New-Construction Three-Bedroom
For Sale
$474,900
518 Rankin Avenue #A & B, Gastonia, NC 28052
Two modern residences feature open layouts, separate utilities, and durable finishes suited to long-term rental use.
Property Size2,543 SF
Days on Market48
Property Features for 518 Rankin Avenue #A & B
General Information
Standard status
Active
Size
2,543 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 3BR/2.5BA
Multifamily Units
2
Building Details
Building Size
2,543 SF
Year Built
2026
Buildings
1
Stories
2
Units
2
Listing Agency:
CEDAR REALTY LLC
(704) 453-2650
Listed By:
Brandon Chase · License #249103
Source:
Techrealtyllc
Added: Jul 14
Changed: Aug 30
Last Checked: Aug 30 at 9:34AM
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 CEDAR REALTY LLC
Investment Insights
Based on property information with market context.
This duplex is a 2026 new-construction property currently under construction, with two separately configured residences. Each unit includes three bedrooms, two and a half baths, an open-concept floor plan, and durable finishes intended for straightforward upkeep. Separate utility services support distinct unit operations.
The design incorporates energy-efficient construction and contemporary exterior styling. The property is positioned for residential income use, with each side offering a modern layout suitable for long-term occupancy. Photos are representative because construction is not yet complete.
The design incorporates energy-efficient construction and contemporary exterior styling. The property is positioned for residential income use, with each side offering a modern layout suitable for long-term occupancy. Photos are representative because construction is not yet complete.
Key Highlights
- Two‑unit duplex configuration with 3 bedrooms and 2.5 baths per residence
- 2026 new‑construction property currently under construction
- Open‑concept layouts in both units
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
$29,485
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
6.21%
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%
$589,700
$589.7K
Cap Rate 7%
$421,214
$421.2K
Cap Rate 9%
$327,611
$327.6K
Market Conditions
NOI Build-Up for 2,543 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
$45.8K $18.00/SF
− Vacancy
−$3.7K −$1.44/SF
EGI
$42.1K $16.56/SF
− OpEx
−$12.6K −$4.97/SF
NOI
$29.5K $11.59/SF
Area
Gaston 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%
$589,700
Cap Rate 7%
$421,214
Cap Rate 9%
$327,611
Alternative Uses
Best Use
Multifamily LT 5
$421.2K
$368.6K – $491.4K
NOI $29,485 @ 7.0% cap · market cap 6.21%
Second Best
Apartment 5plus
$384.3K
$336.3K – $448.4K
NOI $26,904 @ 7.0% cap · market cap 5.67%
Theoretical Best
Office A
$800.4K
$700.3K – $933.8K
NOI $56,027 @ 7.0% cap · market cap 11.80%
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
18
Businesses Nearby
Explore this area
Business Placement
Demographics for 28052, NC
35,332
Population
15,561
Households
2.3
Avg Household Size
38
Median Age
16%
College-Educated
83%
High-School Grad
41.4 sq mi
ZIP Area
853
Density / Sq Mi
$46,015
Median Household Income
$34,339
Median Earnings
$1,058
Median Rent
$173,500
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 modern residences feature open layouts, separate utilities, and durable finishes suited to long-term rental use.
Where is this duplex located?
The property is located at 518 Rankin Avenue #A & B Gastonia, NC.
What is the asking price?
The asking price for this property is $474,900.
What are key features of this property?
This property features: Two‑unit duplex configuration with 3 bedrooms and 2.5 baths per residence; 2026 new‑construction property currently under construction; Open‑concept layouts in both units
