Building Details

Year Built 1900

Buildings 1

Tenancy Multi

Listing Agency: Tammy Parker Realty LLC

Listed By: Tammy Parker Show Phone

Source: Lewisandkirk

Added: Aug 11 Changed: Oct 2 Last Checked: Oct 7 at 1:01PM

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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 Tammy Parker Realty LLC

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 / Yr

$21,125

Cap Rate

6.22%

Suggested Prices Based on Cap Rates

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

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 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 6.22%

Second Best

Apartment 5plus

$275.4K

$241.0K – $321.3K (±1% cap)

NOI $19,276 @ 7.0% cap · market cap 5.67%

Theoretical Best

Office A

$573.5K

$501.8K – $669.0K (±1% cap)

NOI $40,142 @ 7.0% cap · market cap 11.81%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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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

143

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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What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

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 $339,900.

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