Renovated Duplex
New
For Sale
$950,000
611 Borders Road, Shelby, NC 28150
Six updated residential units provide two bedrooms, one full bath, and storage near the lake.
Property Size5,220 SF
Price / SF$181.99
Days on Market6
Property Features for 611 Borders Road
General Information
Standard status
Active
Size
5,220 SF
Property subtype
Duplex
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Amenities
Size: 2.29, Size Units: Acres
Garage Spaces: 0, Man Level Garage: 0
Details: Ceiling Fan(s), Central Air
Heating: Central
Description: In Kitchen
Days on Market: 1, Listing Price: 950000, Status: Active
Elementary: Elizabeth, Middle/Junior High: Shelby, High School: Cleveland County Early College
Finished Area Above Grade: 5220, Area: 5220, Building Area: 5220, Construction Materials: Brick Full, Year Built: 1978, Construction Type: Site Built
City: Shelby, State: NC, Zip: 28150, County: Cleveland
Zoning: AA1
Sewer: Septic Installed, Water Source: City
Description: Yes
Auction Y/N: 0
Description: Dishwasher, Electric Oven, Electric Range, Electric Water Heater, Refrigerator
Building Details
Building Size
5,220 SF
Year Built
1978
Buildings
3
Construction
brick
Listing Agency:
Premier South
(818) 930-8656
Listed By:
Choon Kim
(818) 930-8656
Source:
Blackstreaminternational
Added: Aug 6
Changed: Aug 11
Last Checked: Aug 11 at 6:59AM
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 Premier South
Investment Insights
Based on property information with market context.
This multifamily property includes three brick duplex buildings containing six residential units. Each unit offers two bedrooms, one full bathroom, storage, and more than 850 square feet of living area. The units have been renovated and updated, with plumbing work completed and newer roofs installed in 10/2020. The property was built in 1978 and encompasses 5,220 square feet.
Set on over 2.25 acres at 611 Borders Road in Shelby, North Carolina, the buildings are positioned next to the lake. The six-unit configuration provides multiple residential spaces within one property, with the individual duplex layout supporting separate unit operations.
Set on over 2.25 acres at 611 Borders Road in Shelby, North Carolina, the buildings are positioned next to the lake. The six-unit configuration provides multiple residential spaces within one property, with the individual duplex layout supporting separate unit operations.
Key Highlights
- Three brick duplex buildings with six total units
- Each unit has 2 bedrooms, 1 full bath, storage, and over 850 sqft of living area
- Renovated and updated units with plumbing work completed
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
$47,359
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
4.99%
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%
$947,180
$947.2K
Cap Rate 7%
$676,557
$676.6K
Cap Rate 9%
$526,211
$526.2K
Market Conditions
NOI Build-Up for 5,220 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
$72.0K $13.80/SF
− Vacancy
−$4.4K −$0.84/SF
EGI
$67.7K $12.96/SF
− OpEx
−$20.3K −$3.89/SF
NOI
$47.4K $9.07/SF
Area
Cleveland County, NC
Vacancy
6.08%
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%
$947,180
Cap Rate 7%
$676,557
Cap Rate 9%
$526,211
Alternative Uses
Best Use
Multifamily LT 5
$676.6K
$592.0K – $789.3K
NOI $47,359 @ 7.0% cap · market cap 4.99%
Second Best
Apartment 5plus
$603.5K
$528.1K – $704.1K
NOI $42,244 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$1.33M
$1.16M – $1.55M
NOI $92,795 @ 7.0% cap · market cap 9.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
17
Businesses Nearby
Explore this area
Business Placement
Demographics for 28150, NC
28,517
Population
13,482
Households
2.1
Avg Household Size
44
Median Age
24%
College-Educated
90%
High-School Grad
109.5 sq mi
ZIP Area
260
Density / Sq Mi
$53,027
Median Household Income
$36,843
Median Earnings
$793
Median Rent
$195,600
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?
Duplex - Six updated residential units provide two bedrooms, one full bath, and storage near the lake.
Where is this duplex located?
The property is located at 611 Borders Road Shelby, NC.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Three brick duplex buildings with six total units; Each unit has 2 bedrooms, 1 full bath, storage, and over 850 sqft of living area; Renovated and updated units with plumbing work completed
