New Two-Unit
For Sale
$409,900
4000 Herman Sipe Rd, Conover, NC 28613
Each residence provides two bedrooms, two bathrooms, granite countertops, and a combination of tile and LVP flooring.
Property Size2,048 SF
Price / SF$200.15
Days on Market14
Property Features for 4000 Herman Sipe Rd
General Information
Standard status
Active
Size
2,048 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Year Built
2026
Buildings
1
Listing Agency:
Keller Williams Unified
(704) 799-3700
Listed By:
Evan Massey · License #316960
Source:
Lewisandkirk
Added: Aug 18
Changed: Aug 30
Last Checked: Aug 25 at 5:01AM
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 Keller Williams Unified
Investment Insights
Based on property information with market context.
This newly built duplex contains two separately configured residences, each measuring approximately 1,024 square feet. Both units offer two bedrooms and two bathrooms, with granite countertops plus tile and LVP flooring throughout. The combined property totals approximately 2,048 square feet under one roof.
Located at 4000 Herman Sipe Rd in Conover, the duplex is a short distance from downtown Conover and I-40, with Hickory reachable in approximately 10 minutes. The two-unit layout supports side-by-side occupancy for an owner and family members or the option to occupy one unit while leasing the other.
Located at 4000 Herman Sipe Rd in Conover, the duplex is a short distance from downtown Conover and I-40, with Hickory reachable in approximately 10 minutes. The two-unit layout supports side-by-side occupancy for an owner and family members or the option to occupy one unit while leasing the other.
Key Highlights
- Newly built duplex with two units under one roof
- Each unit is approximately 1,024 sq ft with 2 beds and 2 baths
- Combined property size of approximately 2,048 sq ft
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
$18,498
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
4.51%
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%
$369,960
$370.0K
Cap Rate 7%
$264,257
$264.3K
Cap Rate 9%
$205,533
$205.5K
Market Conditions
NOI Build-Up for 2,048 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
$28.3K $13.80/SF
− Vacancy
−$1.8K −$0.90/SF
EGI
$26.4K $12.90/SF
− OpEx
−$7.9K −$3.87/SF
NOI
$18.5K $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%
$369,960
Cap Rate 7%
$264,257
Cap Rate 9%
$205,533
Alternative Uses
Best Use
Multifamily LT 5
$264.3K
$231.2K – $308.3K
NOI $18,498 @ 7.0% cap · market cap 4.51%
Second Best
Apartment 5plus
$245.6K
$214.9K – $286.5K
NOI $17,189 @ 7.0% cap · market cap 4.19%
Theoretical Best
Office A
$598.3K
$523.5K – $698.0K
NOI $41,878 @ 7.0% cap · market cap 10.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
41
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 - Each residence provides two bedrooms, two bathrooms, granite countertops, and a combination of tile and LVP flooring.
Where is this duplex located?
The property is located at 4000 Herman Sipe Rd Conover, NC.
What is the asking price?
The asking price for this property is $409,900.
What are key features of this property?
This property features: Newly built duplex with two units under one roof; Each unit is approximately 1,024 sq ft with 2 beds and 2 baths; Combined property size of approximately 2,048 sq ft
