5-Unit Apartment
New
For Sale
$525,000
907 W 5th Avenue, Gastonia, NC 28052
Updated interiors and full occupancy accompany rents described as below market.
Property Size3,830 SF
Price / SF$137.08
Days on Market3
Property Features for 907 W 5th Avenue
General Information
Standard status
Active
Size
3,830 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
4 x 1-BR, 1 x 3-BR
Multifamily Units
5
Amenities
No
7
In Unit
3830
City
0.2
Driveway
Dirt,Paved
Crawl Space
Publicly Maintained Road
Building Details
Building Size
3,830 SF
Year Built
1920
Stories
2
Listing Agency:
Keller Williams Lake Norman
(864) 288-4048
Listed By:
Jenny McCord
(864) 313-2680
Source:
Cdanjoyner
Added: Sep 28
Changed: Sep 29
Last Checked: Sep 30 at 7:42AM
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 Keller Williams Lake Norman
Investment Insights
Based on property information with market context.
This 3,830-square-foot apartment property contains five units: four one-bedroom apartments and one three-bedroom apartment. The building dates to 1920, and all five units have been updated. It is fully occupied, with rents generally below market levels.
The property at 907 W 5th Avenue is near the FUSE District and downtown Gastonia.
The property at 907 W 5th Avenue is near the FUSE District and downtown Gastonia.
Key Highlights
- Five apartments: four 1‑bedroom units and one 3‑bedroom unit
- 3,830 square feet in a building constructed in 1920
- All units have been updated
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
$40,521
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
7.72%
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%
$810,420
$810.4K
Cap Rate 7%
$578,871
$578.9K
Cap Rate 9%
$450,233
$450.2K
Market Conditions
NOI Build-Up for 3,830 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
$80.4K $21.00/SF
− Vacancy
−$6.8K −$1.76/SF
EGI
$73.7K $19.24/SF
− OpEx
−$33.2K −$8.66/SF
NOI
$40.5K $10.58/SF
Area
Gaston County, NC
Vacancy
8.40%
Lease Rate
$21.00 /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%
$810,420
Cap Rate 7%
$578,871
Cap Rate 9%
$450,233
Alternative Uses
Best Use
Apartment 5plus
$578.9K
$506.5K – $675.4K
NOI $40,521 @ 7.0% cap · market cap 7.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.21M
$1.05M – $1.41M
NOI $84,383 @ 7.0% cap · market cap 16.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
788
Businesses Nearby
Explore this area
Business Placement
Demographics for 28052, NC
35,332
Population
15,561
Households
2.3
Avg Household Size
38
Median Age
16%
College-Educated
83%
High-School Grad
41.4 sq mi
ZIP Area
853
Density / Sq Mi
$46,015
Median Household Income
$34,339
Median Earnings
$1,058
Median Rent
$173,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Updated interiors and full occupancy accompany rents described as below market.
Where is this apartment building located?
The property is located at 907 W 5th Avenue Gastonia, NC.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Five apartments: four 1‑bedroom units and one 3‑bedroom unit; 3,830 square feet in a building constructed in 1920; All units have been updated
