Renovated 15-Unit Apartment
For Sale
$1,850,000
306 N Jackson St, Salisbury, NC 28144
Updated interiors include new appliances, refreshed bathrooms, and contemporary fixtures throughout.
Property Size9,930 SF
Lot Size0.80 Acres
Price / SF$186.30
Days on Market86
Property Features for 306 N Jackson St
General Information
Standard status
Active
Size
9,930 SF
Lot size
0.80 Acres
Property subtype
Multi-Family
Occupancy
73%
Units
Unit Mix
9 x 1BR/1BA, 6 x 2BR/1BA
Multifamily Units
15
Building Details
Year Built
1969
Listing Agency:
Britt Commercial Real Estate, LLC
Listed By:
Zach Britt · License #315119
(615) 971-1553
Source:
Highperformancerea
Added: Jul 22
Changed: Oct 5
Last Checked: Oct 7 at 3:48PM
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 Britt Commercial Real Estate, LLC
Investment Insights
Based on property information with market context.
This 15-unit apartment property contains nine one-bedroom, one-bath units and six two-bedroom, one-bath units. The 9,930-square-foot building was constructed in 1969 and has undergone renovation work since 2022, including LVP flooring, revised countertops, refreshed bathrooms, replacement appliances, and updated fixtures. The property occupies approximately 0.80 acres in Salisbury, North Carolina.
The asset is located at 306 N Jackson St and is within walking distance of historic downtown dining, breweries, and retail. Current occupancy is 11 of 15 units, with four apartments vacant for future leasing.
The asset is located at 306 N Jackson St and is within walking distance of historic downtown dining, breweries, and retail. Current occupancy is 11 of 15 units, with four apartments vacant for future leasing.
Key Highlights
- 15‑unit apartment property with nine 1BR/1BA and six 2BR/1BA units
- 9,930‑square‑foot building on ±0.80 acres
- Renovation work completed since 2022
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$80,875
Cap Rate
4.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,617,500
$1.6M
Cap Rate 7%
$1,155,357
$1.2M
Cap Rate 9%
$898,611
$898.6K
Market Conditions
NOI Build-Up for 9,930 SF
Gross rent
$156.1K $15.72/SF
− Vacancy
−$9.1K −$0.91/SF
EGI
$147.0K $14.81/SF
− OpEx
−$66.2K −$6.66/SF
NOI
$80.9K $8.14/SF
Area
Rowan County, NC
Vacancy
5.80%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,617,500
Cap Rate 7%
$1,155,357
Cap Rate 9%
$898,611
Alternative Uses
Best Use
Apartment 5plus
$1.16M
$1.01M – $1.35M
NOI $80,875 @ 7.0% cap · market cap 4.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.13M
$2.73M – $3.65M
NOI $218,778 @ 7.0% cap · market cap 11.83%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
15
Residential units
73.3%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,453
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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Cap Rate, Value Estimation, Potential NOI and more
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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?
Apartment building - Updated interiors include new appliances, refreshed bathrooms, and contemporary fixtures throughout.
Where is this apartment building located?
The property is located at 306 N Jackson St Salisbury, NC.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: 15‑unit apartment property with nine 1BR/1BA and six 2BR/1BA units; 9,930‑square‑foot building on ±0.80 acres; Renovation work completed since 2022
