Updated Brick
New
For Sale
$335,000
512-514 Cross St, Sanford, NC 27330
Two refreshed rental units with separate living spaces and recent property improvements in Sanford.
Property Size2,006 SF
Price / SF$166
Days on Market2
Property Features for 512-514 Cross St
General Information
Standard status
Active
Size
2,006 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1952
Construction
brick
Listed By:
Carolina Collective Realty
(919) 782-4503
Source:
Carolinacollectiverealty
Added: Sep 16
Last Checked: Sep 16 at 2:29PM
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 Carolina Collective Realty
Investment Insights
Based on property information with market context.
This 1952 brick duplex at 512-514 Cross St includes two 2-bedroom, 1-bath units within 2,006 square feet. Improvements include updated water heaters, granite kitchen countertops, a 2024 roof with a 10-year warranty, and a French drain system installed in 2024. Additional work completed in 2026 includes new luxury LVP flooring in Unit 514, fresh interior paint, and a crawl-space vapor barrier. Unit 512 has luxury LVP flooring installed in 2022 and is tenant-occupied through the end of September 2026. Unit 514 is vacant and available for showings.
The property is located near downtown Sanford and major routes. Its two-unit layout supports both continued rental use and an owner-occupant arrangement, subject to the applicable terms and conditions of the transaction.
The property is located near downtown Sanford and major routes. Its two-unit layout supports both continued rental use and an owner-occupant arrangement, subject to the applicable terms and conditions of the transaction.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bath per unit
- 2,006‑square‑foot property built in 1952
- Newer roof installed in 2024 with a 10‑year warranty
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
$19,843
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
5.92%
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%
$396,860
$396.9K
Cap Rate 7%
$283,471
$283.5K
Cap Rate 9%
$220,478
$220.5K
Market Conditions
NOI Build-Up for 2,006 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
$30.1K $15.00/SF
− Vacancy
−$1.7K −$0.87/SF
EGI
$28.3K $14.13/SF
− OpEx
−$8.5K −$4.24/SF
NOI
$19.8K $9.89/SF
Area
Lee County, NC
Vacancy
5.79%
Lease Rate
$15.00 /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%
$396,860
Cap Rate 7%
$283,471
Cap Rate 9%
$220,478
Alternative Uses
Best Use
Multifamily LT 5
$283.5K
$248.0K – $330.7K
NOI $19,843 @ 7.0% cap · market cap 5.92%
Second Best
Apartment 5plus
$246.9K
$216.0K – $288.0K
NOI $17,280 @ 7.0% cap · market cap 5.16%
Theoretical Best
Office A
$487.8K
$426.8K – $569.1K
NOI $34,144 @ 7.0% cap · market cap 10.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
963
Businesses Nearby
Explore this area
Business Placement
Demographics for 27330, NC
39,489
Population
17,026
Households
2.3
Avg Household Size
39
Median Age
23%
College-Educated
85%
High-School Grad
210.7 sq mi
ZIP Area
187
Density / Sq Mi
$60,726
Median Household Income
$37,477
Median Earnings
$966
Median Rent
$213,000
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 refreshed rental units with separate living spaces and recent property improvements in Sanford.
Where is this duplex located?
The property is located at 512-514 Cross St Sanford, NC.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bath per unit; 2,006‑square‑foot property built in 1952; Newer roof installed in 2024 with a 10‑year warranty
