Renovated Four-Unit
For Sale
$660,000
Pending
308 Denny Cir, Graham, NC 27253
Multifamily property with updated interiors, sub-metered utilities, private driveway, and covered rear parking.
Property Size3,584 SF
Days on Market229
Property Features for 308 Denny Cir
General Information
Standard status
Pending
Size
3,584 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Gross Income
$88,728
Building Details
Year Built
1971
Year Renovated
2021
Buildings
1
Listing Agency:
eXp Realty
(888) 584-9431
Listed By:
Amber Harvalias
Source:
Searchhomesinthetriad
Added: Jan 12
Changed: Aug 29
Last Checked: Aug 29 at 3:40PM
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 eXp Realty
Investment Insights
Based on property information with market context.
Built in 1971 and renovated in 2021, this 3,584-square-foot quadplex contains four 2-bedroom, 1-bath units. Interior improvements include shaker cabinets, quartz counters, tile backsplashes, stainless steel appliances, luxury vinyl plank flooring, LED mirrors, Bluetooth vent fans, and custom vanities. Building updates include four Amana HVAC systems, an architectural shingle roof, a replaced flat rubber roof, updated electrical service, PEX/PVC plumbing, four water heaters, and reinforced crawl-space beams and girders.
Water and electric service are sub-metered, with tenants responsible for their utility usage and the owner covering common-area electric. The property includes a private driveway and rear parking, with covered spaces serving the downstairs units. The downstairs residences are leased, while the upstairs units are vacant and available for long- or short-term rental use.
Water and electric service are sub-metered, with tenants responsible for their utility usage and the owner covering common-area electric. The property includes a private driveway and rear parking, with covered spaces serving the downstairs units. The downstairs residences are leased, while the upstairs units are vacant and available for long- or short-term rental use.
Key Highlights
- Four 2‑bedroom, 1‑bath units within a 3,584‑square‑foot quadplex
- Full renovation completed in 2021, including electrical, PEX/PVC plumbing, roofs, and crawl‑space structural work
- Four Amana HVAC systems and four water heaters
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
$32,371
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
4.90%
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%
$647,420
$647.4K
Cap Rate 7%
$462,443
$462.4K
Cap Rate 9%
$359,678
$359.7K
Market Conditions
NOI Build-Up for 3,584 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
$49.5K $13.80/SF
− Vacancy
−$3.2K −$0.90/SF
EGI
$46.2K $12.90/SF
− OpEx
−$13.9K −$3.87/SF
NOI
$32.4K $9.03/SF
Area
Alamance County, NC
Vacancy
6.50%
Lease Rate
$13.80 /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%
$647,420
Cap Rate 7%
$462,443
Cap Rate 9%
$359,678
Alternative Uses
Best Use
Multifamily LT 5
$462.4K
$404.6K – $539.5K
NOI $32,371 @ 7.0% cap · market cap 4.90%
Second Best
Apartment 5plus
$406.6K
$355.8K – $474.4K
NOI $28,461 @ 7.0% cap · market cap 4.31%
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,714 @ 7.0% cap · market cap 12.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
658
Businesses Nearby
Explore this area
Business Placement
Demographics for 27253, NC
32,010
Population
14,821
Households
2.2
Avg Household Size
41
Median Age
24%
College-Educated
88%
High-School Grad
81.9 sq mi
ZIP Area
391
Density / Sq Mi
$62,020
Median Household Income
$39,307
Median Earnings
$975
Median Rent
$212,300
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?
Quadplex - Multifamily property with updated interiors, sub-metered utilities, private driveway, and covered rear parking.
Where is this quadplex located?
The property is located at 308 Denny Cir Graham, NC.
What is the asking price?
The asking price for this property is $660,000.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bath units within a 3,584‑square‑foot quadplex; Full renovation completed in 2021, including electrical, PEX/PVC plumbing, roofs, and crawl‑space structural work; Four Amana HVAC systems and four water heaters
