6-Unit Apartment Buildings with
For Sale
Contact for pricing
374 Water St, Mooresville, NC 28115
Three duplex structures contain updated two-bedroom units with private utility rooms and washer/dryer hookups.
Property Size4,500 SF
Price / SF$188.89
Days on Market138
Property Features for 374 Water St
General Information
Standard status
Active
Size
4,500 SF
Total Parking Spaces
15
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$55,834
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Amenities
dedicated utility rooms
washer/dryer hookups
Building Details
Year Built
1990
Buildings
3
Stories
1
Units
6
Listing Agency:
Britt Commercial Real Estate
Listed By:
Zachary Britt · License #NC 315119
Source:
Crexi
Added: Apr 16
Changed: Aug 30
Last Checked: Aug 30 at 3:19PM
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 Britt Commercial Real Estate
Investment Insights
Based on property information with market context.
This 4,500-square-foot apartment property includes six units arranged across three duplex buildings. Each residence offers a two-bedroom, one-bath layout, a dedicated utility room, and washer/dryer hookups. Improvements include new LVP flooring, dual mini-split A/C systems in every unit, site work, and updated kitchens and bathrooms with select premium finishes.
Built in 1990, the property is located at 374 Water St in Mooresville, North Carolina. Its setting is near the downtown Mooresville core and the Lake Norman corridor, providing access to both established local amenities and the surrounding regional area.
Built in 1990, the property is located at 374 Water St in Mooresville, North Carolina. Its setting is near the downtown Mooresville core and the Lake Norman corridor, providing access to both established local amenities and the surrounding regional area.
Key Highlights
- Six units across three duplex buildings
- Each unit has 2 bedrooms and 1 bathroom
- 4,500 square feet; built in 1990
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
$40,912
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
4.81%
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%
$818,240
$818.2K
Cap Rate 7%
$584,457
$584.5K
Cap Rate 9%
$454,578
$454.6K
Market Conditions
NOI Build-Up for 4,500 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
$78.3K $17.40/SF
− Vacancy
−$3.9K −$0.87/SF
EGI
$74.4K $16.53/SF
− OpEx
−$33.5K −$7.44/SF
NOI
$40.9K $9.09/SF
Area
Iredell County, NC
Vacancy
5.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
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%
$818,240
Cap Rate 7%
$584,457
Cap Rate 9%
$454,578
Alternative Uses
Best Use
Apartment 5plus
$584.5K
$511.4K – $681.9K
NOI $40,912 @ 7.0% cap · market cap 4.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.42M
$1.24M – $1.65M
NOI $99,144 @ 7.0% cap · market cap 11.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
278
Businesses Nearby
Explore this area
Business Placement
Demographics for 28115, NC
43,413
Population
17,427
Households
2.5
Avg Household Size
38
Median Age
37%
College-Educated
94%
High-School Grad
74.6 sq mi
ZIP Area
582
Density / Sq Mi
$86,724
Median Household Income
$46,921
Median Earnings
$1,193
Median Rent
$330,500
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 - Three duplex structures contain updated two-bedroom units with private utility rooms and washer/dryer hookups.
Where is this apartment building located?
The property is located at 374 Water St Mooresville, NC.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Six units across three duplex buildings; Each unit has 2 bedrooms and 1 bathroom; 4,500 square feet; built in 1990
