12-Unit Apartment
New
For Sale
$942,000
514 Cascade, Rocky Mount, NC 27803
Two apartment buildings include rent-ready vacancies, individually metered electricity, and shared asphalt parking.
Property Size8,641 SF
Price / SF$109.02
Days on Market4
Property Features for 514 Cascade
General Information
Standard status
Active
Size
8,641 SF
Property subtype
Commercial
Property Condition
Severity
Repairs Needed
Evidence
514 F has a small area of damage floor in front of the sink
Units
Unit Mix
12 x 2BR/1BA
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$6,220
Building Details
Year Built
1976
Buildings
2
Listing Agency:
BRADDOCK REALTY
(888) 731-1710
Listed By:
BENJAMIN DAVID RIEGEL · License #363368
(252) 969-0699
Source:
Corcoran
Added: Sep 10
Changed: Sep 12
Last Checked: Sep 13 at 6:15AM
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 BRADDOCK REALTY
Investment Insights
Based on property information with market context.
This 8,641-square-foot multifamily property comprises two apartment buildings at 514 and 520 Cascade Ave in Rocky Mount. The 12-unit configuration includes exclusively two-bedroom, one-bath residences equipped with ceiling-register Mini-Split systems. The buildings were constructed in 1976 and use a shared asphalt parking area.
Eight apartments are occupied and four are vacant. Electrical service is separately metered, with residents paying the provider directly; water is commonly metered and billed by ownership according to usage. Vacant residences are prepared for occupancy. One unit, 514 F, has a small damaged floor area near the sink.
Eight apartments are occupied and four are vacant. Electrical service is separately metered, with residents paying the provider directly; water is commonly metered and billed by ownership according to usage. Vacant residences are prepared for occupancy. One unit, 514 F, has a small damaged floor area near the sink.
Key Highlights
- Two buildings totaling 12 units at 514 and 520 Cascade Ave
- All units are 2‑bed/1‑bath with ceiling‑register Mini‑Splits
- 8 units occupied and 4 vacant
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
$76,375
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
8.11%
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%
$1,527,500
$1.5M
Cap Rate 7%
$1,091,071
$1.1M
Cap Rate 9%
$848,611
$848.6K
Market Conditions
NOI Build-Up for 8,641 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
$149.3K $17.28/SF
− Vacancy
−$10.5K −$1.21/SF
EGI
$138.9K $16.07/SF
− OpEx
−$62.5K −$7.23/SF
NOI
$76.4K $8.84/SF
Area
Nash County, NC
Vacancy
7.00%
Lease Rate
$17.28 /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%
$1,527,500
Cap Rate 7%
$1,091,071
Cap Rate 9%
$848,611
Alternative Uses
Best Use
Apartment 5plus
$1.09M
$954.7K – $1.27M
NOI $76,375 @ 7.0% cap · market cap 8.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.85M
$2.49M – $3.32M
NOI $199,424 @ 7.0% cap · market cap 21.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
237
Businesses Nearby
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Business Placement
Demographics for 27803, NC
20,882
Population
10,079
Households
2.1
Avg Household Size
44
Median Age
23%
College-Educated
88%
High-School Grad
41.9 sq mi
ZIP Area
498
Density / Sq Mi
$59,647
Median Household Income
$38,154
Median Earnings
$889
Median Rent
$168,600
Median Home Value
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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?
Apartment building - Two apartment buildings include rent-ready vacancies, individually metered electricity, and shared asphalt parking.
Where is this apartment building located?
The property is located at 514 Cascade Rocky Mount, NC.
What is the asking price?
The asking price for this property is $942,000.
What are key features of this property?
This property features: Two buildings totaling 12 units at 514 and 520 Cascade Ave; All units are 2‑bed/1‑bath with ceiling‑register Mini‑Splits; 8 units occupied and 4 vacant
