Two-Unit Duplex
For Sale
$825,000
2138 Kirkwood Avenue, Charlotte, NC 28203
Two-unit duplex on a 0.20-acre lot with a month-to-month lease and no HOA.
Property Size1,976 SF
Lot Size0.20 Acres
Price / SF$417.51
Days on Market186
Property Features for 2138 Kirkwood Avenue
General Information
Standard status
Active
Size
1,976 SF
Lot size
0.20 Acres
Property subtype
Land / Lot
Additional Details
Multifamily Units
2
Amenities
Yes
No
Paved
Building Details
Tenancy
Multi
Listing Agency:
Helen Adams Realty
(704) 975-8513
Listed By:
Libby Gonyea · License #264681
(704) 975-8513
Source:
Compass
Added: Feb 4
Changed: Aug 8
Last Checked: Jul 22 at 6:08PM
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 Helen Adams Realty
Investment Insights
Based on property information with market context.
This for-sale two-unit duplex is set on a 0.20-acre lot and offers two separate rental units under a month-to-month lease. The property is currently managed as a duplex/2-unit residential income asset and is also listed as a multifamily unit under MLS #4344093.
The offering is described as being in Dilworth, with convenience to light rail, hospitals, shopping, and dining. The listing notes there is no HOA.
With the existing duplex providing current rental income, the property also presents the option of owning the land for future development, as described in the remarks.
The offering is described as being in Dilworth, with convenience to light rail, hospitals, shopping, and dining. The listing notes there is no HOA.
With the existing duplex providing current rental income, the property also presents the option of owning the land for future development, as described in the remarks.
Key Highlights
- 2‑unit duplex on a 0.20‑acre lot
- No HOA
- Current lease is month‑to‑month
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
$25,963
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
3.15%
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%
$519,260
$519.3K
Cap Rate 7%
$370,900
$370.9K
Cap Rate 9%
$288,478
$288.5K
Market Conditions
NOI Build-Up for 1,976 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
$39.1K $19.80/SF
− Vacancy
−$2.0K −$1.03/SF
EGI
$37.1K $18.77/SF
− OpEx
−$11.1K −$5.63/SF
NOI
$26.0K $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%
$519,260
Cap Rate 7%
$370,900
Cap Rate 9%
$288,478
Alternative Uses
Best Use
Multifamily LT 5
$370.9K
$324.5K – $432.7K
NOI $25,963 @ 7.0% cap · market cap 3.15%
Second Best
Apartment 5plus
$341.6K
$298.9K – $398.5K
NOI $23,909 @ 7.0% cap · market cap 2.90%
Theoretical Best
Office A
$658.0K
$575.8K – $767.7K
NOI $46,061 @ 7.0% cap · market cap 5.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,566
Businesses Nearby
Explore this area
Business Placement
Demographics for 28203, NC
18,572
Population
11,641
Households
1.6
Avg Household Size
30
Median Age
80%
College-Educated
98%
High-School Grad
3.1 sq mi
ZIP Area
5,991
Density / Sq Mi
$103,860
Median Household Income
$73,695
Median Earnings
$1,829
Median Rent
$708,600
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?
Duplex - Two-unit duplex on a 0.20-acre lot with a month-to-month lease and no HOA.
Where is this duplex located?
The property is located at 2138 Kirkwood Avenue Charlotte, NC.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: 2‑unit duplex on a 0.20‑acre lot; No HOA; Current lease is month‑to‑month
