Three-Unit Residential
509 E Grover Street, Shelby, NC 28150
For Sale
$440,000
Three separate apartments offer individual kitchens and washer/dryer hookups, with recent updates to major building systems and finishes.
Property Size3,306 SF
Price / SF$133.09
Days on Market151
Property Features for 509 E Grover Street
General Information
Standard status
Size
Property subtype
Units
Unit Mix
Multifamily Units
Building Details
Building Size
Year Built
Listing Agency:
Coldwell Banker Mountain View
Listed By:
Kimery Laugh Crowder · License NC #335817
(704) 418-5506
Source:
Guerra-realty
Added: Jun 13
Changed: Nov 7
Last Checked: Nov 9 at 8:44PM
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 Mountain View
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Investment Insights
Based on property information with market context.
This 3,306-square-foot triplex contains three apartments. The main level has a three-bedroom, two-bathroom unit and a two-bedroom, one-bathroom unit; a one-bedroom, one-bathroom apartment occupies the upper level. Each residence has its own kitchen and washer/dryer hookups.
Built in 1924, the property has received plumbing and electrical updates, along with new siding, windows, appliances, and flooring. Fresh paint was also completed throughout.
Built in 1924, the property has received plumbing and electrical updates, along with new siding, windows, appliances, and flooring. Fresh paint was also completed throughout.
Key Highlights
- Three apartments: 3‑bed/2‑bath, 2‑bed/1‑bath, and 1‑bed/1‑bath
- 3,306 square feet; built in 1924
- Separate kitchen and washer/dryer hookups in each apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,994
Cap Rate
6.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$599,880
$599.9K
Cap Rate 7%
$428,486
$428.5K
Cap Rate 9%
$333,267
$333.3K
Market Conditions
NOI Build-Up for 3,306 SF
Gross rent
$45.6K $13.80/SF
− Vacancy
−$2.8K −$0.84/SF
EGI
$42.8K $12.96/SF
− OpEx
−$12.9K −$3.89/SF
NOI
$30.0K $9.07/SF
Area
Cleveland County, NC
Vacancy
6.08%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$599,880
Cap Rate 7%
$428,486
Cap Rate 9%
$333,267
Alternative Uses
Best Use
Multifamily LT 5
$428.5K
$374.9K – $499.9K
NOI $29,994 @ 7.0% cap · market cap 6.82%
Second Best
Apartment 5plus
$382.2K
$334.4K – $445.9K
NOI $26,754 @ 7.0% cap · market cap 6.08%
Theoretical Best
Office A
$839.6K
$734.6K – $979.5K
NOI $58,770 @ 7.0% cap · market cap 13.36%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
718
Businesses Nearby
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Business Placement
Demographics for 28150, NC
28,517
Population
13,482
Households
2.1
Avg Household Size
44
Median Age
24%
College-Educated
90%
High-School Grad
109.5 sq mi
ZIP Area
260
Density / Sq Mi
$53,027
Median Household Income
$36,843
Median Earnings
$793
Median Rent
$195,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - Three separate apartments offer individual kitchens and washer/dryer hookups, with recent updates to major building systems and finishes.
Where is this triplex located?
The property is located at 509 E Grover Street Shelby, NC.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: Three apartments: 3‑bed/2‑bath, 2‑bed/1‑bath, and 1‑bed/1‑bath; 3,306 square feet; built in 1924; Separate kitchen and washer/dryer hookups in each apartment
