Building Details

Buildings 1

Tenancy Multi

Listing Agency: Tammy Parker Realty LLC t***@gnce.com Show Phone

Listed By: Tammy Parker Show Phone

Source: Exprealty

Added: Jul 27 Changed: Aug 12 Last Checked: Aug 12 at 2:20PM

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Investment Insights

Based on property information with market context.

This duplex at 243 8th Ave includes 1,822 square feet arranged as two separate residential units: one with two bedrooms and one bathroom, and another with one bedroom and one bathroom. The property includes a covered front porch, rear decks, a two-car carport, and on-site parking. All appliances convey with the sale.

Both units are occupied by long-term tenants on month-to-month leases, and the tenants would like to remain. The property is in Cramerton with access to shopping, dining, parks, the Cramerton Community Center, and major highways. Showings require at least 24 hours' notice.

Key Highlights

• 1,822 SF duplex at 243 8th Ave, Cramerton, NC
• Unit mix includes one 2‑bedroom/1‑bath unit and one 1‑bedroom/1‑bath unit
• Long‑term tenants occupy both units on month‑to‑month leases

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

$21,125

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

6.04%

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%

$422,500 $422.5K

Cap Rate 7%

$301,786 $301.8K

Cap Rate 9%

$234,722 $234.7K

Market Conditions

NOI Build-Up for 1,822 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

$32.8K $18.00/SF

− Vacancy

−$2.6K −$1.44/SF

EGI

$30.2K $16.56/SF

− OpEx

−$9.1K −$4.97/SF

NOI

$21.1K $11.59/SF

Area

Gaston County, NC

Vacancy

7.98%

Lease Rate

$18.00 /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%

$422,500

Cap Rate 7%

$301,786

Cap Rate 9%

$234,722

Alternative Uses

Best Use

Multifamily LT 5

$301.8K

$264.1K – $352.1K (±1% cap)

NOI $21,125 @ 7.0% cap · market cap 6.04%

Second Best

Apartment 5plus

$275.4K

$241.0K – $321.3K (±1% cap)

NOI $19,276 @ 7.0% cap · market cap 5.51%

Theoretical Best

Office A

$573.5K

$501.8K – $669.0K (±1% cap)

NOI $40,142 @ 7.0% cap · market cap 11.47%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Parking Lot & Garage HVAC Service Building Supply

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Multi-tenant

Tenancy

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

164

Businesses Nearby

Explore this area Business Placement

Demographics for 28032, NC

3,279

Population

1,664

Households

2

Avg Household Size

43

Median Age

43%

College-Educated

95%

High-School Grad

2.1 sq mi

ZIP Area

1,561

Density / Sq Mi

$74,085

Median Household Income

$65,625

Median Earnings

$1,016

Median Rent

$273,900

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Duplex - Two residential units with month-to-month tenants, rear decks, and included appliances.

Where is this duplex located?

The property is located at 243 8th Ave Cramerton, NC.

What is the asking price?

The asking price for this property is $350,000.

What are key features of this property?

This property features: 1,822 SF duplex at 243 8th Ave, Cramerton, NC; Unit mix includes one 2‑bedroom/1‑bath unit and one 1‑bedroom/1‑bath unit; Long‑term tenants occupy both units on month‑to‑month leases