6-Unit Brick Apartment
For Sale
Contact for pricing
Pending
902 Culbreth Avenue, Thomasville, NC 27360
Brick apartment complex with metal roofing, vinyl windows, and professional management.
Property Size5,994 SF
Days on Market147
Property Features for 902 Culbreth Avenue
General Information
Standard status
Pending
Size
5,994 SF
Property subtype
Multifamily
Occupancy
100%
Investment Type
Value Add
Building Details
Year Built
2004
Units
6
Listing Agency:
NAI Piedmont Triad
(704) 897-1400
Listed By:
Tim Lichtenstein · License #NC
Source:
Crexi
Added: Apr 7
Changed: Aug 30
Last Checked: Aug 30 at 2:00AM
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 NAI Piedmont Triad
Investment Insights
Based on property information with market context.
This six-unit apartment property contains five 2-bedroom/1-bath residences and one 3-bedroom/1 1/2-bath residence within approximately 5,994 square feet. Built in 2004, the improvements feature an all-brick exterior, metal roofing, and vinyl windows. The property occupies 0.43 acres and has remained under professional management for more than two decades.
Located at 902 Culbreth Avenue in Thomasville, the apartments are near retail, employment centers, and highway systems. The property is being offered for sale and has been held since its original construction.
Located at 902 Culbreth Avenue in Thomasville, the apartments are near retail, employment centers, and highway systems. The property is being offered for sale and has been held since its original construction.
Key Highlights
- Five 2‑bedroom/1 bath units and one 3‑bedroom/1 1/2 bath unit
- Approximately 5,994 SF across the apartment property
- Built in 2004 on 0.43 AC of land
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
$48,932
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
8.51%
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%
$978,640
$978.6K
Cap Rate 7%
$699,029
$699.0K
Cap Rate 9%
$543,689
$543.7K
Market Conditions
NOI Build-Up for 5,994 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
$95.7K $15.96/SF
− Vacancy
−$6.7K −$1.12/SF
EGI
$89.0K $14.84/SF
− OpEx
−$40.0K −$6.68/SF
NOI
$48.9K $8.16/SF
Area
Davidson County, NC
Vacancy
7.00%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
45.00%
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%
$978,640
Cap Rate 7%
$699,029
Cap Rate 9%
$543,689
Alternative Uses
Best Use
Apartment 5plus
$699.0K
$611.7K – $815.5K
NOI $48,932 @ 7.0% cap · market cap 8.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.52M
$1.33M – $1.77M
NOI $106,453 @ 7.0% cap · market cap 18.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
386
Businesses Nearby
Explore this area
Business Placement
Demographics for 27360, NC
47,165
Population
20,987
Households
2.2
Avg Household Size
41
Median Age
17%
College-Educated
85%
High-School Grad
88.5 sq mi
ZIP Area
533
Density / Sq Mi
$60,898
Median Household Income
$40,029
Median Earnings
$853
Median Rent
$174,500
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?
Apartment building - Brick apartment complex with metal roofing, vinyl windows, and professional management.
Where is this apartment building located?
The property is located at 902 Culbreth Avenue Thomasville, NC.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Five 2‑bedroom/1 bath units and one 3‑bedroom/1 1/2 bath unit; Approximately 5,994 SF across the apartment property; Built in 2004 on 0.43 AC of land
