Six-Unit Value-Add Apartment
2232 Alma Ct Charlotte, NC 28206
2232 Alma Ct, Charlotte, NC, 28206
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For Sale
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Six-unit apartment property with 2BR/1BA units and majority rent-ready vacancies, plus roof and HVAC improvements already completed.
Property Size4,656 SF
Price / SF$204.04
Days on Market179
Property Features for 2232 Alma Ct
General Information
- Standard status
- Active
- Size
- 4,656 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1964
Listing agency
Britt Commercial Real Estate
Listed by
Zachary Britt · License #NC 315119
Source
Crexi
Added: Jan 23 Updated: Jul 20 at 5:06PM Checked: Jul 21 at 8:58AM
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
Investment Insights
Based on property information with market context.
This six-unit apartment building is being offered as a value-add lease-up opportunity. The property is currently approximately 33% occupied, with most vacant units described as rent-ready and one unit requiring renovation. Each unit features a 2BR/1BA layout, averaging about 776 square feet.
Capital improvements have already been completed, including replaced roofs on four units and HVAC replacements. The offering is positioned in North Charlotte, minutes from Camp North End and less than 10 minutes from Uptown Charlotte.
With a mix of existing updates and remaining units available for execution, the property presents a straightforward path to stabilizing occupancy while maintaining the consistent unit configuration throughout the building.
Capital improvements have already been completed, including replaced roofs on four units and HVAC replacements. The offering is positioned in North Charlotte, minutes from Camp North End and less than 10 minutes from Uptown Charlotte.
With a mix of existing updates and remaining units available for execution, the property presents a straightforward path to stabilizing occupancy while maintaining the consistent unit configuration throughout the building.
Key Highlights
- 6‑unit apartment building built in 1964 with 2BR/1BA layouts averaging about 776 SF per unit
- Currently about 33% occupied; most vacant units are rent‑ready, with one unit requiring renovation
- Most units renovated, with replaced roofs on 4 units and HVAC replacements completed
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $108.4k | $23.28 |
| − Vacancy | −$6.0k | −$1.28 |
| EGI | $102.4k | $22.00 |
| − OpEx | −$46.1k | −$9.90 |
| NOI | $56.3k | $12.10 |
4,656 SF · lease $23.28/SF/yr · vacancy 5.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$804.8K
$704.2K – $939.0K
NOI $56,337 @ 7.0% cap · market cap 5.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.55M
$1.36M – $1.81M
NOI $108,532 @ 7.0% cap · market cap 11.42%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Perry Dumpster Rental
Waste Management Facility
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Six-unit apartment property with 2BR/1BA units and majority rent-ready vacancies, plus roof and HVAC improvements already completed.
Where is this apartment building located?
The property is located at 2232 Alma Ct Charlotte, NC.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 6‑unit apartment building built in 1964 with 2BR/1BA layouts averaging about 776 SF per unit; Currently about 33% occupied; most vacant units are rent‑ready, with one unit requiring renovation; Most units renovated, with replaced roofs on 4 units and HVAC replacements completed
