East Charlotte Investment
For Sale
$275,000
1628 Eastway Drive, Charlotte, NC 28205
Duplex zoned for office use with investment and business potential.
Property Size1,293 SF
Price / SF$212.68
Days on Market177
Property Features for 1628 Eastway Drive
General Information
Standard status
Active
Size
1,293 SF
Property subtype
Commercial
Amenities
Driveway
Building Details
Year Built
1963
Listing Agency:
POLLINATOR PROPERTIES LLC
(704) 968-8865
Listed By:
MICHELLE PENTECOST · License #257416
Source:
Corcoran
Added: Feb 13
Changed: Aug 8
Last Checked: Aug 9 at 8:05AM
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 POLLINATOR PROPERTIES LLC
Investment Insights
Based on property information with market context.
Located in East Charlotte, this property presents an investment opportunity. Zoned for office use O-1(CD) and currently configured as a duplex, the property offers flexibility for various uses. It can be used as an income-producing duplex, converted back to a single-family home, or utilized in a mixed-use setup. The property has parking in the front and rear. The building has a total size of 1293 square feet. A portion of the property is located in a flood zone.
Key Highlights
- Zoned O‑1(CD) for office use, offering flexibility.
- Currently configured as a duplex, providing immediate income potential.
- Convertible to a single‑family home, appealing to traditional buyers.
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
$19,969
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
7.26%
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%
$399,380
$399.4K
Cap Rate 7%
$285,271
$285.3K
Cap Rate 9%
$221,878
$221.9K
Market Conditions
NOI Build-Up for 1,293 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
$32.3K $24.96/SF
− Vacancy
−$5.6K −$4.37/SF
EGI
$26.6K $20.59/SF
− OpEx
−$6.7K −$5.15/SF
NOI
$20.0K $15.44/SF
Area
Charlotte, NC
Vacancy
17.50%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
25.00%
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%
$399,380
Cap Rate 7%
$285,271
Cap Rate 9%
$221,878
Alternative Uses
Best Use
Office B
$285.3K
$249.6K – $332.8K
NOI $19,969 @ 7.0% cap · market cap 7.26%
Second Best
Multifamily LT 5
$242.7K
$212.4K – $283.2K
NOI $16,989 @ 7.0% cap · market cap 6.18%
Theoretical Best
Office A
$430.6K
$376.8K – $502.3K
NOI $30,140 @ 7.0% cap · market cap 10.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
228
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
Market
Vacancy Rate% for Office in Charlotte, NC
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 - Duplex zoned for office use with investment and business potential.
Where is this duplex located?
The property is located at 1628 Eastway Drive Charlotte, NC.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Zoned O‑1(CD) for office use, offering flexibility.; Currently configured as a duplex, providing immediate income potential.; Convertible to a single‑family home, appealing to traditional buyers.
