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 Market39
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
(615) 971-1553
Listed By:
Zach Britt · License #315119
Source:
Highperformancerea
Added: Jul 22
Changed: Aug 28
Last Checked: Aug 28 at 12:42PM
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 = 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
$80,875
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
4.37%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 - 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
