Tenant-Occupied
For Sale
$400,000
1028 Karendale Ave, Charlotte, NC 28208
Two-unit residential property with one occupied unit and a second unit available for occupancy in Charlotte.
Property Size2,592 SF
Price / SF$154.32
Days on Market58
Property Features for 1028 Karendale Ave
General Information
Standard status
Active
Size
2,592 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Building Details
Buildings
1
Listing Agency:
NextHome Authority
(704) 668-0042
Listed By:
Ronda Carson
(704) 668-0042
Source:
Exprealty
Added: Jun 26
Changed: Aug 20
Last Checked: Aug 21 at 10:01AM
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 NextHome Authority
Investment Insights
Based on property information with market context.
This duplex at 1028 Karendale Ave in Charlotte, NC contains 2,592 square feet across two residential units. One unit is currently occupied, while the other is vacant and available for a new resident or owner-occupant. The configuration provides an existing rental component alongside a separate unit that can be placed into service or used as a residence. The property is situated in West Charlotte, with the source information also noting proximity to Uptown Charlotte, major highways, shopping, dining, and employment centers. Its two-unit layout supports residential income use with flexibility for an owner who wants to occupy one side.
Key Highlights
- 2,592‑square‑foot duplex in Charlotte, NC
- Two residential units within the property
- One unit is currently tenant‑occupied
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
$34,057
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
8.51%
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%
$681,140
$681.1K
Cap Rate 7%
$486,529
$486.5K
Cap Rate 9%
$378,411
$378.4K
Market Conditions
NOI Build-Up for 2,592 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
$51.3K $19.80/SF
− Vacancy
−$2.7K −$1.03/SF
EGI
$48.7K $18.77/SF
− OpEx
−$14.6K −$5.63/SF
NOI
$34.1K $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%
$681,140
Cap Rate 7%
$486,529
Cap Rate 9%
$378,411
Alternative Uses
Best Use
Multifamily LT 5
$486.5K
$425.7K – $567.6K
NOI $34,057 @ 7.0% cap · market cap 8.51%
Second Best
Apartment 5plus
$448.0K
$392.0K – $522.7K
NOI $31,363 @ 7.0% cap · market cap 7.84%
Theoretical Best
Office A
$863.1K
$755.3K – $1.01M
NOI $60,420 @ 7.0% cap · market cap 15.10%
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
595
Businesses Nearby
Explore this area
Business Placement
Demographics for 28208, NC
38,614
Population
17,842
Households
2.2
Avg Household Size
34
Median Age
26%
College-Educated
81%
High-School Grad
20.2 sq mi
ZIP Area
1,912
Density / Sq Mi
$51,339
Median Household Income
$40,359
Median Earnings
$1,173
Median Rent
$198,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with one occupied unit and a second unit available for occupancy in Charlotte.
Where is this duplex located?
The property is located at 1028 Karendale Ave Charlotte, NC.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 2,592‑square‑foot duplex in Charlotte, NC; Two residential units within the property; One unit is currently tenant‑occupied
