Triplex with Hardwood
For Sale
$285,000
403 S Race St, Statesville, NC 28677
Three one-bedroom units feature central air, 12-foot ceilings, hardwood floors, and vintage architectural details.
Property Size2,736 SF
Price / SF$104.17
Days on Market34
Property Features for 403 S Race St
General Information
Standard status
Active
Size
2,736 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
Non-functional fireplace
Units
Unit Mix
3 x 1BR/1BA
Multifamily Units
3
Amenities
central air
Building Details
Year Built
1896
Listing Agency:
EXP Realty LLC Mooresville
(888) 584-9431
Listed By:
Shawn Eckles · License #299072
Source:
Highperformancerea
Added: Jul 27
Changed: Aug 28
Last Checked: Aug 29 at 12:32PM
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.
Built in 1896, this 2,736-square-foot residential income property contains three one-bedroom, one-bathroom units. The building was converted from a single home in the late 1990s and retains vintage details, hardwood floors, and 12-foot ceilings. Central air serves the property, while a fireplace remains non-functional.
Located at 403 S Race St in Statesville, the triplex is minutes from historic Downtown Statesville and local restaurants. The property has consistent tenancy and an established rental history, providing a three-unit configuration for an income-focused buyer.
Located at 403 S Race St in Statesville, the triplex is minutes from historic Downtown Statesville and local restaurants. The property has consistent tenancy and an established rental history, providing a three-unit configuration for an income-focused buyer.
Key Highlights
- Three 1BR/1BA units within a 2,736‑square‑foot building
- Built in 1896 and converted into three units in the late 1990s
- 12 ft ceilings, hardwood floors, and vintage architectural details
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
$24,874
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
8.73%
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%
$497,480
$497.5K
Cap Rate 7%
$355,343
$355.3K
Cap Rate 9%
$276,378
$276.4K
Market Conditions
NOI Build-Up for 2,736 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
$47.6K $17.40/SF
− Vacancy
−$2.4K −$0.87/SF
EGI
$45.2K $16.53/SF
− OpEx
−$20.4K −$7.44/SF
NOI
$24.9K $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%
$497,480
Cap Rate 7%
$355,343
Cap Rate 9%
$276,378
Alternative Uses
Best Use
Multifamily LT 5
$384.7K
$336.6K – $448.8K
NOI $26,926 @ 7.0% cap · market cap 9.45%
Second Best
Apartment 5plus
$355.3K
$310.9K – $414.6K
NOI $24,874 @ 7.0% cap · market cap 8.73%
Theoretical Best
Office A
$861.1K
$753.5K – $1.00M
NOI $60,280 @ 7.0% cap · market cap 21.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
951
Businesses Nearby
Explore this area
Business Placement
Demographics for 28677, NC
35,926
Population
16,096
Households
2.2
Avg Household Size
41
Median Age
22%
College-Educated
85%
High-School Grad
83.0 sq mi
ZIP Area
433
Density / Sq Mi
$59,081
Median Household Income
$34,684
Median Earnings
$861
Median Rent
$207,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three one-bedroom units feature central air, 12-foot ceilings, hardwood floors, and vintage architectural details.
Where is this triplex located?
The property is located at 403 S Race St Statesville, NC.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Three 1BR/1BA units within a 2,736‑square‑foot building; Built in 1896 and converted into three units in the late 1990s; 12 ft ceilings, hardwood floors, and vintage architectural details
