Duplex with Detached
For Sale
$309,900
3181 & 3177 Morganton Boulevard SW, Lenoir, NC 28645
Two separate living areas include updated interiors, garage access, and a rear deck.
Property Size1,740 SF
Price / SF$178.10
Days on Market10
Property Features for 3181 & 3177 Morganton Boulevard SW
General Information
Standard status
Active
Size
1,740 SF
Property subtype
Duplex
Amenities
Features: Cleared, Level, Size: 0.52, Size Units: Acres
Flooring: Carpet, Vinyl, Wood
Garage Spaces: 2, Man Level Garage: 1
Details: Central Air
Heating: Electric, Heat Pump
Description: Electric Dryer Hookup, Mud Room, Washer Hookup
Days on Market: 1, Listing Price: 309900, Status: Active
Elementary: Gamewell, Middle/Junior High: Gamewell, High School: West Caldwell
Description: Partial, Unfinished
Total Bathrooms: 5
Finished Area Above Grade: 1740, Area: 1740, Building Area: 1740, Construction Materials: Aluminum, Block, Hardboard Siding, Stories: 2, Year Built: 1953, Construction Type: Site Built
City: Lenoir, State: NC, Zip: 28645, County: Caldwell, Subdivision: none
Full Bathrooms: 2, Half Bathrooms: 0
Sewer: Septic Installed, Water Source: City
Description: No
Auction Y/N: 0
Patio Features: Deck, Front Porch
Heated Basement SqFt: 572
Description: Dishwasher, Electric Range, Refrigerator
Building Details
Building Size
1,740 SF
Year Built
1953
Listing Agency:
NC Homes Direct
(828) 962-2021
Listed By:
Tonya Collier
(828) 962-2021
Source:
Blackstreaminternational
Added: Aug 21
Changed: Aug 29
Last Checked: Aug 24 at 3:52AM
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 NC Homes Direct
Investment Insights
Based on property information with market context.
This duplex property pairs a 3-bedroom, 1-bath house with a 2-bedroom, 1-bath apartment positioned above a detached two-car garage. The house includes an updated kitchen and bathroom, some luxury vinyl plank flooring, a partial basement, aluminum siding, and hardwood flooring beneath portions of the carpet. The apartment has updated central A/C and access to a rear deck, while a large unfinished storage room occupies space above the garage. One garage includes interior stairs to the apartment, and a cinderblock wall separates the garage areas.
The house was built in 1953, and the detached garage and apartment were built in 1978 according to the tax card. The roof and heat pump serving the house are 4 years old, and the septic tank serving the house is also 4 years old. The property is near Gamewell, Lenoir, and Morganton. The detached apartment and garage have a grandfathered legal nonconforming use for separate living quarters to be used as rental space.
The house was built in 1953, and the detached garage and apartment were built in 1978 according to the tax card. The roof and heat pump serving the house are 4 years old, and the septic tank serving the house is also 4 years old. The property is near Gamewell, Lenoir, and Morganton. The detached apartment and garage have a grandfathered legal nonconforming use for separate living quarters to be used as rental space.
Key Highlights
- 3‑bedroom, 1‑bath house paired with a 2‑bedroom, 1‑bath apartment
- Detached two‑car garage with interior stairs to the upstairs apartment
- Apartment includes a rear deck and updated central A/C
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
$13,028
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
4.20%
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%
$260,560
$260.6K
Cap Rate 7%
$186,114
$186.1K
Cap Rate 9%
$144,756
$144.8K
Market Conditions
NOI Build-Up for 1,740 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
$19.8K $11.40/SF
− Vacancy
−$1.2K −$0.70/SF
EGI
$18.6K $10.70/SF
− OpEx
−$5.6K −$3.21/SF
NOI
$13.0K $7.49/SF
Area
Caldwell County, NC
Vacancy
6.17%
Lease Rate
$11.40 /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%
$260,560
Cap Rate 7%
$186,114
Cap Rate 9%
$144,756
Alternative Uses
Best Use
Multifamily LT 5
$186.1K
$162.9K – $217.1K
NOI $13,028 @ 7.0% cap · market cap 4.20%
Second Best
Apartment 5plus
$171.8K
$150.3K – $200.4K
NOI $12,026 @ 7.0% cap · market cap 3.88%
Theoretical Best
Office A
$397.1K
$347.4K – $463.3K
NOI $27,795 @ 7.0% cap · market cap 8.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
15
Businesses Nearby
Explore this area
Business Placement
Demographics for 28645, NC
46,004
Population
21,558
Households
2.1
Avg Household Size
45
Median Age
17%
College-Educated
82%
High-School Grad
329.1 sq mi
ZIP Area
140
Density / Sq Mi
$50,529
Median Household Income
$34,526
Median Earnings
$726
Median Rent
$157,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two separate living areas include updated interiors, garage access, and a rear deck.
Where is this duplex located?
The property is located at 3181 & 3177 Morganton Boulevard SW Lenoir, NC.
What is the asking price?
The asking price for this property is $309,900.
What are key features of this property?
This property features: 3‑bedroom, 1‑bath house paired with a 2‑bedroom, 1‑bath apartment; Detached two‑car garage with interior stairs to the upstairs apartment; Apartment includes a rear deck and updated central A/C
