22-Unit Apartment
For Sale
$3,000,000
2479 Julia Ave, Charlotte, NC 28206
Multifamily community with completed roof, HVAC, and substantial unit improvements.
Property Size17,222 SF
Price / SF$174.20
Days on Market31
Property Features for 2479 Julia Ave
General Information
Standard status
Active
Size
17,222 SF
Property subtype
Multi-Family
Occupancy
64%
Additional Details
Multifamily Units
22
Building Details
Year Built
1960
Listing Agency:
Britt Commercial Real Estate, LLC
(615) 971-1553
Listed By:
Zach Britt · License #315119
Source:
Highperformancerea
Added: Jul 31
Changed: Aug 29
Last Checked: Aug 25 at 4:50AM
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 Britt Commercial Real Estate, LLC
Investment Insights
Based on property information with market context.
This 22-unit apartment property combines completed capital work with additional leasing upside. The community is approximately 64% occupied, and most apartments have been renovated. Vacant units are largely rent-ready, while the clubhouse/SFR unit and one additional apartment remain unrenovated. Improvements include new roofs, updated HVAC systems, and extensive interior renovations across the unit inventory.
The clubhouse dates to 1940, while the apartment buildings were constructed in 1960. The property is located in North Charlotte near Camp North End and within a 10-minute drive of Uptown Charlotte. Its existing improvements, current occupancy, and remaining renovation scope provide a clear picture of the physical condition and leasing status.
The clubhouse dates to 1940, while the apartment buildings were constructed in 1960. The property is located in North Charlotte near Camp North End and within a 10-minute drive of Uptown Charlotte. Its existing improvements, current occupancy, and remaining renovation scope provide a clear picture of the physical condition and leasing status.
Key Highlights
- 22‑unit multifamily community
- Approximately 64% occupied
- Most apartment units renovated
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
$208,382
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
6.95%
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%
$4,167,640
$4.2M
Cap Rate 7%
$2,976,886
$3.0M
Cap Rate 9%
$2,315,356
$2.3M
Market Conditions
NOI Build-Up for 17,222 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
$400.9K $23.28/SF
− Vacancy
−$22.1K −$1.28/SF
EGI
$378.9K $22.00/SF
− OpEx
−$170.5K −$9.90/SF
NOI
$208.4K $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%
$4,167,640
Cap Rate 7%
$2,976,886
Cap Rate 9%
$2,315,356
Alternative Uses
Best Use
Apartment 5plus
$2.98M
$2.60M – $3.47M
NOI $208,382 @ 7.0% cap · market cap 6.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.73M
$5.02M – $6.69M
NOI $401,447 @ 7.0% cap · market cap 13.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
22
Residential units
64%
Occupancy
Location Intelligence
Trade Area within ½ mile
219
Businesses Nearby
Explore this area
Business Placement
Demographics for 28206, NC
14,053
Population
7,094
Households
2
Avg Household Size
33
Median Age
32%
College-Educated
83%
High-School Grad
7.0 sq mi
ZIP Area
2,008
Density / Sq Mi
$51,456
Median Household Income
$42,186
Median Earnings
$1,225
Median Rent
$239,700
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?
Apartment building - Multifamily community with completed roof, HVAC, and substantial unit improvements.
Where is this apartment building located?
The property is located at 2479 Julia Ave Charlotte, NC.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 22‑unit multifamily community; Approximately 64% occupied; Most apartment units renovated
