Two-Residence
For Sale
$1,674,800
2621 Springway Drive, Charlotte, NC 28205
Residential Income, Charlotte, NC
Property Size5,530 SF
Lot Size0.28 Acres
Price / SF$302.86
Days on Market72
Property Features for 2621 Springway Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning description
RES
Bedrooms
4
Bathrooms
8
Full bathrooms
6
Half bathrooms
2
Rooms
Bathroom 6, Bathroom 1, Bedroom 1, Bedroom 3, Laundry Room, Bedroom 2, Bathroom 4, Bathroom 7, Bathroom 8, Bathroom 2, Bathroom 5, Bedroom 4, Bathroom 3
Parking features
Garage - Attached, Driveway, Garage, Open
Window features
Insulated Windows
Patio and Porch features
Porch
Pets allowed
Yes
Interior features
Attic Stairs Pulldown, Cable Prewire, Kitchen Island, Open Floorplan, Pantry, Walk-In Closet(s), Walk-In Pantry
Fireplace
1
Appliances
Dishwasher, Disposal, Exhaust Hood, Gas Range, Microwave, Plumbed For Ice Maker, Refrigerator with Ice Maker, Tankless Water Heater
Subdivision
Country Club Heights
Lot features
Cleared, Level, Wooded
Elementary school
Shamrock Gardens
Middle school
Eastway
High school
Garinger
Standard status
Active
APN
09307604
Lot size
0.28 Acres
Taxes and HOA fees
Tax Description
L13&P14BAM3-463
Legal Description
L13&P14BAM3-463
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central, Zoned
Cooling system
Central Air, Zoned
Building Details
Year built
2026
Floors in Building
2
Number of units
2
Flooring type
Tile, Vinyl
Building materials
Brick Partial, Fiber Cement
Roof type
Shingle
Architectural style
Other
Listing Agency:
EXP Realty LLC Ballantyne
(704) 248-8230
Listed By:
Linda Goss · License #181224
(704) 201-0466
Added: Jun 14
Changed: Aug 20
Last Checked: Aug 24 at 10:06AM
MLS# 4393500
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 under-construction duplex contains two residences, each offering 2,765 sq. ft. with four bedrooms, 3.5 baths, a primary suite, and a secondary en-suite bedroom. Combined, the building provides 5,530 sq. ft., eight bedrooms, six full baths, and two powder rooms. Interior features include open layouts, kitchen islands, walk-in pantries, quartz countertops, LG SKS luxury appliances, 10-foot main-level ceilings, and 9-foot upper-level ceilings. Each residence also includes a 12x14 covered outdoor living area, attached garage parking, zoned heating and cooling, and a tankless water heater.
The property encompasses 0.276 acres with 100% ownership of the building and land, public sewer, and no HOA. Its Charlotte setting places it near Plaza Midwood, NoDa, and Uptown Charlotte. The configuration supports an owner-occupied residence alongside a leased unit, full-building leasing, or multigenerational use.
The property encompasses 0.276 acres with 100% ownership of the building and land, public sewer, and no HOA. Its Charlotte setting places it near Plaza Midwood, NoDa, and Uptown Charlotte. The configuration supports an owner-occupied residence alongside a leased unit, full-building leasing, or multigenerational use.
Key Highlights
- Two residences total 5,530 sq. ft., 8 bedrooms, 6 full baths, and 2 powder rooms
- Each residence provides 2,765 sq. ft., 4 bedrooms, and 3.5 baths
- Each side includes a 12x14 covered outdoor living space
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
$72,660
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
4.34%
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%
$1,453,200
$1.5M
Cap Rate 7%
$1,038,000
$1.0M
Cap Rate 9%
$807,333
$807.3K
Market Conditions
NOI Build-Up for 5,530 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
$109.5K $19.80/SF
− Vacancy
−$5.7K −$1.03/SF
EGI
$103.8K $18.77/SF
− OpEx
−$31.1K −$5.63/SF
NOI
$72.7K $13.14/SF
Area
Charlotte, NC
Vacancy
5.20%
Lease Rate
$19.80 /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%
$1,453,200
Cap Rate 7%
$1,038,000
Cap Rate 9%
$807,333
Alternative Uses
Best Use
Multifamily LT 5
$1.04M
$908.3K – $1.21M
NOI $72,660 @ 7.0% cap · market cap 4.34%
Second Best
Apartment 5plus
$955.9K
$836.4K – $1.12M
NOI $66,912 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$1.84M
$1.61M – $2.15M
NOI $128,905 @ 7.0% cap · market cap 7.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
258
Businesses Nearby
Explore this area
Business Placement
Demographics for 28205, NC
49,600
Population
24,605
Households
2
Avg Household Size
34
Median Age
46%
College-Educated
86%
High-School Grad
11.8 sq mi
ZIP Area
4,203
Density / Sq Mi
$72,479
Median Household Income
$49,340
Median Earnings
$1,376
Median Rent
$410,800
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?
Duplex - Two refined residences provide flexible owner-occupant, leasing, or multigenerational living options without an HOA.
Where is this duplex located?
The property is located at 2621 Springway Drive Charlotte, NC.
What is the asking price?
The asking price for this property is $1,674,800.
What are key features of this property?
This property features: Two residences total 5,530 sq. ft., 8 bedrooms, 6 full baths, and 2 powder rooms; Each residence provides 2,765 sq. ft., 4 bedrooms, and 3.5 baths; Each side includes a 12x14 covered outdoor living space
