11-Unit Brick Apartment
New
For Sale
$1,500,000
402 S Ashe Avenue, Newton, NC 28658
Two buildings provide a varied apartment mix with on-site parking.
Property Size1,975 SF
Lot Size1.33 Acres
Price / SF$206.16
Days on Market4
Property Features for 402 S Ashe Avenue
General Information
Standard status
Active
Size
1,975 SF
Lot size
1.33 Acres
Property subtype
Apartment
Property Condition
Severity
Repairs Needed
Evidence
complete desired updates
Units
Unit Mix
7 x 2BR/1.5BA, 2 x 3BR/1.5BA, 2 x 2BR/1BA
Multifamily Units
11
Amenities
Architectural Shingle
Public Sewer
Additional parcels description:, Parcel Number: 3730208280420000, Assessed Value: $938,200
Central Air
Natural Gas
Listing ID: CAR4430547, Standard Status: Active, MLS Status: Active, Property Subtype: Apartment, Special Conditions: None
Assigned, Parking Lot, Parking Space(s)
Elementary School: South Newton, Middle School: Newton Conover, High School: Newton Conover
Built in 1975, Living area: 7276, Construction Materials: Brick Full
County/Parish: Catawba
Electricity Connected, Natural Gas, Water Source: City
Slab
Allowed: No
Road Responsibility: Publicly Maintained Road, Road Surface: Asphalt, Paved
Gas Range, Refrigerator
Building Details
Building Size
1,975 SF
Year Built
1975
Buildings
2
Construction
brick
Listing Agency:
RU4 Real Estate, Inc.
(828) 449-6941
Listed By:
Jairo Betancourt-Uribe
(864) 920-0303
Source:
Blackstreaminternational
Added: Oct 1
Changed: Oct 3
Last Checked: Oct 3 at 2:17AM
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 RU4 Real Estate, Inc.
Investment Insights
Based on property information with market context.
Built in 1975, this 7,276-square-foot brick apartment property comprises two buildings on approximately 1.33 acres. Its 11 apartments include seven 2-bedroom/1.5-bath units, two 3-bedroom/1.5-bath units, and two single-level 2-bedroom/1-bath units. Seven units are vacant, while four are occupied.
The property is in Newton, with Downtown Newton, the library, parks, shops, and restaurants reachable on foot. On-site parking serves the two-building complex.
The property is in Newton, with Downtown Newton, the library, parks, shops, and restaurants reachable on foot. On-site parking serves the two-building complex.
Key Highlights
- 11 apartments across two brick buildings
- 7,276 square feet on approximately 1.33 acres
- Unit mix: seven 2‑bedroom/1.5‑bath, two 3‑bedroom/1.5‑bath, and two single‑level 2‑bedroom/1‑bath units
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
$61,069
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
4.07%
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%
$1,221,380
$1.2M
Cap Rate 7%
$872,414
$872.4K
Cap Rate 9%
$678,544
$678.5K
Market Conditions
NOI Build-Up for 7,276 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
$117.9K $16.20/SF
− Vacancy
−$6.8K −$0.94/SF
EGI
$111.0K $15.26/SF
− OpEx
−$50.0K −$6.87/SF
NOI
$61.1K $8.39/SF
Area
Catawba County, NC
Vacancy
5.80%
Lease Rate
$16.20 /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%
$1,221,380
Cap Rate 7%
$872,414
Cap Rate 9%
$678,544
Alternative Uses
Best Use
Apartment 5plus
$872.4K
$763.4K – $1.02M
NOI $61,069 @ 7.0% cap · market cap 4.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.13M
$1.86M – $2.48M
NOI $148,780 @ 7.0% cap · market cap 9.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
546
Businesses Nearby
Explore this area
Business Placement
Demographics for 28658, NC
26,453
Population
10,958
Households
2.4
Avg Household Size
42
Median Age
19%
College-Educated
88%
High-School Grad
71.3 sq mi
ZIP Area
371
Density / Sq Mi
$67,805
Median Household Income
$41,013
Median Earnings
$933
Median Rent
$192,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Two buildings provide a varied apartment mix with on-site parking.
Where is this apartment building located?
The property is located at 402 S Ashe Avenue Newton, NC.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 11 apartments across two brick buildings; 7,276 square feet on approximately 1.33 acres; Unit mix: seven 2‑bedroom/1.5‑bath, two 3‑bedroom/1.5‑bath, and two single‑level 2‑bedroom/1‑bath units
