Updated Multifamily Property with Guest
For Sale
$415,000
526 Kentwood St SW, Lenoir, NC 28645
Remodeled Craftsman-style residence with a second living quarter, upgraded systems, and flexible residential use.
Property Size2,550 SF
Price / SF$162.75
Days on Market16
Property Features for 526 Kentwood St SW
General Information
Standard status
Active
Size
2,550 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR
Multifamily Units
2
Building Details
Year Built
1966
Buildings
2
Construction
Craftsman-style
Listing Agency:
Mountainside Realty, LLC
(828) 729-5959
Listed By:
Donna Daughenbaugh Phillips
Source:
Highperformancerea
Added: Aug 15
Changed: Aug 28
Last Checked: Aug 29 at 11:41AM
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 Mountainside Realty, LLC
Investment Insights
Based on property information with market context.
Built in 1966, this 2,550-square-foot Craftsman-style multifamily property combines a three-bedroom, two-bath main residence with a rebuilt two-bedroom guest house. The primary home features refinished hardwood floors, living and dining rooms, a fireplace, private deck, updated kitchen finishes, stainless steel appliances, original built-in cabinetry, a front porch, laundry area, and storage off the mudroom. A curved hardwood staircase connects the main level to the upper bedrooms and bath.
The guest house provides a separate second living quarter with its own kitchen, living area, fireplace mantel, full bath, laundry room, and walk-in closet. Major improvements include a new central AC unit, new coils in the gas furnace, and updated electrical and plumbing systems. The property is located at 526 Kentwood St SW in Lenoir, North Carolina, and offers two residential components on one lot.
The guest house provides a separate second living quarter with its own kitchen, living area, fireplace mantel, full bath, laundry room, and walk-in closet. Major improvements include a new central AC unit, new coils in the gas furnace, and updated electrical and plumbing systems. The property is located at 526 Kentwood St SW in Lenoir, North Carolina, and offers two residential components on one lot.
Key Highlights
- 2,550‑square‑foot multifamily property built in 1966
- Main residence includes 3 bedrooms and 2 full baths
- Rebuilt 2‑bedroom guest house with kitchen, bath, laundry, and walk‑in closet
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
$17,624
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
4.25%
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%
$352,480
$352.5K
Cap Rate 7%
$251,771
$251.8K
Cap Rate 9%
$195,822
$195.8K
Market Conditions
NOI Build-Up for 2,550 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
$34.3K $13.44/SF
− Vacancy
−$2.2K −$0.87/SF
EGI
$32.0K $12.57/SF
− OpEx
−$14.4K −$5.65/SF
NOI
$17.6K $6.91/SF
Area
Caldwell County, NC
Vacancy
6.50%
Lease Rate
$13.44 /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%
$352,480
Cap Rate 7%
$251,771
Cap Rate 9%
$195,822
Alternative Uses
Best Use
Apartment 5plus
$251.8K
$220.3K – $293.7K
NOI $17,624 @ 7.0% cap · market cap 4.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$581.9K
$509.2K – $678.9K
NOI $40,735 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
773
Businesses Nearby
Explore this area
Business Placement
Demographics for 28645, NC
46,004
Population
21,558
Households
2.1
Avg Household Size
45
Median Age
17%
College-Educated
82%
High-School Grad
329.1 sq mi
ZIP Area
140
Density / Sq Mi
$50,529
Median Household Income
$34,526
Median Earnings
$726
Median Rent
$157,800
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?
Multifamily property - Remodeled Craftsman-style residence with a second living quarter, upgraded systems, and flexible residential use.
Where is this multifamily property located?
The property is located at 526 Kentwood St SW Lenoir, NC.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: 2,550‑square‑foot multifamily property built in 1966; Main residence includes 3 bedrooms and 2 full baths; Rebuilt 2‑bedroom guest house with kitchen, bath, laundry, and walk‑in closet
