Renovated 6-Unit Apartment
New
For Sale
$1,000,000
2213 Alma Ct, Charlotte, NC 28206
Five of six apartments are occupied, while the remaining renovated unit is ready for lease.
Property Size4,656 SF
Price / SF$214.78
Days on Market2
Property Features for 2213 Alma Ct
General Information
Standard status
Active
Size
4,656 SF
Property subtype
Multi-Family
Occupancy
83%
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Building Details
Year Built
1964
Listing Agency:
Britt Commercial Real Estate, LLC
Listed By:
Zach Britt · License #315119
(615) 971-1553
Source:
Highperformancerea
Added: Sep 2
Last Checked: Sep 2 at 1:15PM
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 Britt Commercial Real Estate, LLC
Investment Insights
Based on property information with market context.
This 6-unit apartment building contains six 2BR/1BA residences averaging approximately 776 SF each, for a total property size of 4,656 SF. Built in 1964, the asset has received substantial capital improvements, including a new roof, HVAC systems, and renovations to the individual units. One apartment is vacant, fully renovated, and ready for occupancy, while the remaining five units are occupied, producing current occupancy of 83%.
The property is in North Charlotte, minutes from Camp North End and less than 10 minutes from Uptown Charlotte. Its location within an established growth corridor is identified in the property information as having durable rental demand. The combination of updated building components, renovated interiors, and an available unit provides a clear view of the existing configuration and current leasing position.
The property is in North Charlotte, minutes from Camp North End and less than 10 minutes from Uptown Charlotte. Its location within an established growth corridor is identified in the property information as having durable rental demand. The combination of updated building components, renovated interiors, and an available unit provides a clear view of the existing configuration and current leasing position.
Key Highlights
- 6‑unit multifamily property with 83% occupancy
- Five of 6 units are occupied; the vacant unit is fully renovated and rent‑ready
- All units are 2BR/1BA layouts averaging approximately 776 SF
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
$56,337
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
5.63%
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%
$1,126,740
$1.1M
Cap Rate 7%
$804,814
$804.8K
Cap Rate 9%
$625,967
$626.0K
Market Conditions
NOI Build-Up for 4,656 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
$108.4K $23.28/SF
− Vacancy
−$6.0K −$1.28/SF
EGI
$102.4K $22.00/SF
− OpEx
−$46.1K −$9.90/SF
NOI
$56.3K $12.10/SF
Area
Charlotte, NC
Vacancy
5.50%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$1,126,740
Cap Rate 7%
$804,814
Cap Rate 9%
$625,967
Alternative Uses
Best Use
Apartment 5plus
$804.8K
$704.2K – $939.0K
NOI $56,337 @ 7.0% cap · market cap 5.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.55M
$1.36M – $1.81M
NOI $108,532 @ 7.0% cap · market cap 10.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
83%
Occupancy
Location Intelligence
Trade Area within ½ mile
257
Businesses Nearby
Explore this area
Business Placement
Demographics for 28206, NC
14,053
Population
7,094
Households
2
Avg Household Size
33
Median Age
32%
College-Educated
83%
High-School Grad
7.0 sq mi
ZIP Area
2,008
Density / Sq Mi
$51,456
Median Household Income
$42,186
Median Earnings
$1,225
Median Rent
$239,700
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?
Apartment building - Five of six apartments are occupied, while the remaining renovated unit is ready for lease.
Where is this apartment building located?
The property is located at 2213 Alma Ct Charlotte, NC.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 6‑unit multifamily property with 83% occupancy; Five of 6 units are occupied; the vacant unit is fully renovated and rent‑ready; All units are 2BR/1BA layouts averaging approximately 776 SF
