Renovated Duplex with Separate
For Sale
Contact for pricing
501 Friendship Dr, Matthews, NC 28105
Two updated units offer private entrances, shared parking, and flexible occupancy options.
Property Size1,753 SF
Price / SF$262.41
Days on Market154
Property Features for 501 Friendship Dr
General Information
Standard status
Active
Size
1,753 SF
Class
C
Property subtype
Multifamily
Zoning
SFR-3
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
shared driveway
oversized deck
large backyard
Building Details
Year Built
1975
Year Renovated
2026
Buildings
1
Stories
1
Units
2
Listing Agency:
Coldwell Banker Realty
(980) 999-0399
Listed By:
Nick Lancetti · License #320264
Source:
Crexi
Added: Mar 30
Changed: Aug 29
Last Checked: Aug 29 at 9:18PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
Located at 501 Friendship Dr in Matthews, this 1,753-square-foot duplex contains two units, each with 2 bedrooms and 2 bathrooms. Built in 1975, the property has undergone extensive renovation, including a new roof, HVAC systems, plumbing, electrical wiring, flooring, kitchens, cabinets, stainless steel appliances, and bathroom finishes. Separate entrances serve each unit, while an oversized deck and large backyard add shared outdoor space.
The property is near shopping, schools, and I-485, with a shared driveway and ample parking. It is zoned SFR-3 and has no HOA. The existing layout also offers potential for reconfiguration into four 1-bedroom, 1-bathroom units, subject to applicable approvals and requirements.
The property is near shopping, schools, and I-485, with a shared driveway and ample parking. It is zoned SFR-3 and has no HOA. The existing layout also offers potential for reconfiguration into four 1-bedroom, 1-bathroom units, subject to applicable approvals and requirements.
Key Highlights
- 1,753‑square‑foot duplex with two units
- Each unit includes 2 bedrooms and 2 bathrooms
- Renovated with new roof, HVAC systems, plumbing, electrical wiring, flooring, kitchens, and bathrooms
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
$15,176
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
3.30%
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%
$303,520
$303.5K
Cap Rate 7%
$216,800
$216.8K
Cap Rate 9%
$168,622
$168.6K
Market Conditions
NOI Build-Up for 1,753 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
$23.6K $13.44/SF
− Vacancy
−$1.9K −$1.07/SF
EGI
$21.7K $12.37/SF
− OpEx
−$6.5K −$3.71/SF
NOI
$15.2K $8.66/SF
Area
Mecklenburg County, NC
Vacancy
7.98%
Lease Rate
$13.44 /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%
$303,520
Cap Rate 7%
$216,800
Cap Rate 9%
$168,622
Alternative Uses
Best Use
Multifamily LT 5
$216.8K
$189.7K – $252.9K
NOI $15,176 @ 7.0% cap · market cap 3.30%
Second Best
Apartment 5plus
$187.7K
$164.3K – $219.0K
NOI $13,141 @ 7.0% cap · market cap 2.86%
Theoretical Best
Office A
$566.4K
$495.6K – $660.9K
NOI $39,651 @ 7.0% cap · market cap 8.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
281
Businesses Nearby
Explore this area
Business Placement
Demographics for 28105, NC
44,085
Population
17,906
Households
2.5
Avg Household Size
41
Median Age
52%
College-Educated
95%
High-School Grad
23.2 sq mi
ZIP Area
1,900
Density / Sq Mi
$104,242
Median Household Income
$52,175
Median Earnings
$1,663
Median Rent
$389,100
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?
Duplex - Two updated units offer private entrances, shared parking, and flexible occupancy options.
Where is this duplex located?
The property is located at 501 Friendship Dr Matthews, NC.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: 1,753‑square‑foot duplex with two units; Each unit includes 2 bedrooms and 2 bathrooms; Renovated with new roof, HVAC systems, plumbing, electrical wiring, flooring, kitchens, and bathrooms
