Four-Unit Quadplex with
For Sale
$532,000
Pending
406 E 18th St, Kannapolis, NC 28083
Four matching rental units include appliances, storage rooms, and private rear patios.
Property Size3,705 SF
Days on Market17
Property Features for 406 E 18th St
General Information
Standard status
Pending
Size
3,705 SF
Property subtype
Residential Income
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Amenities
refrigerator
stackable washer and dryer
storage room
patio
Listing Agency:
NorthGroup Real Estate LLC
(704) 791-3374
Listed By:
Nicole Redmond · License #302407
(704) 791-3374
Source:
Exprealty
Added: Jul 26
Changed: Aug 11
Last Checked: Aug 11 at 8:16AM
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 NorthGroup Real Estate LLC
Investment Insights
Based on property information with market context.
This quadplex contains four individual units with a consistent two-bedroom, one-bathroom layout. Each residence includes a refrigerator, stackable washer and dryer, dedicated storage space, and a rear patio. The matching floor plans provide uniformity across the property and simplify ongoing management and maintenance.
The property is located at 406 E 18th St in Kannapolis, with access to local amenities, shopping, and major routes. Its four-unit configuration provides a defined multifamily asset with separate residential spaces and recurring rental use.
The property is located at 406 E 18th St in Kannapolis, with access to local amenities, shopping, and major routes. Its four-unit configuration provides a defined multifamily asset with separate residential spaces and recurring rental use.
Key Highlights
- Four individual units, each with 2 bedrooms and 1 bathroom
- Matching floor plans across all four units
- Refrigerator and stackable washer and dryer in every unit
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
$42,958
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
8.07%
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%
$859,160
$859.2K
Cap Rate 7%
$613,686
$613.7K
Cap Rate 9%
$477,311
$477.3K
Market Conditions
NOI Build-Up for 3,705 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
$66.7K $18.00/SF
− Vacancy
−$5.3K −$1.44/SF
EGI
$61.4K $16.56/SF
− OpEx
−$18.4K −$4.97/SF
NOI
$43.0K $11.59/SF
Area
Cabarrus County, NC
Vacancy
7.98%
Lease Rate
$18.00 /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%
$859,160
Cap Rate 7%
$613,686
Cap Rate 9%
$477,311
Alternative Uses
Best Use
Multifamily LT 5
$613.7K
$537.0K – $716.0K
NOI $42,958 @ 7.0% cap · market cap 8.07%
Second Best
Apartment 5plus
$560.0K
$490.0K – $653.3K
NOI $39,198 @ 7.0% cap · market cap 7.37%
Theoretical Best
Office A
$1.17M
$1.02M – $1.36M
NOI $81,629 @ 7.0% cap · market cap 15.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
273
Businesses Nearby
Explore this area
Business Placement
Demographics for 28083, NC
25,821
Population
11,925
Households
2.2
Avg Household Size
38
Median Age
19%
College-Educated
85%
High-School Grad
20.0 sq mi
ZIP Area
1,291
Density / Sq Mi
$60,563
Median Household Income
$39,831
Median Earnings
$1,120
Median Rent
$194,300
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?
Quadplex - Four matching rental units include appliances, storage rooms, and private rear patios.
Where is this quadplex located?
The property is located at 406 E 18th St Kannapolis, NC.
What is the asking price?
The asking price for this property is $532,000.
What are key features of this property?
This property features: Four individual units, each with 2 bedrooms and 1 bathroom; Matching floor plans across all four units; Refrigerator and stackable washer and dryer in every unit
