Two-Unit Duplex with
New
For Sale
$209,900
304 and 306 E 1st Street, Lexington, NC 27292
Income property with one occupied residence, one vacant residence, and established residential layouts.
Property Size1,300 SF
Price / SF$161.46
Days on Market4
Property Features for 304 and 306 E 1st Street
General Information
Standard status
Active
Size
1,300 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Amenities
covered front and back porches
Size: 0.25, Size Units: Acres
Description: Metal
Flooring: Carpet, Laminate
Man Level Garage: 0
Details: Window Unit(s)
Heating: Baseboard
Description: In Unit
Days on Market: 1, Listing Price: 209900, Status: Active
Elementary: Charles England, Middle/Junior High: Lexington, High School: Lexington
Total Bathrooms: 2
Finished Area Above Grade: 1300, Area: 1300, Building Area: 1300, Construction Materials: Vinyl, Year Built: 1990, Construction Type: Site Built
City: Lexington, State: NC, Zip: 27292, County: Davidson, Directions: From south Lexington, NC take I-85 N. to exit 87: I-285/US Hwy. 52 N. Continue on US. 29 N./US.29 BUS/US Hwy 70 E. Take W. 5th street to E. 1st. Street in Lexington.
Zoning: TN
Full Bathrooms: 1, Half Bathrooms: 0
Sewer: Public Sewer, Water Source: City
Description: Yes
Auction Y/N: 0
Patio Features: Covered, Front Porch, Rear Porch
Description: Electric Range, Refrigerator
Building Details
Building Size
1,300 SF
Year Built
1990
Buildings
1
Listing Agency:
Henderson Properties
(704) 535-1122
Listed By:
Jean Gettys
(704) 562-6843
Source:
Blackstreaminternational
Added: Sep 3
Changed: Sep 5
Last Checked: Sep 5 at 2:58PM
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 Henderson Properties
Investment Insights
Based on property information with market context.
This two-unit residential property at 304 and 306 E 1st Street includes approximately 1,300 square feet arranged as a duplex. Unit 306 is tenant-occupied, while Unit 304 is vacant. Each residence offers 2 bedrooms, 1 full bath, a family room connected to the kitchen, and LVP flooring in the kitchen. Refrigerators and ranges are included, along with covered front and rear porches.
The building’s effective date per the county assessor is 1990, while the original building date is 1950. Both units are offered as-is, with no seller repairs planned.
The building’s effective date per the county assessor is 1990, while the original building date is 1950. Both units are offered as-is, with no seller repairs planned.
Key Highlights
- Two‑unit duplex at 304 and 306 E 1st Street
- Unit 306 is tenant‑occupied; Unit 304 is vacant
- Approximately 1,300 square feet
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
$12,233
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
5.83%
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%
$244,660
$244.7K
Cap Rate 7%
$174,757
$174.8K
Cap Rate 9%
$135,922
$135.9K
Market Conditions
NOI Build-Up for 1,300 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
$18.7K $14.40/SF
− Vacancy
−$1.2K −$0.96/SF
EGI
$17.5K $13.44/SF
− OpEx
−$5.2K −$4.03/SF
NOI
$12.2K $9.41/SF
Area
Davidson County, NC
Vacancy
6.65%
Lease Rate
$14.40 /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%
$244,660
Cap Rate 7%
$174,757
Cap Rate 9%
$135,922
Alternative Uses
Best Use
Multifamily LT 5
$174.8K
$152.9K – $203.9K
NOI $12,233 @ 7.0% cap · market cap 5.83%
Second Best
Apartment 5plus
$151.6K
$132.7K – $176.9K
NOI $10,613 @ 7.0% cap · market cap 5.06%
Theoretical Best
Office A
$329.8K
$288.6K – $384.8K
NOI $23,088 @ 7.0% cap · market cap 11.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,086
Businesses Nearby
Explore this area
Business Placement
Demographics for 27292, NC
39,337
Population
18,749
Households
2.1
Avg Household Size
44
Median Age
17%
College-Educated
85%
High-School Grad
144.0 sq mi
ZIP Area
273
Density / Sq Mi
$54,468
Median Household Income
$34,776
Median Earnings
$831
Median Rent
$193,300
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?
Duplex - Income property with one occupied residence, one vacant residence, and established residential layouts.
Where is this duplex located?
The property is located at 304 and 306 E 1st Street Lexington, NC.
What is the asking price?
The asking price for this property is $209,900.
What are key features of this property?
This property features: Two‑unit duplex at 304 and 306 E 1st Street; Unit 306 is tenant‑occupied; Unit 304 is vacant; Approximately 1,300 square feet
