Side-by-Side Duplex
For Sale
Contact for pricing
Pending
701 2nd Street Place Southwest, Conover, NC 28613
Two newly constructed side-by-side duplexes offer four total residential units on adjacent parcels.
Property Size3,672 SF
Days on Market88
Property Features for 701 2nd Street Place Southwest
General Information
Standard status
Pending
Size
3,672 SF
Property subtype
Multifamily
Zoning
R-9
Additional Details
Highway Access
Yes
Multifamily Units
4
Building Details
Year Built
2026
Buildings
2
Units
4
Listing Agency:
Gladysh Realty
Listed By:
Viktoriya Gladysh · License #342929
Source:
Crexi
Added: Jun 10
Changed: Aug 16
Last Checked: Aug 15 at 8:15PM
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 Gladysh Realty
Investment Insights
Based on property information with market context.
This offering includes two newly constructed duplexes positioned side-by-side, providing four total residential units across adjacent parcels. The properties are presented as low-maintenance multifamily investments with modern construction and rental-oriented floor plans.
The duplexes are located at 701-703 2nd St Pl SW and 707-709 2nd St Pl SW in Conover, North Carolina. The location is described as just minutes from Downtown Conover, Interstate 40, US-70, and nearby shopping, dining, and major employment centers, with access to the greater Hickory Metro area.
As a combined portfolio, the configuration supports straightforward management across four units within the same contiguous acquisition footprint.
The duplexes are located at 701-703 2nd St Pl SW and 707-709 2nd St Pl SW in Conover, North Carolina. The location is described as just minutes from Downtown Conover, Interstate 40, US-70, and nearby shopping, dining, and major employment centers, with access to the greater Hickory Metro area.
As a combined portfolio, the configuration supports straightforward management across four units within the same contiguous acquisition footprint.
Key Highlights
- Two newly constructed side‑by‑side duplexes in Conover, NC (4 total residential units).
- Located at 701–703 2nd St Pl SW and 707–709 2nd St Pl SW on adjacent parcels for simplified management.
- Year built 2026 with modern construction and low‑maintenance exteriors.
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
$33,166
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
4.42%
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%
$663,320
$663.3K
Cap Rate 7%
$473,800
$473.8K
Cap Rate 9%
$368,511
$368.5K
Market Conditions
NOI Build-Up for 3,672 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
$50.7K $13.80/SF
− Vacancy
−$3.3K −$0.90/SF
EGI
$47.4K $12.90/SF
− OpEx
−$14.2K −$3.87/SF
NOI
$33.2K $9.03/SF
Area
Catawba 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%
$663,320
Cap Rate 7%
$473,800
Cap Rate 9%
$368,511
Alternative Uses
Best Use
Multifamily LT 5
$473.8K
$414.6K – $552.8K
NOI $33,166 @ 7.0% cap · market cap 4.42%
Second Best
Apartment 5plus
$440.3K
$385.3K – $513.7K
NOI $30,820 @ 7.0% cap · market cap 4.11%
Theoretical Best
Office A
$1.07M
$938.6K – $1.25M
NOI $75,085 @ 7.0% cap · market cap 10.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
299
Businesses Nearby
Explore this area
Business Placement
Demographics for 28613, NC
22,970
Population
10,222
Households
2.2
Avg Household Size
41
Median Age
20%
College-Educated
85%
High-School Grad
42.4 sq mi
ZIP Area
542
Density / Sq Mi
$55,690
Median Household Income
$38,932
Median Earnings
$822
Median Rent
$208,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two newly constructed side-by-side duplexes offer four total residential units on adjacent parcels.
Where is this duplex located?
The property is located at 701 2nd Street Place Southwest Conover, NC.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Two newly constructed side‑by‑side duplexes in Conover, NC (4 total residential units).; Located at 701–703 2nd St Pl SW and 707–709 2nd St Pl SW on adjacent parcels for simplified management.; Year built 2026 with modern construction and low‑maintenance exteriors.
