Duplex with Separate
New
For Sale
$229,000
429 Gillespie St, Fayetteville, NC 28301
The renovated upper and lower levels have independent access and separate utilities, with additional garage and rear parking.
Property Size2,063 SF
Price / SF$111
Days on Market6
Property Features for 429 Gillespie St
General Information
Standard status
Active
Size
2,063 SF
Property subtype
Commercial
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1929
Year Renovated
2022
Listing Agency:
Inspired By Desire Real Estate
Listed By:
Nakyshae G McCallop · License #244874
(910) 977-8358
Source:
Searchgreateraugustahomes
Added: Sep 21
Changed: Sep 24
Last Checked: Sep 24 at 2:20PM
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 Inspired By Desire Real Estate
Investment Insights
Based on property information with market context.
This 2,063-square-foot property has separate entrances for the upper and lower levels, each served by separate utilities. Both levels were renovated in 2018, and the roof was replaced in 2022 with a 30-year roof. A porch extends along the front and side of the home. The layout can accommodate single-family or duplex use; other proposed uses require zoning verification. A detached brick garage provides parking or storage, and additional parking is available behind the home.
Key Highlights
- 2,063‑square‑foot property with separate upper- and lower‑level entrances
- Upper and lower levels renovated in 2018
- New 30‑year roof installed in 2022
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
$18,831
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
8.22%
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%
$376,620
$376.6K
Cap Rate 7%
$269,014
$269.0K
Cap Rate 9%
$209,233
$209.2K
Market Conditions
NOI Build-Up for 2,063 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
$28.5K $13.80/SF
− Vacancy
−$1.6K −$0.76/SF
EGI
$26.9K $13.04/SF
− OpEx
−$8.1K −$3.91/SF
NOI
$18.8K $9.13/SF
Area
Fayetteville, 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%
$376,620
Cap Rate 7%
$269,014
Cap Rate 9%
$209,233
Alternative Uses
Best Use
Multifamily LT 5
$269.0K
$235.4K – $313.9K
NOI $18,831 @ 7.0% cap · market cap 8.22%
Second Best
Apartment 5plus
$247.4K
$216.4K – $288.6K
NOI $17,315 @ 7.0% cap · market cap 7.56%
Theoretical Best
Office A
$452.1K
$395.6K – $527.5K
NOI $31,648 @ 7.0% cap · market cap 13.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
749
Businesses Nearby
Explore this area
Business Placement
Demographics for 28301, NC
17,670
Population
8,590
Households
2.1
Avg Household Size
35
Median Age
17%
College-Educated
88%
High-School Grad
12.4 sq mi
ZIP Area
1,425
Density / Sq Mi
$36,955
Median Household Income
$28,350
Median Earnings
$926
Median Rent
$109,900
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 - The renovated upper and lower levels have independent access and separate utilities, with additional garage and rear parking.
Where is this duplex located?
The property is located at 429 Gillespie St Fayetteville, NC.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: 2,063‑square‑foot property with separate upper- and lower‑level entrances; Upper and lower levels renovated in 2018; New 30‑year roof installed in 2022
