Residential Income Property with
New
For Sale
$365,000
1300 Reece Road, Charlotte, NC 28209
Residential, Charlotte, NC
Property Size1,246 SF
Lot Size4.61 Acres
Price / SF$292.94
Days on Market1
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
Bedroom 1, Bedroom 2, Bathroom 1, Basement, Bathroom 2
Parking features
Parking Lot, Assigned
Pool private
1
Interior features
Elevator, Kitchen Island, Open Floorplan
Exterior features
Lawn Maintenance
Basement
Unfinished
Accessibility
Accessible Elevator Installed
Appliances
Dishwasher, Disposal, Electric Cooktop, Electric Oven, Electric Water Heater, Microwave, Refrigerator with Ice Maker
Subdivision
Kimberlee
Lot features
Wooded, Views
Elementary school
Selwyn
Middle school
Alexander Graham
High school
Myers Park
Directions
Kimberlee is located on Reece Rd behind Park Road Shopping Center.
Standard status
Active
APN
17518102
Size
1,246 SF
Lot size
4.61 Acres
Taxes and HOA fees
Tax Description
L76-111 M3-124 & STR
HOA Fee
$635 Monthly
Legal Description
L76-111 M3-124 & STR
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Amenities
pool
Skyview Room
fitness center
storage unit
mailboxes
garden plots
guest quarters
laundry room
private covered pedestrian bridge
Building Details
Year built
1965
Flooring type
Carpet, Tile
Building materials
Hard Stucco
Listing Agency:
Lilac Realty LLC
(704) 641-5957
Listed By:
Julie Wall Burris · License #237974
(704) 641-5957
Added: Aug 29
Last Checked: Aug 29 at 11:06AM
MLS# 4414970
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.
Unit 412 offers 1,246 square feet with two bedrooms, an open floor plan, two private balconies, and large sliding glass doors that bring natural light into the living and dining areas. The kitchen has quartz countertops, refreshed cabinetry, stainless steel appliances, and a peninsula with seating. Additional improvements include updated bathrooms, an electrical panel, bedroom carpeting, wood flooring, and modernized lighting. Generous closets and an accessible elevator add practical convenience.
The unit is within The Kimberlee, a historically designated mid-century modern building constructed in 1965 on a 4.61-acre property. Building amenities include a covered assigned parking space, private pool, fitness center, storage, garden plots, three elevators, guest quarters, laundry facilities, and a sixth-floor Skyview Room with kitchenette. A covered pedestrian bridge connects the property to Park Road Shopping Center, and the building is next to the Greenway. Cable, internet, water, and property taxes are included in monthly dues.
The unit is within The Kimberlee, a historically designated mid-century modern building constructed in 1965 on a 4.61-acre property. Building amenities include a covered assigned parking space, private pool, fitness center, storage, garden plots, three elevators, guest quarters, laundry facilities, and a sixth-floor Skyview Room with kitchenette. A covered pedestrian bridge connects the property to Park Road Shopping Center, and the building is next to the Greenway. Cable, internet, water, and property taxes are included in monthly dues.
Key Highlights
- 1,246‑square‑foot two‑bedroom unit with an open floor plan
- Two private balconies, including access from the second bedroom
- Redesigned kitchen with quartz counters, new cabinetry, and stainless steel appliances
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
$15,076
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
4.13%
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%
$301,520
$301.5K
Cap Rate 7%
$215,371
$215.4K
Cap Rate 9%
$167,511
$167.5K
Market Conditions
NOI Build-Up for 1,246 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
$29.0K $23.28/SF
− Vacancy
−$1.6K −$1.28/SF
EGI
$27.4K $22.00/SF
− OpEx
−$12.3K −$9.90/SF
NOI
$15.1K $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%
$301,520
Cap Rate 7%
$215,371
Cap Rate 9%
$167,511
Alternative Uses
Best Use
Apartment 5plus
$215.4K
$188.5K – $251.3K
NOI $15,076 @ 7.0% cap · market cap 4.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$414.9K
$363.1K – $484.1K
NOI $29,044 @ 7.0% cap · market cap 7.96%
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated two-bedroom unit with open living areas, renovated finishes, assigned parking, and access to extensive building amenities.
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 $365,000.
What are key features of this property?
This property features: 1,246‑square‑foot two‑bedroom unit with an open floor plan; Two private balconies, including access from the second bedroom; Redesigned kitchen with quartz counters, new cabinetry, and stainless steel appliances
