Mid-Century Residential Income
New
For Sale
$499,000
1300 Reece Road, Charlotte, NC 28209
Residential, Charlotte, NC
Property Size1,710 SF
Lot Size4.61 Acres
Price / SF$291.81
Days on Market6
Property Features for 1300 Reece Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
N2-B
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bedroom 1, Bathroom 1
Parking features
Carport
Pool private
1
Exterior features
Lawn Maintenance
Basement
Storage Space
Appliances
Dishwasher, Disposal, Electric Cooktop, Electric Oven, Electric Water Heater, Microwave, Refrigerator, Refrigerator with Ice Maker
Subdivision
The Kimberlee
Lot features
Cleared, Wooded
Elementary school
Selwyn
Middle school
Alexander Graham
High school
Myers Park
Directions
GPS It is easiest to park on street in front of building
Standard status
Active
APN
17518102
Size
1,710 SF
Lot size
4.61 Acres
Taxes and HOA fees
Tax Description
L76-111 M3-124 & STR
HOA Fee
$762 Monthly
Legal Description
L76-111 M3-124 & STR
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Central Air
Amenities
outdoor pool
Skylounge
fitness center
community garden
guest suite
private pedestrian bridge
Building Details
Year built
1965
Floors in Building
1
Flooring type
Vinyl
Building materials
Brick Partial
Listing Agency:
Ivester Jackson Christie's
(704) 817-9826
Listed By:
Frankie Carlevatti
(585) 301-1515
Added: Aug 17
Changed: Aug 20
Last Checked: Aug 22 at 10:06AM
MLS# 4415426
Copyright © 2026 Canopy MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mid-century corner penthouse residence offers two bedrooms, two full bathrooms, and approximately 1,700 square feet of living space. The flexible layout includes separate living and dining areas, built-in bookshelves, expansive windows, and two private balconies. Recent improvements include a 2024 HVAC system with in-line air filtration, a 2022 hot water heater, luxury vinyl plank flooring, plantation-style shutters, granite countertops, upgraded appliances, and professionally painted cabinetry. The unit also includes additional in-unit storage, one deeded parking space, and two dedicated storage lockers.
Community amenities include an outdoor pool, Skylounge, fitness center, community garden, guest suite, and a private pedestrian bridge to Park Road Shopping Center. The property is approximately a 5-minute walk from greenway access and about 15 minutes from Charlotte Douglas International Airport. Public sewer, central air, electric heating, and partial brick construction are also provided.
Community amenities include an outdoor pool, Skylounge, fitness center, community garden, guest suite, and a private pedestrian bridge to Park Road Shopping Center. The property is approximately a 5-minute walk from greenway access and about 15 minutes from Charlotte Douglas International Airport. Public sewer, central air, electric heating, and partial brick construction are also provided.
Key Highlights
- 1,700‑square‑foot corner penthouse with 2 bedrooms and 2 full bathrooms
- Two private balconies with sunrise and sunset views
- 2024 HVAC replacement with in‑line air filtration system
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
$20,691
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
4.15%
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%
$413,820
$413.8K
Cap Rate 7%
$295,586
$295.6K
Cap Rate 9%
$229,900
$229.9K
Market Conditions
NOI Build-Up for 1,710 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
$39.8K $23.28/SF
− Vacancy
−$2.2K −$1.28/SF
EGI
$37.6K $22.00/SF
− OpEx
−$16.9K −$9.90/SF
NOI
$20.7K $12.10/SF
Area
Charlotte, NC
Vacancy
5.50%
Lease Rate
$23.28 /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%
$413,820
Cap Rate 7%
$295,586
Cap Rate 9%
$229,900
Alternative Uses
Best Use
Apartment 5plus
$295.6K
$258.6K – $344.9K
NOI $20,691 @ 7.0% cap · market cap 4.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$569.4K
$498.3K – $664.3K
NOI $39,860 @ 7.0% cap · market cap 7.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,160
Businesses Nearby
Explore this area
Business Placement
Demographics for 28209, NC
24,836
Population
13,410
Households
1.9
Avg Household Size
34
Median Age
70%
College-Educated
97%
High-School Grad
5.5 sq mi
ZIP Area
4,516
Density / Sq Mi
$97,762
Median Household Income
$71,103
Median Earnings
$1,606
Median Rent
$596,000
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Corner penthouse residence with two balconies, updated interiors, and access to community amenities near Park Road Shopping Center.
Where is this residential income property located?
The property is located at 1300 Reece Road Charlotte, NC.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 1,700‑square‑foot corner penthouse with 2 bedrooms and 2 full bathrooms; Two private balconies with sunrise and sunset views; 2024 HVAC replacement with in‑line air filtration system
