Two-Unit Duplex
For Sale
$259,900
537 & 539 Broadway Ct, Statesville, NC 28677
Both residences are leased month to month and feature matching two-bedroom, one-bathroom layouts.
Property Size1,590 SF
Price / SF$163.46
Days on Market34
Property Features for 537 & 539 Broadway Ct
General Information
Standard status
Active
Size
1,590 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1950
Listing Agency:
Keller Williams Unified
(704) 799-3700
Listed By:
Jamie Gentry
Source:
Highperformancerea
Added: Jul 29
Changed: Aug 29
Last Checked: Aug 30 at 6:51PM
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 Keller Williams Unified
Investment Insights
Based on property information with market context.
This 1,590-square-foot duplex, built in 1950, contains two residential units with matching two-bedroom, one-bathroom configurations. The property is set up for separate occupancy, with both residences currently leased on a month-to-month basis.
Located at 537 & 539 Broadway Ct in Statesville, North Carolina, the property offers an established two-unit configuration with current tenancy in place. The arrangement provides flexibility associated with month-to-month leases while preserving the existing residential layout.
Located at 537 & 539 Broadway Ct in Statesville, North Carolina, the property offers an established two-unit configuration with current tenancy in place. The arrangement provides flexibility associated with month-to-month leases while preserving the existing residential layout.
Key Highlights
- Two residential units, each with 2 bedrooms and 1 bathroom
- Both units currently leased on a month‑to‑month basis
- 1,590 square feet of property size
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
$15,648
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
6.02%
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%
$312,960
$313.0K
Cap Rate 7%
$223,543
$223.5K
Cap Rate 9%
$173,867
$173.9K
Market Conditions
NOI Build-Up for 1,590 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
$23.5K $14.76/SF
− Vacancy
−$1.1K −$0.70/SF
EGI
$22.4K $14.06/SF
− OpEx
−$6.7K −$4.22/SF
NOI
$15.6K $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%
$312,960
Cap Rate 7%
$223,543
Cap Rate 9%
$173,867
Alternative Uses
Best Use
Multifamily LT 5
$223.5K
$195.6K – $260.8K
NOI $15,648 @ 7.0% cap · market cap 6.02%
Second Best
Apartment 5plus
$206.5K
$180.7K – $240.9K
NOI $14,455 @ 7.0% cap · market cap 5.56%
Theoretical Best
Office A
$500.4K
$437.9K – $583.9K
NOI $35,031 @ 7.0% cap · market cap 13.48%
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
983
Businesses Nearby
Explore this area
Business Placement
Demographics for 28677, NC
35,926
Population
16,096
Households
2.2
Avg Household Size
41
Median Age
22%
College-Educated
85%
High-School Grad
83.0 sq mi
ZIP Area
433
Density / Sq Mi
$59,081
Median Household Income
$34,684
Median Earnings
$861
Median Rent
$207,000
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 leased month to month and feature matching two-bedroom, one-bathroom layouts.
Where is this duplex located?
The property is located at 537 & 539 Broadway Ct Statesville, NC.
What is the asking price?
The asking price for this property is $259,900.
What are key features of this property?
This property features: Two residential units, each with 2 bedrooms and 1 bathroom; Both units currently leased on a month‑to‑month basis; 1,590 square feet of property size
