4-Unit Brick Apartment
For Sale
$400,000
423 N Carpenter Street, Gastonia, NC 28054
All four units are leased, and tenants reimburse the owner for water through a monthly fee.
Property Size1,982 SF
Price / SF$137.93
Days on Market8
Property Features for 423 N Carpenter Street
General Information
Standard status
Active
Size
1,982 SF
Property subtype
Fourplex
Occupancy
100%
Additional Details
Gross Income
$47,100
Road Access
Yes
Multifamily Units
4
Amenities
Public Sewer
Additional parcels description:, Parcel Number: 119398, Assessed Value: $288,080
Central Air, Heat Pump
Central, Heat Pump
In Kitchen
Listing ID: CAR4430801, Standard Status: Active, MLS Status: Active, Property Subtype: Fourplex, 3 days on market, Special Conditions: None
Parking Space(s)
Elementary School: Gardner Park, Middle School: Grier, High School: Ashbrook
8 total bedrooms
Built in 1982, Living area: 2900, Construction Materials: Brick Full
County/Parish: Gaston
4 full bathrooms
Water Source: City
Slab
Allowed: Yes
All Utilities
Road Responsibility: Publicly Maintained Road, Road Surface: Concrete, Paved
Building Details
Building Size
1,982 SF
Year Built
1982
Construction
garden-style brick
Listing Agency:
EXP Realty LLC Ballantyne
(704) 248-8230
Listed By:
Angie Castro · License #327991
(704) 318-5494
Source:
Blackstreaminternational
Added: Oct 2
Changed: Oct 7
Last Checked: Oct 7 at 2:18PM
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 Ballantyne
Investment Insights
Based on property information with market context.
This 2,900-square-foot, four-unit apartment property in Gastonia features garden-style residences and brick construction. Built in 1982, the building is fully leased. Water is not separately metered; the owner pays the bill and receives tenant reimbursements through a monthly fee.
The property is on N Carpenter Street, with access to major roads, shopping, dining, and everyday amenities.
The property is on N Carpenter Street, with access to major roads, shopping, dining, and everyday amenities.
Key Highlights
- Four‑unit garden‑style apartment property
- 2,900 square feet of building area
- Built in 1982
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,624
Cap Rate
8.41%
Suggested Prices Based on Cap Rates
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
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 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 8.41%
Second Best
Apartment 5plus
$438.3K
$383.5K – $511.4K
NOI $30,681 @ 7.0% cap · market cap 7.67%
Theoretical Best
Office A
$912.8K
$798.7K – $1.06M
NOI $63,893 @ 7.0% cap · market cap 15.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Paved road access
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
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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?
Quadplex - All four units are leased, and tenants reimburse the owner for water through a monthly fee.
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 $400,000.
What are key features of this property?
This property features: Four‑unit garden‑style apartment property; 2,900 square feet of building area; Built in 1982
