Six-Unit Value-Add Apartment
For Sale
$950,000
2232 Alma Court, Charlotte, NC 28206
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 Market226
Property Features for 2232 Alma Court
General Information
Standard status
Active
Size
4,656 SF
Property subtype
Multi-Family
Occupancy
33%
Additional Details
Multifamily Units
6
Amenities
No
12
In Unit
4656
City
0.583
Parking Lot
Asphalt,Paved
Crawl Space
Publicly Maintained Road
Building Details
Building Size
4,656 SF
Year Built
1964
Tenancy
Multi
Listing Agency:
BHGRE Integrity Partners
(864) 242-6650
Listed By:
Wanda Alexander
(864) 915-6182
Source:
Cdanjoyner
Added: Jan 22
Changed: Sep 4
Last Checked: Sep 5 at 4:15AM
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 BHGRE Integrity Partners
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
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
5.93%
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 5.93%
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 authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
33%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
219
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 - 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 Court 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
