Duplex With One Vacant
New
For Sale
$325,000
309 Spring Street SW, Concord, NC 28025
Two mirrored apartments offer separate porches, patios, laundry rooms, and dedicated heat pumps.
Property Size1,581 SF
Price / SF$205.57
Days on Market2
Property Features for 309 Spring Street SW
General Information
Standard status
Active
Size
1,581 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
front porch
back patio
laundry room
Building Details
Year Built
1982
Buildings
1
Construction
brick
Listing Agency:
NorthGroup Real Estate LLC
Listed By:
Reymon Morgan · License #CAR32652
Source:
Carolinacoastalgroup
Added: Aug 17
Changed: Aug 18
Last Checked: Aug 18 at 6:26AM
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 NorthGroup Real Estate LLC
Investment Insights
Based on property information with market context.
This 1,581-square-foot duplex, built in 1982, contains two matching apartments with practical residential layouts. Each side includes 2 bedrooms, 1 bathroom, a living room, kitchen with dining area, front porch, back patio, and an unheated laundry room. The property is being sold as-is, with an 8-10-year-old roof and an individual heat pump serving each unit.
One apartment is vacant, while the other is occupied through November 30, 2026. Tenants pay all utilities. Located near downtown Concord, the property offers a two-unit configuration with separate living spaces and outdoor areas for each residence.
One apartment is vacant, while the other is occupied through November 30, 2026. Tenants pay all utilities. Located near downtown Concord, the property offers a two-unit configuration with separate living spaces and outdoor areas for each residence.
Key Highlights
- 1,581 SF duplex built in 1982
- Two mirrored apartments, each with 2 bedrooms and 1 bathroom
- One unit is vacant; the other is occupied through November 30, 2026
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
$16,817
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
5.17%
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%
$336,340
$336.3K
Cap Rate 7%
$240,243
$240.2K
Cap Rate 9%
$186,856
$186.9K
Market Conditions
NOI Build-Up for 1,581 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
$25.6K $16.20/SF
− Vacancy
−$1.6K −$1.00/SF
EGI
$24.0K $15.20/SF
− OpEx
−$7.2K −$4.56/SF
NOI
$16.8K $10.64/SF
Area
Concord, NC
Vacancy
6.20%
Lease Rate
$16.20 /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%
$336,340
Cap Rate 7%
$240,243
Cap Rate 9%
$186,856
Alternative Uses
Best Use
Multifamily LT 5
$240.2K
$210.2K – $280.3K
NOI $16,817 @ 7.0% cap · market cap 5.17%
Second Best
Apartment 5plus
$221.9K
$194.1K – $258.8K
NOI $15,530 @ 7.0% cap · market cap 4.78%
Theoretical Best
Specialty Retail
$430.8K
$377.0K – $502.6K
NOI $30,158 @ 7.0% cap · market cap 9.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,173
Businesses Nearby
Explore this area
Business Placement
Demographics for 28025, NC
58,260
Population
23,759
Households
2.5
Avg Household Size
38
Median Age
33%
College-Educated
91%
High-School Grad
108.4 sq mi
ZIP Area
537
Density / Sq Mi
$79,271
Median Household Income
$43,167
Median Earnings
$1,223
Median Rent
$264,100
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 - Two mirrored apartments offer separate porches, patios, laundry rooms, and dedicated heat pumps.
Where is this duplex located?
The property is located at 309 Spring Street SW Concord, NC.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 1,581 SF duplex built in 1982; Two mirrored apartments, each with 2 bedrooms and 1 bathroom; One unit is vacant; the other is occupied through November 30, 2026
