Two-Unit Duplex with Outdoor
For Sale
$275,000
422 N Cedar St, Greensboro, NC 27401
Currently leased units include in-unit laundry and access to a covered porch, deck, and larger backyard.
Property Size1,992 SF
Price / SF$138.05
Days on Market73
Property Features for 422 N Cedar St
General Information
Standard status
Active
Size
1,992 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
1 x 2BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Amenities
covered front porch
deck
backyard
washer/dryer
Building Details
Year Built
1920
Listing Agency:
Howard Hanna Allen Tate - Greensboro
Listed By:
Mitzie Weatherly
(336) 314-5500
Source:
Searchhomesinthetriad
Added: Jul 21
Changed: Sep 9
Last Checked: Sep 30 at 12:34PM
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 Howard Hanna Allen Tate - Greensboro
Investment Insights
Based on property information with market context.
This duplex contains two distinct residences with different layouts. Unit A provides two bedrooms and two baths across two levels, while Unit B offers one bedroom and one bath on the main floor. Both residences include a washer and dryer, along with access to a covered front porch, deck, and larger backyard.
The property’s exterior combines wood, aluminum, and siding materials. Mechanical equipment is housed in the cellar, including both furnaces and hot water heaters; one hot water heater is gas-powered and the other is electric. Both units are currently leased, and lease and rent-roll information is available upon request.
The property’s exterior combines wood, aluminum, and siding materials. Mechanical equipment is housed in the cellar, including both furnaces and hot water heaters; one hot water heater is gas-powered and the other is electric. Both units are currently leased, and lease and rent-roll information is available upon request.
Key Highlights
- Two‑unit duplex with distinct floor plans
- Unit A: 2 bedrooms and 2 baths across two levels
- Unit B: 1 bedroom and 1 bath on the main level
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
$18,182
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
6.61%
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%
$363,640
$363.6K
Cap Rate 7%
$259,743
$259.7K
Cap Rate 9%
$202,022
$202.0K
Market Conditions
NOI Build-Up for 1,992 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
$27.5K $13.80/SF
− Vacancy
−$1.5K −$0.76/SF
EGI
$26.0K $13.04/SF
− OpEx
−$7.8K −$3.91/SF
NOI
$18.2K $9.13/SF
Area
Greensboro, NC
Vacancy
5.51%
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%
$363,640
Cap Rate 7%
$259,743
Cap Rate 9%
$202,022
Alternative Uses
Best Use
Multifamily LT 5
$259.7K
$227.3K – $303.0K
NOI $18,182 @ 7.0% cap · market cap 6.61%
Second Best
Apartment 5plus
$238.8K
$209.0K – $278.7K
NOI $16,719 @ 7.0% cap · market cap 6.08%
Theoretical Best
Office A
$631.4K
$552.5K – $736.7K
NOI $44,201 @ 7.0% cap · market cap 16.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,844
Businesses Nearby
Explore this area
Business Placement
Demographics for 27401, NC
21,854
Population
9,650
Households
2.3
Avg Household Size
29
Median Age
32%
College-Educated
85%
High-School Grad
5.8 sq mi
ZIP Area
3,768
Density / Sq Mi
$44,524
Median Household Income
$22,542
Median Earnings
$883
Median Rent
$138,300
Median Home Value
Check the figures for this property
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?
Duplex - Currently leased units include in-unit laundry and access to a covered porch, deck, and larger backyard.
Where is this duplex located?
The property is located at 422 N Cedar St Greensboro, NC.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Two‑unit duplex with distinct floor plans; Unit A: 2 bedrooms and 2 baths across two levels; Unit B: 1 bedroom and 1 bath on the main level
