Brick Garden-Style
For Sale
$425,000
423 N Carpenter Street, Gastonia, NC 28054
Fully leased brick apartment property with a garden-style layout and established multifamily configuration.
Property Size2,900 SF
Price / SF$146.55
Days on Market9
Property Features for 423 N Carpenter Street
General Information
Standard status
Active
Size
2,900 SF
Property subtype
Fourplex
Occupancy
100%
Additional Details
Multifamily Units
4
Amenities
Size: 0.34, Size Units: Acres
Man Level Garage: 0
Details: Central Air, Heat Pump
Heating: Central, Heat Pump
Description: In Kitchen
Days on Market: 3, Listing Price: 425000, Status: Active
Elementary: Gardner Park, Middle/Junior High: Grier, High School: Ashbrook
Total Bathrooms: 8
Finished Area Above Grade: 2900, Area: 2900, Building Area: 2900, Construction Materials: Brick Full, Stories: 1, Year Built: 1982, Construction Type: Site Built
City: Gastonia, State: NC, Zip: 28054, County: Gaston, Subdivision: None
Full Bathrooms: 4
Sewer: Public Sewer, Water Source: City
Description: Yes
Auction Y/N: 0
Description: None
Building Details
Building Size
2,900 SF
Year Built
1982
Construction
garden-style
Listing Agency:
Monarch Group Realty
(704) 318-5494
Listed By:
Angie Castro
(704) 318-5494
Source:
Blackstreaminternational
Added: Aug 13
Changed: Aug 20
Last Checked: Aug 20 at 4:04AM
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 Monarch Group Realty
Investment Insights
Based on property information with market context.
This garden-style quadplex contains four apartment units within a brick building constructed in 1982. The property is fully leased, providing an existing occupied configuration for multifamily ownership. The building is located at 423 N Carpenter Street in Gastonia, North Carolina 28054.
Key Highlights
- Four‑unit garden‑style apartment building
- Brick construction completed in 1982
- Fully leased property
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
$33,624
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
7.91%
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%
$672,480
$672.5K
Cap Rate 7%
$480,343
$480.3K
Cap Rate 9%
$373,600
$373.6K
Market Conditions
NOI Build-Up for 2,900 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
$52.2K $18.00/SF
− Vacancy
−$4.2K −$1.44/SF
EGI
$48.0K $16.56/SF
− OpEx
−$14.4K −$4.97/SF
NOI
$33.6K $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%
$672,480
Cap Rate 7%
$480,343
Cap Rate 9%
$373,600
Alternative Uses
Best Use
Multifamily LT 5
$480.3K
$420.3K – $560.4K
NOI $33,624 @ 7.0% cap · market cap 7.91%
Second Best
Apartment 5plus
$438.3K
$383.5K – $511.4K
NOI $30,681 @ 7.0% cap · market cap 7.22%
Theoretical Best
Office A
$912.8K
$798.7K – $1.06M
NOI $63,893 @ 7.0% cap · market cap 15.03%
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
772
Businesses Nearby
Explore this area
Business Placement
Demographics for 28054, NC
40,548
Population
18,351
Households
2.2
Avg Household Size
40
Median Age
25%
College-Educated
90%
High-School Grad
19.3 sq mi
ZIP Area
2,101
Density / Sq Mi
$59,524
Median Household Income
$39,883
Median Earnings
$1,150
Median Rent
$220,200
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?
Quadplex - Fully leased brick apartment property with a garden-style layout and established multifamily configuration.
Where is this quadplex located?
The property is located at 423 N Carpenter Street Gastonia, NC.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Four‑unit garden‑style apartment building; Brick construction completed in 1982; Fully leased property
