4-Unit Multifamily
For Sale
$450,000
301 N Fulton Street, Salisbury, NC 28144
An unfinished walk-out basement and parking at both the front and rear complement the existing residential configuration.
Property Size2,935 SF
Price / SF$153.32
Days on Market10
Property Features for 301 N Fulton Street
General Information
Standard status
Active
Size
2,935 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 1BR/1BA (full units), 2 x 1BR/1BA (efficiency studios)
Multifamily Units
4
Amenities
Daylight,Exterior Entry,Unfinished,Walk-Out Access
No
Yes
4
In Basement
1854
1081
Corner Lot
City
0.39
Parking at the front on a driveway and additional parking at the back
Circular Driveway,Driveway,Parking Space(s)
Concrete,Gravel,Paved
Fire Pit,Storage
Basement
2935
Publicly Maintained Road
Building Details
Building Size
2,935 SF
Year Built
1953
Stories
1
Listing Agency:
(980) 268-2585
Listed By:
Unithia McGruder
Source:
Hansleyrealty
Added: Oct 20
Changed: Oct 28
Last Checked: Oct 28 at 4:02PM
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 Unithia McGruder
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Investment Insights
Based on property information with market context.
This 2,935-square-foot multifamily property contains four living spaces and an unfinished walk-out basement with full-sized windows and separate exterior doors. The building was constructed in 1953 and sits on a 0.39-acre corner lot. Parking is available along the front driveway and at the rear, with a circular driveway also present.
Key Highlights
- Four living spaces in a 2,935‑square‑foot building
- Unfinished walk‑out basement with full‑sized windows and private exterior doors
- 0.39‑acre corner lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,509
Cap Rate
5.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$530,180
$530.2K
Cap Rate 7%
$378,700
$378.7K
Cap Rate 9%
$294,544
$294.5K
Market Conditions
NOI Build-Up for 2,935 SF
Gross rent
$40.5K $13.80/SF
− Vacancy
−$2.6K −$0.90/SF
EGI
$37.9K $12.90/SF
− OpEx
−$11.4K −$3.87/SF
NOI
$26.5K $9.03/SF
Area
Rowan County, NC
Vacancy
6.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$530,180
Cap Rate 7%
$378,700
Cap Rate 9%
$294,544
Alternative Uses
Best Use
Multifamily LT 5
$378.7K
$331.4K – $441.8K
NOI $26,509 @ 7.0% cap · market cap 5.89%
Second Best
Apartment 5plus
$341.5K
$298.8K – $398.4K
NOI $23,904 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$923.8K
$808.3K – $1.08M
NOI $64,664 @ 7.0% cap · market cap 14.37%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,454
Businesses Nearby
Explore this area
Business Placement
Demographics for 28144, NC
26,254
Population
12,655
Households
2.1
Avg Household Size
40
Median Age
27%
College-Educated
89%
High-School Grad
30.1 sq mi
ZIP Area
872
Density / Sq Mi
$51,432
Median Household Income
$29,787
Median Earnings
$982
Median Rent
$205,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - An unfinished walk-out basement and parking at both the front and rear complement the existing residential configuration.
Where is this quadplex located?
The property is located at 301 N Fulton Street Salisbury, NC.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Four living spaces in a 2,935‑square‑foot building; Unfinished walk‑out basement with full‑sized windows and private exterior doors; 0.39‑acre corner lot
