17-Unit Apartment
For Sale
Contact for pricing
301 Wheel Hollow Trail, Sanford, NC 27330
Residential property with a substantial multi-unit configuration in Sanford, North Carolina.
Property Size17,350 SF
Price / SF$138.33
Days on Market40
Property Features for 301 Wheel Hollow Trail
General Information
Standard status
Active
Size
17,350 SF
Property subtype
Multifamily
Building Details
Year Built
1978
Buildings
4
Units
17
Listing Agency:
APARTMENT CORE
Listed By:
Mike Siciliano · License #NC
Source:
Crexi
Added: Jul 24
Changed: Aug 29
Last Checked: Aug 31 at 2:55AM
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 APARTMENT CORE
Investment Insights
Based on property information with market context.
This apartment property contains 17 residential units within 17,350 square feet of building area. Constructed in 1978, the asset is positioned at 301 Wheel Hollow Trail in Sanford, North Carolina.
The property is located just south of the Raleigh-Durham MSA, providing a defined geographic relationship to that metropolitan area. Its apartment-building classification and unit count establish the core physical profile of the offering.
The property is located just south of the Raleigh-Durham MSA, providing a defined geographic relationship to that metropolitan area. Its apartment-building classification and unit count establish the core physical profile of the offering.
Key Highlights
- 17‑unit apartment property
- 17,350 square feet of building area
- Constructed in 1978
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
$149,460
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
6.23%
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%
$2,989,200
$3.0M
Cap Rate 7%
$2,135,143
$2.1M
Cap Rate 9%
$1,660,667
$1.7M
Market Conditions
NOI Build-Up for 17,350 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
$289.4K $16.68/SF
− Vacancy
−$17.7K −$1.02/SF
EGI
$271.7K $15.66/SF
− OpEx
−$122.3K −$7.05/SF
NOI
$149.5K $8.61/SF
Area
Lee County, NC
Vacancy
6.10%
Lease Rate
$16.68 /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%
$2,989,200
Cap Rate 7%
$2,135,143
Cap Rate 9%
$1,660,667
Alternative Uses
Best Use
Apartment 5plus
$2.14M
$1.87M – $2.49M
NOI $149,460 @ 7.0% cap · market cap 6.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.22M
$3.69M – $4.92M
NOI $295,311 @ 7.0% cap · market cap 12.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
696
Businesses Nearby
Explore this area
Business Placement
Demographics for 27330, NC
39,489
Population
17,026
Households
2.3
Avg Household Size
39
Median Age
23%
College-Educated
85%
High-School Grad
210.7 sq mi
ZIP Area
187
Density / Sq Mi
$60,726
Median Household Income
$37,477
Median Earnings
$966
Median Rent
$213,000
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 - Residential property with a substantial multi-unit configuration in Sanford, North Carolina.
Where is this apartment building located?
The property is located at 301 Wheel Hollow Trail Sanford, NC.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 17‑unit apartment property; 17,350 square feet of building area; Constructed in 1978
