Renovated-Unit Apartment
For Sale
$1,250,000
2427 Carmine St, Charlotte, NC 28206
Multifamily property with a mix of one- and two-bedroom residences.
Property Size6,517 SF
Price / SF$191.81
Days on Market8
Property Features for 2427 Carmine St
General Information
Standard status
Active
Size
6,517 SF
Property subtype
Multi-Family
Occupancy
45%
Units
Unit Mix
6 x 2BR/1BA, 5 x 1BR/1BA
Multifamily Units
11
Building Details
Year Built
1963
Listing Agency:
Britt Commercial Real Estate, LLC
(615) 971-1553
Listed By:
Zach Britt · License #315119
Source:
Vantagerealtypros
Added: Aug 22
Changed: Aug 28
Last Checked: Aug 28 at 7:39AM
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 11-unit apartment property in Charlotte includes six two-bedroom, one-bath units and five one-bedroom, one-bath units. Approximately 45% of the units are occupied, with renovation work completed in multiple residences and additional finishing identified within the renovation plan.
Capital improvements include exterior work, roofing, HVAC systems, and renovations to multiple units. Built in 1963, the property is located at 2427 Carmine St in Charlotte, North Carolina.
Capital improvements include exterior work, roofing, HVAC systems, and renovations to multiple units. Built in 1963, the property is located at 2427 Carmine St in Charlotte, North Carolina.
Key Highlights
- 11‑unit apartment property with six 2BR/1BA units and five 1BR/1BA units
- Approximately 45% occupied
- Exterior improvements, roof work, and HVAC upgrades 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
$78,854
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
6.31%
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%
$1,577,080
$1.6M
Cap Rate 7%
$1,126,486
$1.1M
Cap Rate 9%
$876,156
$876.2K
Market Conditions
NOI Build-Up for 6,517 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
$151.7K $23.28/SF
− Vacancy
−$8.3K −$1.28/SF
EGI
$143.4K $22.00/SF
− OpEx
−$64.5K −$9.90/SF
NOI
$78.9K $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%
$1,577,080
Cap Rate 7%
$1,126,486
Cap Rate 9%
$876,156
Alternative Uses
Best Use
Apartment 5plus
$1.13M
$985.7K – $1.31M
NOI $78,854 @ 7.0% cap · market cap 6.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.17M
$1.90M – $2.53M
NOI $151,912 @ 7.0% cap · market cap 12.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
11
Residential units
45%
Occupancy
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 - Multifamily property with a mix of one- and two-bedroom residences.
Where is this apartment building located?
The property is located at 2427 Carmine St Charlotte, NC.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 11‑unit apartment property with six 2BR/1BA units and five 1BR/1BA units; Approximately 45% occupied; Exterior improvements, roof work, and HVAC upgrades completed
