Midwood
For Sale
$665,000
2205 Thurmond Place, Charlotte, NC 28205
Duplex near shopping, restaurants, and Midwood Park in Charlotte.
Property Size1,763 SF
Price / SF$377.20
Days on Market176
Property Features for 2205 Thurmond Place
General Information
Standard status
Active
Size
1,763 SF
Property subtype
Multi-Family
Amenities
No
4
In Kitchen
1763
City
0.19
Other - See Remarks
None,Concrete
Crawl Space
Publicly Maintained Road
Building Details
Building Size
1,763 SF
Year Built
1955
Listing Agency:
COMPASS
(864) 918-9999
Listed By:
Adawn Smith
(864) 918-9999
Source:
Cdanjoyner
Added: Mar 8
Changed: Aug 30
Last Checked: Aug 30 at 4:14PM
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 COMPASS
Investment Insights
Based on property information with market context.
This duplex offers 1,763 square feet within a two-unit residential configuration. The property was built in 1955 and includes a crawl space and concrete exterior elements.
Set in Midwood, the property is near shopping, restaurants, and Midwood Park. The site encompasses 0.19 acres and fronts a publicly maintained road.
Set in Midwood, the property is near shopping, restaurants, and Midwood Park. The site encompasses 0.19 acres and fronts a publicly maintained road.
Key Highlights
- Duplex with 1,763 square feet
- Built in 1955
- 0.19‑acre site
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
$23,165
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
3.48%
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%
$463,300
$463.3K
Cap Rate 7%
$330,929
$330.9K
Cap Rate 9%
$257,389
$257.4K
Market Conditions
NOI Build-Up for 1,763 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
$34.9K $19.80/SF
− Vacancy
−$1.8K −$1.03/SF
EGI
$33.1K $18.77/SF
− OpEx
−$9.9K −$5.63/SF
NOI
$23.2K $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%
$463,300
Cap Rate 7%
$330,929
Cap Rate 9%
$257,389
Alternative Uses
Best Use
Multifamily LT 5
$330.9K
$289.6K – $386.1K
NOI $23,165 @ 7.0% cap · market cap 3.48%
Second Best
Apartment 5plus
$304.7K
$266.7K – $355.5K
NOI $21,332 @ 7.0% cap · market cap 3.21%
Theoretical Best
Office A
$587.1K
$513.7K – $684.9K
NOI $41,096 @ 7.0% cap · market cap 6.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
621
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex near shopping, restaurants, and Midwood Park in Charlotte.
Where is this duplex located?
The property is located at 2205 Thurmond Place Charlotte, NC.
What is the asking price?
The asking price for this property is $665,000.
What are key features of this property?
This property features: Duplex with 1,763 square feet; Built in 1955; 0.19‑acre site
