Four-Unit Multifamily
For Sale
$1,100,000
604 E Union St, Marshville, NC 28103
Proposed side-by-side duplexes feature open-concept living areas and three-bedroom layouts.
Property Size5,632 SF
Price / SF$195.31
Days on Market25
Property Features for 604 E Union St
General Information
Standard status
Active
Size
5,632 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 3BR/2.5BA
Multifamily Units
4
Additional Details
Highway Access
Yes
Building Details
Year Built
2027
Buildings
2
Listing Agency:
Howard Hanna Allen Tate Southland Homes + Realty LLC
(704) 506-7947
Listed By:
Sommer Belk
Source:
Lewisandkirk
Added: Aug 7
Changed: Aug 29
Last Checked: Aug 30 at 8:09PM
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 Howard Hanna Allen Tate Southland Homes + Realty LLC
Investment Insights
Based on property information with market context.
Proposed construction includes two duplex buildings positioned side by side, creating four total residential units. Each unit is planned with three bedrooms and two-and-a-half bathrooms, along with an open main level that combines the living, dining, and kitchen areas. A half-bath is located downstairs, while the second floor includes three bedrooms and a primary suite with its own full bathroom.
The property is located at 604 E Union St in Marshville, approximately 10 minutes from Wingate University and near the Monroe Bypass. The setting provides access toward Matthews and Charlotte. The planned build is identified as Plan 4848-00535 by America's Best, with a 2027 year built designation and no HOA restrictions stated.
The property is located at 604 E Union St in Marshville, approximately 10 minutes from Wingate University and near the Monroe Bypass. The setting provides access toward Matthews and Charlotte. The planned build is identified as Plan 4848-00535 by America's Best, with a 2027 year built designation and no HOA restrictions stated.
Key Highlights
- Two side‑by‑side duplexes totaling 4 units
- Each unit includes 3 bedrooms and 2.5 bathrooms
- Open‑concept main‑floor living, dining, and kitchen arrangement
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
$50,869
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
4.62%
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%
$1,017,380
$1.0M
Cap Rate 7%
$726,700
$726.7K
Cap Rate 9%
$565,211
$565.2K
Market Conditions
NOI Build-Up for 5,632 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
$77.7K $13.80/SF
− Vacancy
−$5.1K −$0.90/SF
EGI
$72.7K $12.90/SF
− OpEx
−$21.8K −$3.87/SF
NOI
$50.9K $9.03/SF
Area
Union County, NC
Vacancy
6.50%
Lease Rate
$13.80 /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%
$1,017,380
Cap Rate 7%
$726,700
Cap Rate 9%
$565,211
Alternative Uses
Best Use
Multifamily LT 5
$726.7K
$635.9K – $847.8K
NOI $50,869 @ 7.0% cap · market cap 4.62%
Second Best
Apartment 5plus
$660.3K
$577.8K – $770.3K
NOI $46,220 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$1.74M
$1.52M – $2.03M
NOI $121,773 @ 7.0% cap · market cap 11.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
273
Businesses Nearby
Explore this area
Business Placement
Demographics for 28103, NC
10,164
Population
4,516
Households
2.3
Avg Household Size
41
Median Age
21%
College-Educated
85%
High-School Grad
153.2 sq mi
ZIP Area
66
Density / Sq Mi
$75,000
Median Household Income
$45,545
Median Earnings
$1,006
Median Rent
$230,900
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 - Proposed side-by-side duplexes feature open-concept living areas and three-bedroom layouts.
Where is this multifamily property located?
The property is located at 604 E Union St Marshville, NC.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Two side‑by‑side duplexes totaling 4 units; Each unit includes 3 bedrooms and 2.5 bathrooms; Open‑concept main‑floor living, dining, and kitchen arrangement
