Two-Unit Duplex with Separate
700 W Horah St, Salisbury, NC 28144
For Sale
$399,000
One residence is leased through September 2027, while the second is vacant and ready for occupancy.
Property Size2,048 SF
Price / SF$194.82
Days on Market41
Property Features for 700 W Horah St
General Information
Standard status
Size
Property subtype
Occupancy
Units
Unit Mix
Multifamily Units
Individually Metered Utilities
Additional Details
Asking Price
Tenant in Place
Amenities
covered entries
private rear storage
dedicated parking
washer/dryer hookups
Building Details
Year Built
Buildings
Listing Agency:
Premier Real Estate Team Inc.
Listed By:
Cynthia Watts
Source:
Judy.lakenormanhomeguide
Added: Sep 30
Changed: Nov 8
Last Checked: Nov 8 at 6:50AM
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 Real Estate Team Inc.
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Investment Insights
Based on property information with market context.
This 2026 duplex contains two 1,024-square-foot residences, each with two bedrooms, 1.5 baths and an open-concept main level. Both units have washer and dryer hookups, private rear storage and dedicated parking, with utilities metered separately. Covered entries feature natural wood accents against gray siding and black shutters.
At 700 W Horah St in Salisbury, the property is minutes from downtown restaurants, coffee shops, the historic district, Livingstone College and the VA Medical Center. One unit is leased through September 2027 under property management; the other is vacant and move-in ready.
At 700 W Horah St in Salisbury, the property is minutes from downtown restaurants, coffee shops, the historic district, Livingstone College and the VA Medical Center. One unit is leased through September 2027 under property management; the other is vacant and move-in ready.
Key Highlights
- Two 1,024‑square‑foot units, each with 2 bedrooms and 1.5 baths
- One unit leased through September 2027 under property management
- Second unit vacant and move‑in ready
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,498
Cap Rate
4.64%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$369,960
$370.0K
Cap Rate 7%
$264,257
$264.3K
Cap Rate 9%
$205,533
$205.5K
Market Conditions
NOI Build-Up for 2,048 SF
Gross rent
$28.3K $13.80/SF
− Vacancy
−$1.8K −$0.90/SF
EGI
$26.4K $12.90/SF
− OpEx
−$7.9K −$3.87/SF
NOI
$18.5K $9.03/SF
Area
Rowan 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 Rate 5%
$369,960
Cap Rate 7%
$264,257
Cap Rate 9%
$205,533
Alternative Uses
Best Use
Multifamily LT 5
$264.3K
$231.2K – $308.3K
NOI $18,498 @ 7.0% cap · market cap 4.64%
Second Best
Apartment 5plus
$238.3K
$208.5K – $278.0K
NOI $16,680 @ 7.0% cap · market cap 4.18%
Theoretical Best
Office A
$721.9K
$631.7K – $842.3K
NOI $50,536 @ 7.0% cap · market cap 12.67%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Lease Details
2
Residential units
50%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,094
Businesses Nearby
Explore this area
Business Placement
Demographics for 28144, NC
26,254
Population
12,655
Households
2.1
Avg Household Size
40
Median Age
27%
College-Educated
89%
High-School Grad
30.1 sq mi
ZIP Area
872
Density / Sq Mi
$51,432
Median Household Income
$29,787
Median Earnings
$982
Median Rent
$205,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - One residence is leased through September 2027, while the second is vacant and ready for occupancy.
Where is this duplex located?
The property is located at 700 W Horah St Salisbury, NC.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Two 1,024‑square‑foot units, each with 2 bedrooms and 1.5 baths; One unit leased through September 2027 under property management; Second unit vacant and move‑in ready
