Three-Unit Triplex with
New
For Sale
$275,000
84 Falls Ave, Granite Falls, NC 28630
Three separate two-bedroom residences include city utilities, outdoor decks, and a covered parking area for one unit.
Property Size2,021 SF
Price / SF$136.07
Days on Market2
Property Features for 84 Falls Ave
General Information
Standard status
Active
Size
2,021 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Amenities
private decks
carport
Building Details
Year Built
1969
Listed By:
Leigh Brown
(704) 705-7036
Source:
Onecommunity
Added: Sep 16
Last Checked: Sep 16 at 2:00PM
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 Leigh Brown
Investment Insights
Based on property information with market context.
Built in 1969, this triplex contains three separate residences, each arranged with two bedrooms and one bathroom. City water and sewer serve the property. Two units have private decks, while the third includes a carport, creating distinct outdoor and parking features across the building.
The property is located at 84 Falls Ave in Granite Falls, near Hwy 321. That corridor provides access to Hickory, Hudson, and Lenoir, along with shopping, dining, employment, and everyday services. The three-unit configuration offers a defined multifamily format with consistent two-bedroom layouts.
The property is located at 84 Falls Ave in Granite Falls, near Hwy 321. That corridor provides access to Hickory, Hudson, and Lenoir, along with shopping, dining, employment, and everyday services. The three-unit configuration offers a defined multifamily format with consistent two-bedroom layouts.
Key Highlights
- Three separate units, each with 2 bedrooms and 1 bathroom
- Two units include private decks
- One unit includes a carport
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
$15,133
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
5.50%
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%
$302,660
$302.7K
Cap Rate 7%
$216,186
$216.2K
Cap Rate 9%
$168,144
$168.1K
Market Conditions
NOI Build-Up for 2,021 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
$23.0K $11.40/SF
− Vacancy
−$1.4K −$0.70/SF
EGI
$21.6K $10.70/SF
− OpEx
−$6.5K −$3.21/SF
NOI
$15.1K $7.49/SF
Area
Caldwell County, NC
Vacancy
6.17%
Lease Rate
$11.40 /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%
$302,660
Cap Rate 7%
$216,186
Cap Rate 9%
$168,144
Alternative Uses
Best Use
Multifamily LT 5
$216.2K
$189.2K – $252.2K
NOI $15,133 @ 7.0% cap · market cap 5.50%
Second Best
Apartment 5plus
$199.5K
$174.6K – $232.8K
NOI $13,968 @ 7.0% cap · market cap 5.08%
Theoretical Best
Office A
$461.2K
$403.6K – $538.1K
NOI $32,284 @ 7.0% cap · market cap 11.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
235
Businesses Nearby
Explore this area
Business Placement
Demographics for 28630, NC
19,772
Population
9,220
Households
2.1
Avg Household Size
44
Median Age
18%
College-Educated
82%
High-School Grad
61.0 sq mi
ZIP Area
324
Density / Sq Mi
$65,713
Median Household Income
$41,407
Median Earnings
$808
Median Rent
$197,800
Median Home Value
Check the figures for this property
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?
Triplex - Three separate two-bedroom residences include city utilities, outdoor decks, and a covered parking area for one unit.
Where is this triplex located?
The property is located at 84 Falls Ave Granite Falls, 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: Three separate units, each with 2 bedrooms and 1 bathroom; Two units include private decks; One unit includes a carport
