10-Unit Apartment
New
For Sale
Contact for pricing
331 Temple Street, Lexington, NC 27292
Built in 1985, the property offers washer/dryer hookups across its residential units.
Property Size7,820 SF
Price / SF$132.99
Days on Market7
Property Features for 331 Temple Street
General Information
Standard status
Active
Size
7,820 SF
Property subtype
Multifamily
Net Operating Income
$83,791
Units
Unit Mix
10 x 2BR/1BA
Multifamily Units
10
Additional Details
Highway Access
Yes
Amenities
washer/dryer connections
Building Details
Year Built
1985
Buildings
1
Stories
1
Units
10
Listing Agency:
Linville Team Partners
(336) 724-1715
Listed By:
Dom Maggio · License #354908
Source:
Crexi
Added: Jul 29
Changed: Aug 4
Last Checked: Aug 4 at 4:50AM
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 Linville Team Partners
Investment Insights
Based on property information with market context.
This 1985 apartment property contains ten two-bedroom, one-bath residences, each measuring approximately 750 square feet. Every unit includes washer/dryer connections, providing a defined in-unit utility feature across the building. The property is identified as an apartment building in Lexington, North Carolina, at 331 Temple Street.
The location provides access to downtown Lexington, local employers, shops, and restaurants. US-64, US-29, and I-285 are also accessible from the property. Lexington Middle School and Lexington High School are described as walkable from the apartments.
The location provides access to downtown Lexington, local employers, shops, and restaurants. US-64, US-29, and I-285 are also accessible from the property. Lexington Middle School and Lexington High School are described as walkable from the apartments.
Key Highlights
- Ten two‑bedroom, one‑bath apartment units
- Approximately 750 square feet per unit
- Washer/dryer connections in each apartment
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $124.8k | $15.96 |
| − Vacancy | −$8.7k | −$1.12 |
| EGI | $116.1k | $14.84 |
| − OpEx | −$52.2k | −$6.68 |
| NOI | $63.8k | $8.16 |
7,820 SF · lease $15.96/SF/yr · vacancy 7.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$912.0K
$798.0K – $1.06M
NOI $63,839 @ 7.0% cap · market cap 6.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.98M
$1.74M – $2.31M
NOI $138,883 @ 7.0% cap · market cap 13.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
461
Businesses Nearby
Explore this area
Business Placement
Demographics for 27292, NC
39,337
Population
18,749
Households
2.1
Avg Household Size
44
Median Age
17%
College-Educated
85%
High-School Grad
144.0 sq mi
ZIP Area
273
Density / Sq Mi
$54,468
Median Household Income
$34,776
Median Earnings
$831
Median Rent
$193,300
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?
Apartment building - Built in 1985, the property offers washer/dryer hookups across its residential units.
Where is this apartment building located?
The property is located at 331 Temple Street Lexington, NC.
What is the asking price?
The asking price for this property is $1,040,000.
What are key features of this property?
This property features: Ten two‑bedroom, one‑bath apartment units; Approximately 750 square feet per unit; Washer/dryer connections in each apartment
