property information with market context.
At 220 Armour Street, this three-residence property includes a 1911 single-family home and two detached apartments above one-car garages. The main house has two bedrooms, two full bathrooms, two living areas, a renovated kitchen, laundry room, and a flexible additional room. Hardwood flooring remains in the bedrooms, with LVP and tile elsewhere. The property totals 2,723 square feet on a 0.21-acre lot measuring approximately 60 by 150 feet.
The two one-bedroom apartments are occupied under renewed 12-month leases. The property is zoned Village Infill (VI), lies in Flood Zone X, and has city water and sewer; there is no HOA. Brickhouse Tavern, Summit Coffee, Kindred, Main Street, and Davidson College are within walking distance. Any redevelopment or permitted uses require confirmation with the Town of Davidson Planning Department.
The two one-bedroom apartments are occupied under renewed 12-month leases. The property is zoned Village Infill (VI), lies in Flood Zone X, and has city water and sewer; there is no HOA. Brickhouse Tavern, Summit Coffee, Kindred, Main Street, and Davidson College are within walking distance. Any redevelopment or permitted uses require confirmation with the Town of Davidson Planning Department.
Key Highlights
- Three residences on a 0.21‑acre lot, approximately 60 x 150 feet
- 2,723 square feet across a 1911 house and two detached garage apartments
- Main house offers 2 bedrooms, 2 full baths, two living areas, and a renovated kitchen
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,574
Cap Rate
2.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$471,480
$471.5K
Cap Rate 7%
$336,771
$336.8K
Cap Rate 9%
$261,933
$261.9K
Market Conditions
NOI Build-Up for 2,723 SF
Gross rent
$36.6K $13.44/SF
− Vacancy
−$2.9K −$1.07/SF
EGI
$33.7K $12.37/SF
− OpEx
−$10.1K −$3.71/SF
NOI
$23.6K $8.66/SF
Area
Mecklenburg County, NC
Vacancy
7.98%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$471,480
Cap Rate 7%
$336,771
Cap Rate 9%
$261,933
Alternative Uses
Best Use
Multifamily LT 5
$336.8K
$294.7K – $392.9K
NOI $23,574 @ 7.0% cap · market cap 2.97%
Second Best
Apartment 5plus
$291.6K
$255.2K – $340.2K
NOI $20,413 @ 7.0% cap · market cap 2.57%
Theoretical Best
Office A
$879.9K
$769.9K – $1.03M
NOI $61,591 @ 7.0% cap · market cap 7.75%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
552
Businesses Nearby
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Business Placement
Demographics for 28036, NC
21,244
Population
8,339
Households
2.5
Avg Household Size
39
Median Age
68%
College-Educated
96%
High-School Grad
23.4 sq mi
ZIP Area
908
Density / Sq Mi
$144,920
Median Household Income
$66,202
Median Earnings
$1,709
Median Rent
$579,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - The property combines a two-bedroom house with two detached, tenant-occupied garage apartments.
Where is this triplex located?
The property is located at 220 Armour St Davidson, NC.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Three residences on a 0.21‑acre lot, approximately 60 x 150 feet; 2,723 square feet across a 1911 house and two detached garage apartments; Main house offers 2 bedrooms, 2 full baths, two living areas, and a renovated kitchen
