Park Road Quadplex Office
For Sale
Contact for pricing
2213 Park Road, Charlotte, NC 28203
Two adaptable buildings with grandfathered multifamily use, hardwood floors, and front and rear parking areas.
Property Size4,073 SF
Price / SF$416.16
Days on Market127
Property Features for 2213 Park Road
General Information
Standard status
Active
Size
4,073 SF
Total Parking Spaces
15
Property subtype
Retail, Multifamily, Office
Investment Type
Value Add
Building Details
Tenancy
Multi
Listing Agency:
Geoff Campbell Realty Inc
Listed By:
Josh Campbell · License #NC 290560
(704) 621-9092
Source:
Crexi
Added: May 7
Changed: Aug 14
Last Checked: Sep 9 at 6:21AM
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.
Two income-generating buildings are offered for sale at 2213–2217 Park Road, featuring grandfathered multifamily use and adaptable layouts for office, boutique retail, wellness, creative studio, or professional service occupancy. Original hardwood flooring runs throughout both buildings, helping preserve the character of the existing residential-style interiors.
2213 Park Road is a four-unit building with 3 full bathrooms and 2 half bathrooms. One unit is currently configured as office space with two half baths, and the layout presents potential to create an additional office unit for added flexibility. 2217 Park Road is a five-unit building with 5 full bathrooms, including a traditional quadplex layout plus an additional unit constructed on the rear of the building. Garage and storage space is also included for added operational utility.
The property is positioned along the Park Road corridor in Charlotte’s Historic Dilworth area, with convenient access to Uptown Charlotte and nearby destinations including Atrium Health Main, South End, and SouthPark. The site offers both front and rear parking areas for tenants, employees, and clients.
2213 Park Road is a four-unit building with 3 full bathrooms and 2 half bathrooms. One unit is currently configured as office space with two half baths, and the layout presents potential to create an additional office unit for added flexibility. 2217 Park Road is a five-unit building with 5 full bathrooms, including a traditional quadplex layout plus an additional unit constructed on the rear of the building. Garage and storage space is also included for added operational utility.
The property is positioned along the Park Road corridor in Charlotte’s Historic Dilworth area, with convenient access to Uptown Charlotte and nearby destinations including Atrium Health Main, South End, and SouthPark. The site offers both front and rear parking areas for tenants, employees, and clients.
Key Highlights
- Two adaptable commercial buildings at 2213–2217 Park Road with grandfathered multifamily use
- 2213 Park Road: 4‑unit building with 3 full and 2 half bathrooms; lower‑right unit currently configured as office
- 2213 Park Road offers layout flexibility, including potential to create a fifth office unit for added income or flexibility
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
$53,516
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
3.16%
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%
$1,070,320
$1.1M
Cap Rate 7%
$764,514
$764.5K
Cap Rate 9%
$594,622
$594.6K
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
$80.6K $19.80/SF
− Vacancy
−$4.2K −$1.03/SF
EGI
$76.5K $18.77/SF
− OpEx
−$22.9K −$5.63/SF
NOI
$53.5K $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%
$1,070,320
Cap Rate 7%
$764,514
Cap Rate 9%
$594,622
Alternative Uses
Best Use
Multifamily LT 5
$764.5K
$669.0K – $891.9K
NOI $53,516 @ 7.0% cap · market cap 3.16%
Second Best
Apartment 5plus
$704.0K
$616.0K – $821.4K
NOI $49,282 @ 7.0% cap · market cap 2.91%
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Quadplex - Two adaptable buildings with grandfathered multifamily use, hardwood floors, and front and rear parking areas.
Where is this quadplex located?
The property is located at 2213 Park Road 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: Two adaptable commercial buildings at 2213–2217 Park Road with grandfathered multifamily use; 2213 Park Road: 4‑unit building with 3 full and 2 half bathrooms; lower‑right unit currently configured as office; 2213 Park Road offers layout flexibility, including potential to create a fifth office unit for added income or flexibility
