All-Brick
For Sale
$275,000
Pending
820 Horseshoe Lake Road, Lincolnton, NC 28092
Each residence provides a two-bedroom, one-bath layout with a covered porch, deck, and concrete driveway.
Property Size2,097 SF
Days on Market42
Property Features for 820 Horseshoe Lake Road
General Information
Standard status
Pending
Size
2,097 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Asking Price
$275,000
Amenities
concrete driveways
covered porch
deck
Building Details
Building Size
2,097 SF
Year Built
2003
Buildings
1
Stories
1
Units
2
Construction
brick
Listing Agency:
Apple Realty of Lincolnton
(980) 241-8183
Listed By:
Diane Dick · License #165373
Source:
Roskindhomes
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 29 at 11:47AM
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 Apple Realty of Lincolnton
Investment Insights
Based on property information with market context.
Built in 2003, this duplex at 820 Horseshoe Lake Road features an all-brick exterior and two separate residences. Each side includes 2 bedrooms and 1 full bath, with concrete driveways serving the property. Covered porch and deck areas add outdoor features to the residential configuration.
The property is located in Lincolnton, North Carolina, with the address identified as 820 Horseshoe Lake Road, Lincolnton, NC 28092. The two-unit layout provides a straightforward residential income property format with defined living spaces on each side.
The property is located in Lincolnton, North Carolina, with the address identified as 820 Horseshoe Lake Road, Lincolnton, NC 28092. The two-unit layout provides a straightforward residential income property format with defined living spaces on each side.
Key Highlights
- All‑brick duplex constructed in 2003
- Each side includes 2 bedrooms and 1 full bath
- Concrete driveways serve the property
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
$24,314
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
8.84%
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%
$486,280
$486.3K
Cap Rate 7%
$347,343
$347.3K
Cap Rate 9%
$270,156
$270.2K
Market Conditions
NOI Build-Up for 2,097 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
$37.7K $18.00/SF
− Vacancy
−$3.0K −$1.44/SF
EGI
$34.7K $16.56/SF
− OpEx
−$10.4K −$4.97/SF
NOI
$24.3K $11.59/SF
Area
Lincoln County, NC
Vacancy
7.98%
Lease Rate
$18.00 /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%
$486,280
Cap Rate 7%
$347,343
Cap Rate 9%
$270,156
Alternative Uses
Best Use
Multifamily LT 5
$347.3K
$303.9K – $405.2K
NOI $24,314 @ 7.0% cap · market cap 8.84%
Second Best
Apartment 5plus
$316.9K
$277.3K – $369.8K
NOI $22,186 @ 7.0% cap · market cap 8.07%
Theoretical Best
Office A
$660.0K
$577.5K – $770.0K
NOI $46,201 @ 7.0% cap · market cap 16.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
17
Businesses Nearby
Explore this area
Business Placement
Demographics for 28092, NC
38,719
Population
17,332
Households
2.2
Avg Household Size
43
Median Age
20%
College-Educated
87%
High-School Grad
119.9 sq mi
ZIP Area
323
Density / Sq Mi
$62,625
Median Household Income
$41,155
Median Earnings
$937
Median Rent
$220,700
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 - Each residence provides a two-bedroom, one-bath layout with a covered porch, deck, and concrete driveway.
Where is this duplex located?
The property is located at 820 Horseshoe Lake Road Lincolnton, NC.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: All‑brick duplex constructed in 2003; Each side includes 2 bedrooms and 1 full bath; Concrete driveways serve the property
