14-Unit Downtown Multifamily
For Sale
Contact for pricing
49 Corban Ave SW, Concord, NC 28025
Fourteen-unit multifamily property with nine renovated units and substantial capital improvements by current ownership.
Property Size13,536 SF
Price / SF$140.37
Days on Market114
Property Features for 49 Corban Ave SW
General Information
Standard status
Active
Size
13,536 SF
Property subtype
Multifamily
Occupancy
92%
Investment Type
Value Add
Net Operating Income
$143,978
Building Details
Year Built
1927
Year Renovated
2024
Buildings
1
Units
14
Tenancy
Multi
Listing Agency:
Britt Commercial Real Estate
Listed By:
Zachary Britt · License #NC 315119
Source:
Crexi
Added: May 15
Changed: Aug 21
Last Checked: Sep 1 at 7:09PM
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 Britt Commercial Real Estate
Investment Insights
Based on property information with market context.
This 14-unit multifamily building is offered for sale with in-place income and meaningful unit-level updates. Ownership has renovated nine of the 14 units with modern finishes, and significant capital improvements have been completed during the current ownership period.
The property is positioned directly adjacent to the Downtown Concord Social District. It is surrounded by more than $200M in completed and ongoing public and private investment, supporting a dynamic downtown environment.
For buyers seeking a downtown income property with a track record of renovations, this building provides a clear picture of renovation progress and recent improvements within a larger investment corridor.
The property is positioned directly adjacent to the Downtown Concord Social District. It is surrounded by more than $200M in completed and ongoing public and private investment, supporting a dynamic downtown environment.
For buyers seeking a downtown income property with a track record of renovations, this building provides a clear picture of renovation progress and recent improvements within a larger investment corridor.
Key Highlights
- 14‑unit multifamily property in Downtown Concord, built in 1927
- 9 of 14 units have been renovated with modern finishes
- Substantial capital improvements completed by the current ownership
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
$132,967
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
7.00%
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%
$2,659,340
$2.7M
Cap Rate 7%
$1,899,529
$1.9M
Cap Rate 9%
$1,477,411
$1.5M
Market Conditions
NOI Build-Up for 13,536 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
$256.6K $18.96/SF
− Vacancy
−$14.9K −$1.10/SF
EGI
$241.8K $17.86/SF
− OpEx
−$108.8K −$8.04/SF
NOI
$133.0K $9.82/SF
Area
Concord, NC
Vacancy
5.80%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
45.00%
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%
$2,659,340
Cap Rate 7%
$1,899,529
Cap Rate 9%
$1,477,411
Alternative Uses
Best Use
Apartment 5plus
$1.90M
$1.66M – $2.22M
NOI $132,967 @ 7.0% cap · market cap 7.00%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.69M
$3.23M – $4.30M
NOI $258,206 @ 7.0% cap · market cap 13.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,173
Businesses Nearby
Explore this area
Business Placement
Demographics for 28025, NC
58,260
Population
23,759
Households
2.5
Avg Household Size
38
Median Age
33%
College-Educated
91%
High-School Grad
108.4 sq mi
ZIP Area
537
Density / Sq Mi
$79,271
Median Household Income
$43,167
Median Earnings
$1,223
Median Rent
$264,100
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?
Apartment building - Fourteen-unit multifamily property with nine renovated units and substantial capital improvements by current ownership.
Where is this apartment building located?
The property is located at 49 Corban Ave SW Concord, NC.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 14‑unit multifamily property in Downtown Concord, built in 1927; 9 of 14 units have been renovated with modern finishes; Substantial capital improvements completed by the current ownership
