Boarding House Investment
For Sale
$199,000
511 Cameron St, Burlington, NC 27215
The property includes five bedrooms, two bathrooms, and spacious common areas.
Property Size2,255 SF
Price / SF$88.25
Days on Market426
Property Features for 511 Cameron St
General Information
Standard status
Active
Size
2,255 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$896
Listing Agency:
Keller Williams Central
(336) 516-2001
Listed By:
Margaret McCann · License #60331
(336) 516-2001
Source:
Exprealty
Added: Jul 2, 2025
Changed: Aug 30
Last Checked: Aug 30 at 5:46PM
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 Keller Williams Central
Investment Insights
Based on property information with market context.
This 2,255-square-foot residential property in Burlington includes five bedrooms, two bathrooms, and generous shared areas. It is currently occupied and operating as a boarding house, with a layout that includes permanent stairs to additional space designated for storage or possible living use.
The property is located at 511 Cameron St in Burlington, NC. Showings must be scheduled through the listing agent, and tenants should not be disturbed.
The property is located at 511 Cameron St in Burlington, NC. Showings must be scheduled through the listing agent, and tenants should not be disturbed.
Key Highlights
- Five bedrooms and two bathrooms
- Currently operating as a boarding house
- 2,255 SF residential property
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
$17,907
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
9.00%
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%
$358,140
$358.1K
Cap Rate 7%
$255,814
$255.8K
Cap Rate 9%
$198,967
$199.0K
Market Conditions
NOI Build-Up for 2,255 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
$34.6K $15.36/SF
− Vacancy
−$2.1K −$0.92/SF
EGI
$32.6K $14.44/SF
− OpEx
−$14.7K −$6.50/SF
NOI
$17.9K $7.94/SF
Area
Alamance County, NC
Vacancy
6.00%
Lease Rate
$15.36 /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%
$358,140
Cap Rate 7%
$255,814
Cap Rate 9%
$198,967
Alternative Uses
Best Use
Apartment 5plus
$255.8K
$223.8K – $298.5K
NOI $17,907 @ 7.0% cap · market cap 9.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$743.5K
$650.5K – $867.4K
NOI $52,043 @ 7.0% cap · market cap 26.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
975
Businesses Nearby
Explore this area
Business Placement
Demographics for 27215, NC
44,620
Population
21,854
Households
2
Avg Household Size
42
Median Age
37%
College-Educated
92%
High-School Grad
63.1 sq mi
ZIP Area
707
Density / Sq Mi
$66,669
Median Household Income
$45,267
Median Earnings
$1,112
Median Rent
$241,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - The property includes five bedrooms, two bathrooms, and spacious common areas.
Where is this residential income property located?
The property is located at 511 Cameron St Burlington, NC.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Five bedrooms and two bathrooms; Currently operating as a boarding house; 2,255 SF residential property
