Updated Brick
New
For Sale
$335,000
512-514 Cross Street, Sanford, NC 27330
Residential, Sanford, NC
Property Size2,006 SF
Lot Size0.25 Acres
Price / SF$166
Days on Market6
Property Features for 512-514 Cross Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bathroom 1, Bedroom 2, Bedroom 1, Bedroom 3, Bathroom 2
Subdivision
McIver Park
Elementary school
Lee - Benjamin T Bullock Elementary School
Middle school
Lee - West Lee Middle School
High school
Lee - Lee County High School
Standard status
Active
APN
964340228800
Size
2,006 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lot 113 PC 2/328 DB 054/487
Tax Annual Amount
3458
Legal Description
Lot 113 PC 2/328 DB 054/487
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1952
Floors in Building
1
Flooring type
Vinyl
Building materials
Brick
Roof type
Shingle
Architectural style
Ranch
Listing Agency:
Dream Services Realty, Inc.
(919) 744-8665
Listed By:
Dan Zheng
(573) 999-2875
Added: Sep 11
Changed: Sep 15
Last Checked: Sep 16 at 2:06PM
MLS# 10192870
Copyright © 2026 Doorify MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,006-square-foot brick duplex was built in 1952 and is configured as two two-bedroom, one-bath residences. The ranch-style property has vinyl flooring, electric forced-air heat, central air, a shingle roof, and public water and sewer. Recent work includes updated water heaters, granite kitchen countertops, a 2024 roof replacement with a 10-year warranty, a professionally installed French drain system completed in 2024, and additional improvements in 2026.
Unit 512 has luxury LVP flooring installed in 2022 and is tenant-occupied at $1,100 per month under a lease ending at the end of September 2026. Unit 514 received luxury LVP flooring, fresh interior paint, and a new crawl-space vapor barrier in 2026; it is vacant and available for showings. The property occupies 0.25 acres at 512-514 Cross Street in Sanford, near downtown and major routes.
Unit 512 has luxury LVP flooring installed in 2022 and is tenant-occupied at $1,100 per month under a lease ending at the end of September 2026. Unit 514 received luxury LVP flooring, fresh interior paint, and a new crawl-space vapor barrier in 2026; it is vacant and available for showings. The property occupies 0.25 acres at 512-514 Cross Street in Sanford, near downtown and major routes.
Key Highlights
- Two‑unit duplex with 2,006 square feet of property size
- Each unit includes 2 bedrooms and 1 bathroom
- 2024 shingle roof replacement 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
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Ranch-style income property with two two-bedroom units, public utilities, and recent improvements including a newer roof.
Where is this duplex located?
The property is located at 512-514 Cross Street 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 2,006 square feet of property size; Each unit includes 2 bedrooms and 1 bathroom; 2024 shingle roof replacement with a 10‑year warranty
