Renovated Furnished
For Sale
$699,000
1321/1323 Richmond Place, Charlotte, NC 28209
Two private units with updated interiors, separate laundry, fenced yards, and established short- and mid-term rental history.
Property Size1,591 SF
Price / SF$439.35
Days on Market9
Property Features for 1321/1323 Richmond Place
General Information
Standard status
Active
Size
1,591 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Additional Details
Furnished
Yes
Amenities
dedicated laundry
separate fenced in yards
private entrances
Building Details
Year Built
1951
Year Renovated
2021
Buildings
1
Listing Agency:
(704) 609-1321
Listed By:
Stewart-Graham Realty
(704) 609-1321
Source:
Stewartgrahamrealty
Added: Aug 22
Changed: Aug 28
Last Checked: Aug 29 at 9:05AM
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 Stewart-Graham Realty
Investment Insights
Based on property information with market context.
This duplex contains approximately 1,591 square feet across two separately arranged residences: a 2-bedroom, 1-bath unit and a 3-bedroom, 1-bath unit. Both residences were fully renovated in 2021 with updated HVAC, plumbing, electrical systems, kitchens, bathrooms, flooring, fixtures, and finishes. Each unit is furnished and includes private entry, dedicated laundry, comfortable living areas, and its own fenced yard.
The property has operated as both an Airbnb and a mid-term rental. Its Charlotte location places the duplex near SouthPark, South End, Uptown Charlotte, shopping, dining, and major employment centers. The existing two-unit layout supports continued use as short-term or mid-term rentals, or a combination of the two.
The property has operated as both an Airbnb and a mid-term rental. Its Charlotte location places the duplex near SouthPark, South End, Uptown Charlotte, shopping, dining, and major employment centers. The existing two-unit layout supports continued use as short-term or mid-term rentals, or a combination of the two.
Key Highlights
- Approximately 1,591 square feet in two residential units
- Unit mix includes 2‑bedroom/1‑bath and 3‑bedroom/1‑bath residences
- Comprehensive renovation completed in 2021
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
$20,905
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
2.99%
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%
$418,100
$418.1K
Cap Rate 7%
$298,643
$298.6K
Cap Rate 9%
$232,278
$232.3K
Market Conditions
NOI Build-Up for 1,591 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
$31.5K $19.80/SF
− Vacancy
−$1.6K −$1.03/SF
EGI
$29.9K $18.77/SF
− OpEx
−$9.0K −$5.63/SF
NOI
$20.9K $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%
$418,100
Cap Rate 7%
$298,643
Cap Rate 9%
$232,278
Alternative Uses
Best Use
Multifamily LT 5
$298.6K
$261.3K – $348.4K
NOI $20,905 @ 7.0% cap · market cap 2.99%
Second Best
Apartment 5plus
$275.0K
$240.6K – $320.9K
NOI $19,251 @ 7.0% cap · market cap 2.75%
Theoretical Best
Office A
$529.8K
$463.6K – $618.1K
NOI $37,086 @ 7.0% cap · market cap 5.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
969
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
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 private units with updated interiors, separate laundry, fenced yards, and established short- and mid-term rental history.
Where is this duplex located?
The property is located at 1321/1323 Richmond Place Charlotte, NC.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Approximately 1,591 square feet in two residential units; Unit mix includes 2‑bedroom/1‑bath and 3‑bedroom/1‑bath residences; Comprehensive renovation completed in 2021
