Duplex With Off-Street
New
For Sale
$219,000
723 Hunt Street, Statesville, NC 28677
Two-unit property with tenant-paid utilities and landlord-managed exterior maintenance.
Property Size1,000 SF
Price / SF$219
Days on Market7
Property Features for 723 Hunt Street
General Information
Standard status
Active
Size
1,000 SF
Property subtype
Duplex
Amenities
Size: 0.25, Size Units: Acres
Man Level Garage: 0
Details: None
Heating: Baseboard
Description: None
Days on Market: 1, Listing Price: 219000, Status: Active
Elementary: Unspecified, Middle/Junior High: Unspecified, High School: Unspecified
Total Bathrooms: 2
Finished Area Above Grade: 1000, Area: 1000, Building Area: 1000, Construction Materials: Vinyl, Year Built: 1951, Construction Type: Site Built
City: Statesville, State: NC, Zip: 28677, County: Iredell, Subdivision: none
Zoning: R5MF
Full Bathrooms: 2, Half Bathrooms: 0
Sewer: Public Sewer, Water Source: City
Description: Conditional
Auction Y/N: 0
Description: Electric Oven, Refrigerator
Building Details
Building Size
1,000 SF
Year Built
1951
Listing Agency:
FK and Associates Real Estate Firm
(727) 804-6058
Listed By:
Freddy Karmatz
(727) 804-6058
Source:
Blackstreaminternational
Added: Aug 14
Changed: Aug 20
Last Checked: Aug 20 at 4:19AM
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 FK and Associates Real Estate Firm
Investment Insights
Based on property information with market context.
This duplex contains two residential units and was built in 1951. Each unit has off-street parking in its driveway, providing dedicated vehicle space without relying on street parking. The property measures 1,000 square feet.
Tenants are responsible for all utilities, while the landlord handles exterior maintenance. The property is located at 723 Hunt Street in Statesville, North Carolina.
Tenants are responsible for all utilities, while the landlord handles exterior maintenance. The property is located at 723 Hunt Street in Statesville, North Carolina.
Key Highlights
- Two‑unit duplex property
- 1,000 square feet
- Built in 1951
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
$9,841
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
4.49%
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%
$196,820
$196.8K
Cap Rate 7%
$140,586
$140.6K
Cap Rate 9%
$109,344
$109.3K
Market Conditions
NOI Build-Up for 1,000 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
$14.8K $14.76/SF
− Vacancy
−$701 −$0.70/SF
EGI
$14.1K $14.06/SF
− OpEx
−$4.2K −$4.22/SF
NOI
$9.8K $9.84/SF
Area
Iredell County, NC
Vacancy
4.75%
Lease Rate
$14.76 /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%
$196,820
Cap Rate 7%
$140,586
Cap Rate 9%
$109,344
Alternative Uses
Best Use
Multifamily LT 5
$140.6K
$123.0K – $164.0K
NOI $9,841 @ 7.0% cap · market cap 4.49%
Second Best
Apartment 5plus
$129.9K
$113.7K – $151.5K
NOI $9,092 @ 7.0% cap · market cap 4.15%
Theoretical Best
Office A
$314.7K
$275.4K – $367.2K
NOI $22,032 @ 7.0% cap · market cap 10.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
472
Businesses Nearby
Explore this area
Business Placement
Demographics for 28677, NC
35,926
Population
16,096
Households
2.2
Avg Household Size
41
Median Age
22%
College-Educated
85%
High-School Grad
83.0 sq mi
ZIP Area
433
Density / Sq Mi
$59,081
Median Household Income
$34,684
Median Earnings
$861
Median Rent
$207,000
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 - Two-unit property with tenant-paid utilities and landlord-managed exterior maintenance.
Where is this duplex located?
The property is located at 723 Hunt Street Statesville, NC.
What is the asking price?
The asking price for this property is $219,000.
What are key features of this property?
This property features: Two‑unit duplex property; 1,000 square feet; Built in 1951
