New-Construction Duplex with
New
For Sale
$475,000
3305-3307 15th Avenue NE, Conover, NC 28613
Two three-bedroom residences offer private garages, flexible occupancy options, and durable interior finishes.
Property Size3,020 SF
Price / SF$157.28
Days on Market5
Property Features for 3305-3307 15th Avenue NE
General Information
Standard status
Active
Size
3,020 SF
Property subtype
Duplex
Units
Unit Mix
2 x 3BR/2.5BA
Multifamily Units
2
Parking per Unit
1
Amenities
Size: 0.95, Dimensions: 129x343x140x302, Size Units: Acres
Description: Composition
Flooring: Vinyl
Garage Spaces: 2, Man Level Garage: 1
Details: Central Air, Electric
Heating: Electric, Heat Pump
Description: Laundry Closet, Upper Level
Days on Market: 1, Listing Price: 475000, Status: Active
Elementary: St. Stephens, Middle/Junior High: Arndt, High School: St. Stephens
Total Bathrooms: 6
Finished Area Above Grade: 3020, Area: 3020, Architecture: Transitional, Building Area: 3020, Construction Materials: Vinyl, Stories: 2, Year Built: 2022, Construction Type: Site Built
City: Conover, State: NC, Zip: 28613, County: Catawba, Directions: From Highway 16 North - Head North on 16 and turn Right after Dale Earnhardt Chevrolet. Turn left on Emmanuel Church Road. Turn left onto Conover Blvd E. Continue straight onto 1st St E. Turn right onto Section HOuse Rd. Turn left onto Adam Street. Turn Right onto Spencer Rd NE. Turn Right onto 31st Street Place NE. Turn Right onto 15th Ave NE. Duplex is on the left.
Full Bathrooms: 4, Half Bathrooms: 2
Sewer: Public Sewer, Water Source: City, Utilities: Cable Available
Description: Yes
Auction Y/N: 0
Description: Dishwasher, Disposal, Electric Range, Microwave
Building Details
Building Size
3,020 SF
Year Built
2022
Buildings
1
Listing Agency:
EXP Realty LLC Mooresville
(704) 957-3990
Listed By:
Nancy Buckstad
(704) 957-3990
Source:
Blackstreaminternational
Added: Aug 18
Changed: Aug 22
Last Checked: Aug 22 at 7:17AM
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 LLC Mooresville
Investment Insights
Based on property information with market context.
This 3,020-square-foot duplex at 3305-3307 15th Avenue NE was built in 2022 and remains unsold by the original builder. The property contains two separate units, each with three bedrooms, two-and-a-half bathrooms, and a one-car garage. Both residences offer open main-level layouts, luxury vinyl plank flooring downstairs, carpeted upper levels, granite kitchen countertops, and stainless steel appliances that include refrigerators.
A large lot provides additional parking and outdoor area for residents and guests. The Conover property is positioned near shopping, dining, and other area amenities. Buyer protections include a 10-year structural warranty through America's Preferred Structural Warranty, along with systems coverage for years two through four. The duplex can support owner occupancy in one unit while the other is rented, or be held as a two-unit residential investment.
A large lot provides additional parking and outdoor area for residents and guests. The Conover property is positioned near shopping, dining, and other area amenities. Buyer protections include a 10-year structural warranty through America's Preferred Structural Warranty, along with systems coverage for years two through four. The duplex can support owner occupancy in one unit while the other is rented, or be held as a two-unit residential investment.
Key Highlights
- Two‑unit duplex totaling 3,020 SF
- Each unit includes 3 bedrooms, 2.5 baths, and a one‑car garage
- Built in 2022 and never sold by the original builder
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
$27,277
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
5.74%
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%
$545,540
$545.5K
Cap Rate 7%
$389,671
$389.7K
Cap Rate 9%
$303,078
$303.1K
Market Conditions
NOI Build-Up for 3,020 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
$41.7K $13.80/SF
− Vacancy
−$2.7K −$0.90/SF
EGI
$39.0K $12.90/SF
− OpEx
−$11.7K −$3.87/SF
NOI
$27.3K $9.03/SF
Area
Catawba 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%
$545,540
Cap Rate 7%
$389,671
Cap Rate 9%
$303,078
Alternative Uses
Best Use
Multifamily LT 5
$389.7K
$341.0K – $454.6K
NOI $27,277 @ 7.0% cap · market cap 5.74%
Second Best
Apartment 5plus
$362.1K
$316.9K – $422.5K
NOI $25,348 @ 7.0% cap · market cap 5.34%
Theoretical Best
Office A
$882.2K
$771.9K – $1.03M
NOI $61,753 @ 7.0% cap · market cap 13.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
22
Businesses Nearby
Explore this area
Business Placement
Demographics for 28613, NC
22,970
Population
10,222
Households
2.2
Avg Household Size
41
Median Age
20%
College-Educated
85%
High-School Grad
42.4 sq mi
ZIP Area
542
Density / Sq Mi
$55,690
Median Household Income
$38,932
Median Earnings
$822
Median Rent
$208,400
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 three-bedroom residences offer private garages, flexible occupancy options, and durable interior finishes.
Where is this duplex located?
The property is located at 3305-3307 15th Avenue NE Conover, NC.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 3,020 SF; Each unit includes 3 bedrooms, 2.5 baths, and a one‑car garage; Built in 2022 and never sold by the original builder
