Tenant-Occupied Triplex with
For Sale
$299,000
930 S Miller St, Gastonia, NC 28052
Three residences share one parcel, with separate electric and water meters supporting straightforward utility administration.
Property Size1,948 SF
Price / SF$153.49
Days on Market29
Property Features for 930 S Miller St
General Information
Standard status
Active
Size
1,948 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Gross Income
$36,000
Utilities to Site
Yes
Multifamily Units
3
Building Details
Year Built
1950
Buildings
2
Listing Agency:
(704) 363-5120
Listed By:
Kay Fisher
(704) 363-5120
Source:
Kbfisher
Added: Aug 2
Changed: Aug 30
Last Checked: Aug 26 at 12:43PM
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 Kay Fisher
Investment Insights
Based on property information with market context.
This triplex property at 930 S Miller St in Gastonia combines a single-family residence with a two-story duplex positioned behind it. The three units total 1948 square feet and are currently tenant-occupied. Each residence has its own electric and water meter, providing distinct utility service for property administration.
Recent improvements include 220-volt window heat and cooling units and replacement water heaters in the duplex, completed within the last year. Vinyl plank flooring has been installed throughout all units, and the duplex bathrooms were updated within the past two years. The property was built in 1950 and is offered as-is.
Recent improvements include 220-volt window heat and cooling units and replacement water heaters in the duplex, completed within the last year. Vinyl plank flooring has been installed throughout all units, and the duplex bathrooms were updated within the past two years. The property was built in 1950 and is offered as-is.
Key Highlights
- Three‑unit configuration with a single‑family residence and rear two‑story duplex
- 1948 square feet across three tenant‑occupied units
- Separate electric and water meters for all three units
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
$22,586
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
7.55%
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%
$451,720
$451.7K
Cap Rate 7%
$322,657
$322.7K
Cap Rate 9%
$250,956
$251.0K
Market Conditions
NOI Build-Up for 1,948 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
$35.1K $18.00/SF
− Vacancy
−$2.8K −$1.44/SF
EGI
$32.3K $16.56/SF
− OpEx
−$9.7K −$4.97/SF
NOI
$22.6K $11.59/SF
Area
Gaston 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%
$451,720
Cap Rate 7%
$322,657
Cap Rate 9%
$250,956
Alternative Uses
Best Use
Multifamily LT 5
$322.7K
$282.3K – $376.4K
NOI $22,586 @ 7.0% cap · market cap 7.55%
Second Best
Apartment 5plus
$294.4K
$257.6K – $343.5K
NOI $20,609 @ 7.0% cap · market cap 6.89%
Theoretical Best
Office A
$613.1K
$536.5K – $715.3K
NOI $42,918 @ 7.0% cap · market cap 14.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
153
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three residences share one parcel, with separate electric and water meters supporting straightforward utility administration.
Where is this triplex located?
The property is located at 930 S Miller St Gastonia, NC.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Three‑unit configuration with a single‑family residence and rear two‑story duplex; 1948 square feet across three tenant‑occupied units; Separate electric and water meters for all three units
