All-Brick
New
For Sale
$700,000
3015 Sheets Cir, Charlotte, NC 28214
Separate living spaces offer the option to occupy one residence while earning rental income from the other.
Property Size1,568 SF
Price / SF$446.43
Days on Market2
Property Features for 3015 Sheets Cir
General Information
Standard status
Active
Size
1,568 SF
Property subtype
Multi-Family
Additional Details
Road Access
Yes
Multifamily Units
2
Building Details
Year Built
1966
Construction
all-brick
Listing Agency:
NorthGroup Real Estate LLC
Listed By:
Kim Lybrand
(704) 393-0048
Source:
Vantagerealtypros
Added: Oct 4
Last Checked: Oct 4 at 2:15PM
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 NorthGroup Real Estate LLC
Investment Insights
Based on property information with market context.
This duplex has two separate residential units and an all-brick exterior. Built in 1966, the property offers an owner-occupant the option to live in one unit while renting the other, or to hold both units as rental housing.
The property has approximately 205 ft of frontage on Queen City Blvd. It is near major highways, CLT airport, shopping, dining, and everyday amenities.
The property has approximately 205 ft of frontage on Queen City Blvd. It is near major highways, CLT airport, shopping, dining, and everyday amenities.
Key Highlights
- Two‑unit duplex with an all‑brick exterior
- Approximately 205 ft of frontage on Queen City Blvd
- Built in 1966
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
$20,602
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
2.94%
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%
$412,040
$412.0K
Cap Rate 7%
$294,314
$294.3K
Cap Rate 9%
$228,911
$228.9K
Market Conditions
NOI Build-Up for 1,568 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
$31.0K $19.80/SF
− Vacancy
−$1.6K −$1.03/SF
EGI
$29.4K $18.77/SF
− OpEx
−$8.8K −$5.63/SF
NOI
$20.6K $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%
$412,040
Cap Rate 7%
$294,314
Cap Rate 9%
$228,911
Alternative Uses
Best Use
Multifamily LT 5
$294.3K
$257.5K – $343.4K
NOI $20,602 @ 7.0% cap · market cap 2.94%
Second Best
Apartment 5plus
$271.0K
$237.2K – $316.2K
NOI $18,972 @ 7.0% cap · market cap 2.71%
Theoretical Best
Office A
$522.1K
$456.9K – $609.2K
NOI $36,550 @ 7.0% cap · market cap 5.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
270
Businesses Nearby
Explore this area
Business Placement
Demographics for 28214, NC
42,925
Population
15,896
Households
2.7
Avg Household Size
36
Median Age
36%
College-Educated
90%
High-School Grad
33.9 sq mi
ZIP Area
1,266
Density / Sq Mi
$83,618
Median Household Income
$43,104
Median Earnings
$1,570
Median Rent
$258,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Separate living spaces offer the option to occupy one residence while earning rental income from the other.
Where is this duplex located?
The property is located at 3015 Sheets Cir Charlotte, NC.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Two‑unit duplex with an all‑brick exterior; Approximately 205 ft of frontage on Queen City Blvd; Built in 1966
