Renovated Duplex with Detached
New
For Sale
$724,900
1416 Parkwood Ave, Charlotte, NC 28205
Renovated bungalow paired with a detached ADU offering additional living space and flexible occupancy options.
Property Size1,957 SF
Price / SF$370.41
Days on Market7
Property Features for 1416 Parkwood Ave
General Information
Standard status
Active
Size
1,957 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
2
Building Details
Year Built
1917
Year Renovated
2019
Buildings
2
Construction
bungalow
Listing Agency:
Realty One Group Revolution
Listed By:
Perry Wiese · License #294528
(704) 517-3563
Source:
Lewisandkirk
Added: Sep 12
Changed: Sep 14
Last Checked: Sep 18 at 10:08AM
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 Realty One Group Revolution
Investment Insights
Based on property information with market context.
This 1917 duplex property combines a renovated bungalow with a detached accessory dwelling unit. The main residence measures 1957 square feet and features refinished original hardwood floors, an open living and dining arrangement, a split-bedroom layout, and an expansive primary suite with a walk-in closet and updated bath. Its kitchen includes a gas range, semi-custom cabinetry, and a quartz island. Major improvements completed in 2019 include the roof, HVAC, plumbing, electrical system, and windows.
The detached ADU contains a bedroom, full bathroom, kitchen, and living area and is currently leased. The property has no HOA and no short-term rental restrictions. Located at 1416 Parkwood Ave in Charlotte’s Plaza Midwood area, it offers access to local breweries, coffee shops, restaurants, greenway access, the light rail, and Uptown.
The detached ADU contains a bedroom, full bathroom, kitchen, and living area and is currently leased. The property has no HOA and no short-term rental restrictions. Located at 1416 Parkwood Ave in Charlotte’s Plaza Midwood area, it offers access to local breweries, coffee shops, restaurants, greenway access, the light rail, and Uptown.
Key Highlights
- Detached ADU with bedroom, full bath, kitchen, and living area
- Main residence measures 1957 square feet
- Roof, HVAC, plumbing, electrical, and windows updated in 2019
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
$25,714
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
3.55%
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%
$514,280
$514.3K
Cap Rate 7%
$367,343
$367.3K
Cap Rate 9%
$285,711
$285.7K
Market Conditions
NOI Build-Up for 1,957 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
$38.7K $19.80/SF
− Vacancy
−$2.0K −$1.03/SF
EGI
$36.7K $18.77/SF
− OpEx
−$11.0K −$5.63/SF
NOI
$25.7K $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%
$514,280
Cap Rate 7%
$367,343
Cap Rate 9%
$285,711
Alternative Uses
Best Use
Multifamily LT 5
$367.3K
$321.4K – $428.6K
NOI $25,714 @ 7.0% cap · market cap 3.55%
Second Best
Apartment 5plus
$338.3K
$296.0K – $394.7K
NOI $23,679 @ 7.0% cap · market cap 3.27%
Theoretical Best
Office A
$651.7K
$570.2K – $760.3K
NOI $45,618 @ 7.0% cap · market cap 6.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
628
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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Renovated bungalow paired with a detached ADU offering additional living space and flexible occupancy options.
Where is this duplex located?
The property is located at 1416 Parkwood Ave Charlotte, NC.
What is the asking price?
The asking price for this property is $724,900.
What are key features of this property?
This property features: Detached ADU with bedroom, full bath, kitchen, and living area; Main residence measures 1957 square feet; Roof, HVAC, plumbing, electrical, and windows updated in 2019
