Duplex Portfolio with New
New
For Sale
$750,000
517 Denver Street, Kannapolis, NC 28083
Income-producing duplex properties with updated kitchens, recent roof improvements, and a location near downtown Kannapolis development.
Property Size4,800 SF
Price / SF$156.25
Days on Market4
Property Features for 517 Denver Street
General Information
Standard status
Active
Size
4,800 SF
Property subtype
Duplex
Amenities
Size: 1, Size Units: Acres
Man Level Garage: 0
Details: Ceiling Fan(s), Central Air, Varies by Unit, Window Unit(s)
Heating: Baseboard, Central, Electric
Description: In Kitchen
Days on Market: 0, Listing Price: 750000, Status: Active
Elementary: Unspecified, Middle/Junior High: Unspecified, High School: Unspecified
Total Bathrooms: 6
Finished Area Above Grade: 4800, Area: 4800, Architecture: Bungalow, Building Area: 4800, Construction Materials: Hardboard Siding, Year Built: 1940, Construction Type: Site Built
City: Kannapolis, State: NC, Zip: 28083, County: Cabarrus
Full Bathrooms: 6, Half Bathrooms: 0
Sewer: Public Sewer, Water Source: City
Description: Yes
Auction Y/N: 0
Description: Dryer, Electric Oven, Electric Range, Electric Water Heater
Building Details
Building Size
4,800 SF
Year Built
1940
Tenancy
Multi
Listing Agency:
Realty One Group Revolution
(704) 659-4409
Listed By:
Logan Abrams
(704) 239-8763
Source:
Blackstreaminternational
Added: Sep 18
Changed: Sep 20
Last Checked: Sep 20 at 2:43PM
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
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 = 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
$55,654
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
7.42%
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%
$1,113,080
$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
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
$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 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%
$1,113,080
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.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
615
Businesses Nearby
Explore this area
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
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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
