Duplex Portfolio with New
517 Denver Street, Kannapolis, NC 28083
For Sale
$750,000
Income-producing duplex properties with updated kitchens, recent roof improvements, and a location near downtown Kannapolis development.
Property Size1,940 SF
Price / SF$156.25
Days on Market51
Property Features for 517 Denver Street
General Information
Standard status
Size
Property subtype
Amenities
Public Sewer
Additional parcels description:, Parcel Number: 56139934380000
Ceiling Fan(s), Central Air, Varies by Unit, Window Unit(s)
Baseboard, Central, Electric
In Kitchen
Listing ID: CAR4426175, Standard Status: Active, MLS Status: Active, Property Subtype: Duplex, Special Conditions: Subject to Lease, None
Parking Space(s)
Elementary School: Unspecified, Middle School: Unspecified, High School: Unspecified
6 total bedrooms
Built in 1940, Living area: 4800, Construction Materials: Hardboard Siding
County/Parish: Cabarrus
6 full bathrooms
Water Source: City
Crawl Space
Exterior Maintenance, Other - See Remarks
Allowed: Yes
All Utilities
Road Responsibility: Publicly Maintained Road, Road Surface: Gravel, Paved
Dryer, Electric Oven, Electric Range, Electric Water Heater
Building Details
Building Size
Year Built
Tenancy
Listing Agency:
Realty One Group Revolution
(704) 659-4409
Listed By:
Logan Abrams · License #230121
(704) 239-8763
Source:
Blackstreaminternational
Added: Sep 18
Changed: Nov 6
Last Checked: Nov 6 at 10:03AM
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 Realty One Group Revolution
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This duplex portfolio encompasses 4,800 SF of residential income property, with improvements that include new kitchens in 3 units. Roof replacements were completed in 2024 on 2/3 of the duplexes. The properties were built in 1940 and offer a mix of updated building components and established rental operations.
All units are situated on the same block in Kannapolis, near downtown development and new-construction homes. The property information reports an over 8% CAP rate, with 50% of rents guaranteed. Units have been re-rented in under 30 days, and the rental history includes long-term tenants.
All units are situated on the same block in Kannapolis, near downtown development and new-construction homes. The property information reports an over 8% CAP rate, with 50% of rents guaranteed. Units have been re-rented in under 30 days, and the rental history includes long-term tenants.
Key Highlights
- 4,800 SF duplex portfolio
- 3 units feature new kitchens with granite counters
- New roofs completed in 2024 on 2/3 of the duplexes
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$55,654
Cap Rate
7.42%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,113,080
$1.1M
Cap Rate 7%
$795,057
$795.1K
Cap Rate 9%
$618,378
$618.4K
Market Conditions
NOI Build-Up for 4,800 SF
Gross rent
$86.4K $18.00/SF
− Vacancy
−$6.9K −$1.44/SF
EGI
$79.5K $16.56/SF
− OpEx
−$23.9K −$4.97/SF
NOI
$55.7K $11.59/SF
Area
Cabarrus County, NC
Vacancy
7.98%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,113,080
Cap Rate 7%
$795,057
Cap Rate 9%
$618,378
Alternative Uses
Best Use
Multifamily LT 5
$795.1K
$695.7K – $927.6K
NOI $55,654 @ 7.0% cap · market cap 7.42%
Second Best
Apartment 5plus
$725.5K
$634.8K – $846.4K
NOI $50,783 @ 7.0% cap · market cap 6.77%
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,754 @ 7.0% cap · market cap 14.10%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
615
Businesses Nearby
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Business Placement
Demographics for 28083, NC
25,821
Population
11,925
Households
2.2
Avg Household Size
38
Median Age
19%
College-Educated
85%
High-School Grad
20.0 sq mi
ZIP Area
1,291
Density / Sq Mi
$60,563
Median Household Income
$39,831
Median Earnings
$1,120
Median Rent
$194,300
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
Frequently Asked Questions
What type of property is this?
Duplex - Income-producing duplex properties with updated kitchens, recent roof improvements, and a location near downtown Kannapolis development.
Where is this duplex located?
The property is located at 517 Denver Street Kannapolis, NC.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 4,800 SF duplex portfolio; 3 units feature new kitchens with granite counters; New roofs completed in 2024 on 2/3 of the duplexes
