4-Unit Multifamily
For Sale
$689,000
414 E Wilkins St, Dallas, NC 28034
Two-building residential income property with fully occupied units and laundry hookups.
Property Size2,880 SF
Price / SF$239.24
Days on Market96
Property Features for 414 E Wilkins St
General Information
Standard status
Active
Size
2,880 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Amenities
laundry hookups
Building Details
Buildings
2
Listing Agency:
Premier South
(704) 860-1015
Listed By:
Rebecca Maiwald · License #297471
(704) 860-1015
Source:
Exprealty
Added: May 9
Changed: Aug 9
Last Checked: Aug 11 at 12:06PM
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 Premier South
Investment Insights
Based on property information with market context.
This multifamily property includes two buildings totaling 4 units and 2,880 square feet. Each residence offers 2 bedrooms, 1 bathroom, and laundry hookups, creating a consistent unit configuration across the property.
All units are fully occupied, and tenants pay their own utilities. The property is located at 414 E Wilkins St in Dallas, NC, within the historic town of Dallas.
All units are fully occupied, and tenants pay their own utilities. The property is located at 414 E Wilkins St in Dallas, NC, within the historic town of Dallas.
Key Highlights
- 4 units across 2 buildings
- 2,880 square feet total
- Each unit includes 2 bedrooms and 1 bathroom
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
$33,392
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
4.85%
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%
$667,840
$667.8K
Cap Rate 7%
$477,029
$477.0K
Cap Rate 9%
$371,022
$371.0K
Market Conditions
NOI Build-Up for 2,880 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
$51.8K $18.00/SF
− Vacancy
−$4.1K −$1.44/SF
EGI
$47.7K $16.56/SF
− OpEx
−$14.3K −$4.97/SF
NOI
$33.4K $11.59/SF
Area
Gaston 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%
$667,840
Cap Rate 7%
$477,029
Cap Rate 9%
$371,022
Alternative Uses
Best Use
Multifamily LT 5
$477.0K
$417.4K – $556.5K
NOI $33,392 @ 7.0% cap · market cap 4.85%
Second Best
Apartment 5plus
$435.3K
$380.9K – $507.8K
NOI $30,470 @ 7.0% cap · market cap 4.42%
Theoretical Best
Office A
$906.5K
$793.2K – $1.06M
NOI $63,452 @ 7.0% cap · market cap 9.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
304
Businesses Nearby
Explore this area
Business Placement
Demographics for 28034, NC
19,258
Population
8,085
Households
2.4
Avg Household Size
39
Median Age
16%
College-Educated
86%
High-School Grad
45.6 sq mi
ZIP Area
422
Density / Sq Mi
$59,969
Median Household Income
$42,804
Median Earnings
$841
Median Rent
$221,000
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?
Multifamily property - Two-building residential income property with fully occupied units and laundry hookups.
Where is this multifamily property located?
The property is located at 414 E Wilkins St Dallas, NC.
What is the asking price?
The asking price for this property is $689,000.
What are key features of this property?
This property features: 4 units across 2 buildings; 2,880 square feet total; Each unit includes 2 bedrooms and 1 bathroom
