Renovated Duplex
For Sale
$900,000
611 Borders Road, Shelby, NC 28150
Six updated residential units provide two bedrooms, one full bath, and storage near the lake.
Property Size1,978 SF
Price / SF$172.41
Days on Market52
Property Features for 611 Borders Road
General Information
Standard status
Active
Size
1,978 SF
Property subtype
Duplex
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Amenities
Septic Installed
Additional parcels description:, Parcel Number: 21941, Assessed Value: $464,749, Zoning: AA1
Ceiling Fan(s), Central Air
Central
In Kitchen
Listing ID: CAR4411873, Standard Status: Active, MLS Status: Active, Property Subtype: Duplex, 40 days on market, Special Conditions: None
12 open parking spaces, Other Parking: There are 2 car spaces in front of each unit. 3 gravel roads leading to each duplex units, Driveway
Elementary School: Elizabeth, Middle School: Shelby, High School: Cleveland County Early College
Built in 1978, Living area: 5220, Construction Materials: Brick Full
County/Parish: Cleveland
Water Source: City
Crawl Space
Water, Other - See Remarks
Allowed: Yes
Cable TV, Electricity, Internet
Road Responsibility: Private Maintained Road, Road Surface: Gravel, Concrete
Dishwasher, Electric Oven, Electric Range, Electric Water Heater, Refrigerator
Building Details
Building Size
1,978 SF
Year Built
1978
Buildings
3
Construction
brick
Listing Agency:
Premier South
(704) 829-3518
Listed By:
Choon Kim
(818) 930-8656
Source:
Blackstreaminternational
Added: Aug 6
Changed: Sep 24
Last Checked: Sep 24 at 9:54AM
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
5.26%
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 5.26%
Second Best
Apartment 5plus
$603.5K
$528.1K – $704.1K
NOI $42,244 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$1.33M
$1.16M – $1.55M
NOI $92,795 @ 7.0% cap · market cap 10.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
21
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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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 $900,000.
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
