Updated Duplex Near
New
For Sale
$289,000
Pending
532 E Iredell Avenue, Mooresville, NC 28115
Both residences are tenant occupied, with two-bedroom layouts, front porches, and updated flooring.
Property Size1,506 SF
Days on Market7
Property Features for 532 E Iredell Avenue
General Information
Standard status
Pending
Size
1,506 SF
Property subtype
Duplex
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
Size: 0.23, Size Units: Acres
Description: Architectural Shingle
Flooring: Laminate, Tile
Man Level Garage: 0
Details: Central Air
Heating: Heat Pump
Description: None
Days on Market: 1, Listing Price: 289000, Status: Under Contract-No Show
Elementary: South / Mooresville IS, Middle/Junior High: Mooresville, High School: Mooresville
Total Bathrooms: 4
Finished Area Above Grade: 1506, Area: 1506, Building Area: 1506, Construction Materials: Vinyl, Year Built: 1936, Construction Type: Site Built
City: Mooresville, State: NC, Zip: 28115, County: Iredell, Subdivision: None
Full Bathrooms: 2
Sewer: Public Sewer, Water Source: City
Description: Call
Auction Y/N: 0
Patio Features: Front Porch
Description: Electric Range, Electric Water Heater
Building Details
Building Size
1,506 SF
Year Built
1936
Buildings
1
Listing Agency:
The Agency - Charlotte
(484) 639-1467
Listed By:
Makayla Villarreal
(484) 639-1467
Source:
Blackstreaminternational
Added: Jul 31
Changed: Aug 4
Last Checked: Aug 6 at 4:19AM
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 The Agency - Charlotte
Investment Insights
Based on property information with market context.
Built in 1936, this 1,506-square-foot duplex contains two residences, each offering 2 bedrooms, 1 full bathroom, an efficient layout, and a front porch. Interior finishes include a combination of wood-look laminate and carpet. The roof was replaced in 2025, and Unit A has a new water heater. There is no HOA.
Located at 532 E Iredell Avenue in Mooresville, the property is approximately a 6-7 minute walk from Downtown Mooresville. Restaurants, breweries, coffee shops, boutiques, parks, and year-round community events are within that downtown area. Both units are currently tenant occupied, providing an existing rental setup, while the two-unit configuration also supports future owner-occupancy flexibility.
Located at 532 E Iredell Avenue in Mooresville, the property is approximately a 6-7 minute walk from Downtown Mooresville. Restaurants, breweries, coffee shops, boutiques, parks, and year-round community events are within that downtown area. Both units are currently tenant occupied, providing an existing rental setup, while the two-unit configuration also supports future owner-occupancy flexibility.
Key Highlights
- Two‑unit duplex with 1,506 SF of total building area
- Both units currently tenant occupied
- Each unit includes 2 bedrooms and 1 full bathroom
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
$14,821
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
5.13%
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%
$296,420
$296.4K
Cap Rate 7%
$211,729
$211.7K
Cap Rate 9%
$164,678
$164.7K
Market Conditions
NOI Build-Up for 1,506 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
$22.2K $14.76/SF
− Vacancy
−$1.1K −$0.70/SF
EGI
$21.2K $14.06/SF
− OpEx
−$6.4K −$4.22/SF
NOI
$14.8K $9.84/SF
Area
Iredell County, NC
Vacancy
4.75%
Lease Rate
$14.76 /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%
$296,420
Cap Rate 7%
$211,729
Cap Rate 9%
$164,678
Alternative Uses
Best Use
Multifamily LT 5
$211.7K
$185.3K – $247.0K
NOI $14,821 @ 7.0% cap · market cap 5.13%
Second Best
Apartment 5plus
$195.6K
$171.2K – $228.2K
NOI $13,692 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$474.0K
$414.8K – $553.0K
NOI $33,180 @ 7.0% cap · market cap 11.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
895
Businesses Nearby
Explore this area
Business Placement
Demographics for 28115, NC
43,413
Population
17,427
Households
2.5
Avg Household Size
38
Median Age
37%
College-Educated
94%
High-School Grad
74.6 sq mi
ZIP Area
582
Density / Sq Mi
$86,724
Median Household Income
$46,921
Median Earnings
$1,193
Median Rent
$330,500
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 - Both residences are tenant occupied, with two-bedroom layouts, front porches, and updated flooring.
Where is this duplex located?
The property is located at 532 E Iredell Avenue Mooresville, NC.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,506 SF of total building area; Both units currently tenant occupied; Each unit includes 2 bedrooms and 1 full bathroom
