Income-Generating Triplex with
For Sale
Contact for pricing
528 Matthews St, Rocky Mount, NC 27801
Three-unit triplex with one currently leased and two end units vacant and rent-ready.
Property Size1,850 SF
Price / SF$101.62
Days on Market203
Property Features for 528 Matthews St
General Information
Standard status
Active
Size
1,850 SF
Property subtype
Multifamily
Occupancy
33%
Additional Details
Multifamily Units
3
Building Details
Units
3
Listing Agency:
Braddock Associates
Listed By:
Ben Braddock · License #287536
(888) 731-1710
Source:
Crexi
Added: Feb 16
Changed: Aug 26
Last Checked: Sep 7 at 5:01AM
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 Associates
Investment Insights
Based on property information with market context.
This income-producing triplex consists of three units at 528–532 Matthews St. The middle unit is currently leased at $700 per month, while the two end units are vacant and described as clean and updated, positioned for immediate occupancy.
With a setup that supports multiple income streams, the property can also suit an owner-occupant who wants to live in one unit while leasing the other two. The listing also highlights the availability of “turn-key” vacant units, intended to reduce downtime for new tenants.
The property is offered for sale as a residential income asset with a total size of 1,850 square feet.
With a setup that supports multiple income streams, the property can also suit an owner-occupant who wants to live in one unit while leasing the other two. The listing also highlights the availability of “turn-key” vacant units, intended to reduce downtime for new tenants.
The property is offered for sale as a residential income asset with a total size of 1,850 square feet.
Key Highlights
- Triplex at 528‑532 Matthews St with 3 units total
- Middle unit currently leased for $700/month, providing immediate rental income
- Two end units are vacant and rent‑ready
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
$16,352
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
8.70%
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%
$327,040
$327.0K
Cap Rate 7%
$233,600
$233.6K
Cap Rate 9%
$181,689
$181.7K
Market Conditions
NOI Build-Up for 1,850 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
$32.0K $17.28/SF
− Vacancy
−$2.2K −$1.21/SF
EGI
$29.7K $16.07/SF
− OpEx
−$13.4K −$7.23/SF
NOI
$16.4K $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%
$327,040
Cap Rate 7%
$233,600
Cap Rate 9%
$181,689
Alternative Uses
Best Use
Multifamily LT 5
$263.2K
$230.3K – $307.1K
NOI $18,423 @ 7.0% cap · market cap 9.80%
Second Best
Apartment 5plus
$233.6K
$204.4K – $272.5K
NOI $16,352 @ 7.0% cap · market cap 8.70%
Theoretical Best
Office A
$609.9K
$533.7K – $711.6K
NOI $42,696 @ 7.0% cap · market cap 22.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
279
Businesses Nearby
Explore this area
Business Placement
Demographics for 27801, NC
19,043
Population
9,162
Households
2.1
Avg Household Size
41
Median Age
15%
College-Educated
83%
High-School Grad
66.8 sq mi
ZIP Area
285
Density / Sq Mi
$41,696
Median Household Income
$32,390
Median Earnings
$850
Median Rent
$108,600
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?
Triplex - Three-unit triplex with one currently leased and two end units vacant and rent-ready.
Where is this triplex located?
The property is located at 528 Matthews St Rocky Mount, NC.
What is the asking price?
The asking price for this property is $188,000.
What are key features of this property?
This property features: Triplex at 528‑532 Matthews St with 3 units total; Middle unit currently leased for $700/month, providing immediate rental income; Two end units are vacant and rent‑ready
