New
For Sale
$209,900
306 E 1st Street, Lexington, NC 27292
One residence is occupied, while its counterpart is vacant; both are offered in as-is condition.
Property Size1,990 SF
Price / SF$161.46
Days on Market4
Property Features for 306 E 1st Street
General Information
Standard status
Active
Size
1,990 SF
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
Level
Metal
Public Sewer
Additional parcels description:, Parcel Number: 11-064-0-000-0009-0-0-0, Assessed Value: $66,730
Window Unit(s)
Baseboard
In Unit
Listing ID: CAR4434048, Standard Status: Active, MLS Status: Active, Property Subtype: Duplex, 1 day on market, Special Conditions: None
Parking Space(s), Shared Driveway
Elementary School: Charles England, Middle School: Lexington, High School: Lexington
4 total bedrooms
Built in 1990, Living area: 1300, Construction Materials: Vinyl
County/Parish: Davidson
2 full bathrooms
Water Source: City
Crawl Space
Allowed: Conditional
Road Responsibility: Publicly Maintained Road, Road Surface: Dirt, Paved
Patio/Porch Features: Front Porch, Rear Porch
Electric Range, Refrigerator
Building Details
Building Size
1,990 SF
Year Built
1990
Buildings
1
Listing Agency:
Henderson Properties
(704) 535-1122
Listed By:
Jean Gettys
(704) 684-1000
Source:
Blackstreaminternational
Added: Oct 12
Changed: Oct 15
Last Checked: Oct 15 at 2:17AM
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 duplex at 306 E 1st Street has two separate residences, each with two bedrooms, one full bathroom, and a family room or den connected to the kitchen. LVP flooring is installed in each kitchen, and both sides include a refrigerator, range, and covered porches at the front and rear. The county assessor lists 1950 as the original building date and 1990 as the effective building date.
Unit 306 is tenant-occupied, while Unit 304 is vacant. Both residences are being sold as-is, with no seller repairs.
Unit 306 is tenant-occupied, while Unit 304 is vacant. Both residences are being sold as-is, with no seller repairs.
Key Highlights
- Two separate residences, each with 2 bedrooms and 1 full bath
- Unit 306 is tenant‑occupied; Unit 304 is vacant
- Kitchen appliances include refrigerators and ranges in both units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$12,233
Cap Rate
5.83%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
195
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - One residence is occupied, while its counterpart is vacant; both are offered in as-is condition.
Where is this duplex located?
The property is located at 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 separate residences, each with 2 bedrooms and 1 full bath; Unit 306 is tenant‑occupied; Unit 304 is vacant; Kitchen appliances include refrigerators and ranges in both units
