Historic Mixed-Use Buildings with Hardwood
New
For Sale
$1,695,000
2213-2219 Park Road 27/28, Charlotte, NC 28203
Two adaptable commercial buildings retain grandfathered multifamily use and original hardwood interiors in Charlotte’s Dilworth neighborhood.
Property Size4,073 SF
Price / SF$416.16
Days on Market1
Property Features for 2213-2219 Park Road 27/28
General Information
Standard status
Active
Size
4,073 SF
Property subtype
Multi-Family
Amenities
original hardwood flooring
Building Details
Year Built
1945
Buildings
2
Listing Agency:
Geoff Campbell Realty Inc
Listed By:
Josh Campbell · License #290560
(704) 621-9092
Source:
Highperformancerea
Added: Sep 13
Last Checked: Sep 13 at 2:38PM
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 Geoff Campbell Realty Inc
Investment Insights
Based on property information with market context.
This 4,073-square-foot mixed-use property includes two commercial buildings constructed in 1945. The interiors retain original hardwood flooring, providing a character-rich setting distinct from conventional office space. Grandfathered multifamily use adds flexibility to the property’s existing commercial configuration.
Located on Park Road in Charlotte’s Historic Dilworth neighborhood, the property is positioned within an urban commercial corridor. The buildings are described as adaptable for office, boutique retail, wellness, creative studio, and professional service occupancy, subject to applicable requirements. Their original residential layouts can support a range of commercial configurations while preserving the architectural character of the improvements.
Located on Park Road in Charlotte’s Historic Dilworth neighborhood, the property is positioned within an urban commercial corridor. The buildings are described as adaptable for office, boutique retail, wellness, creative studio, and professional service occupancy, subject to applicable requirements. Their original residential layouts can support a range of commercial configurations while preserving the architectural character of the improvements.
Key Highlights
- 4,073 square feet across two commercial buildings
- Constructed in 1945
- Grandfathered multifamily use
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
$62,903
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
3.71%
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%
$1,258,060
$1.3M
Cap Rate 7%
$898,614
$898.6K
Cap Rate 9%
$698,922
$698.9K
Market Conditions
NOI Build-Up for 4,073 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
$101.7K $24.96/SF
− Vacancy
−$17.8K −$4.37/SF
EGI
$83.9K $20.59/SF
− OpEx
−$21.0K −$5.15/SF
NOI
$62.9K $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%
$1,258,060
Cap Rate 7%
$898,614
Cap Rate 9%
$698,922
Alternative Uses
Best Use
Office B
$898.6K
$786.3K – $1.05M
NOI $62,903 @ 7.0% cap · market cap 3.71%
Second Best
Mixed Use
$864.1K
$756.1K – $1.01M
NOI $60,484 @ 7.0% cap · market cap 3.57%
Theoretical Best
Office A
$1.36M
$1.19M – $1.58M
NOI $94,942 @ 7.0% cap · market cap 5.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,297
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
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Market
Vacancy Rate% for Office in Charlotte, NC
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two adaptable commercial buildings retain grandfathered multifamily use and original hardwood interiors in Charlotte’s Dilworth neighborhood.
Where is this mixed-use property located?
The property is located at 2213-2219 Park Road 27/28 Charlotte, NC.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: 4,073 square feet across two commercial buildings; Constructed in 1945; Grandfathered multifamily use
