Multifamily Investment Property in
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2607 Cedarhurst Dr, Charlotte, NC 28269
16-unit multifamily property with strong cash flow near Uptown.
Property Size13,456 SF
Price / SF$204.37
Days on Market154
Property Features for 2607 Cedarhurst Dr
General Information
Standard status
Active
Size
13,456 SF
Class
C
Property subtype
Multifamily
Zoning
R22MF
Building Details
Year Built
1969
Listing Agency:
Britt Commercial Real Estate
Listed By:
Zachary Britt · License #NC 315119
Source:
Crexi
Added: Mar 21
Changed: Aug 8
Last Checked: Jul 23 at 12:11PM
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.
The property at 2607 Cedarhurst Dr is a 16-unit multifamily building located in Charlotte's Derita submarket. The unit mix consists entirely of 2-bedroom, 1-bathroom units, averaging 841 square feet. The property size is 13,456 square feet. A majority of the unit interiors have been renovated. Fifteen of the sixteen units are currently occupied, generating cash flow and rents. The location is approximately 5 miles from Uptown Charlotte and 0.4 miles from I-85, near Camp North End and the NoDa Arts District. The property is positioned within an active rental corridor with access to transportation, retailers, and employers. There is potential to increase net operating income by renovating and leasing the remaining vacant unit.
Key Highlights
- Strong in‑place cash flow and rents from 15 of 16 occupied units.
- All units are spacious 2BR/1BA averaging 841 SF.
- Located in Charlotte's Derita submarket, just 5 miles from Uptown.
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
$142,362
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
5.18%
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%
$2,847,240
$2.8M
Cap Rate 7%
$2,033,743
$2.0M
Cap Rate 9%
$1,581,800
$1.6M
Market Conditions
NOI Build-Up for 13,456 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
$282.6K $21.00/SF
− Vacancy
−$23.7K −$1.76/SF
EGI
$258.8K $19.24/SF
− OpEx
−$116.5K −$8.66/SF
NOI
$142.4K $10.58/SF
Area
ZIP 28269
Vacancy
8.40%
Lease Rate
$21.00 /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%
$2,847,240
Cap Rate 7%
$2,033,743
Cap Rate 9%
$1,581,800
Alternative Uses
Best Use
Apartment 5plus
$2.03M
$1.78M – $2.37M
NOI $142,362 @ 7.0% cap · market cap 5.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.24M
$3.71M – $4.94M
NOI $296,463 @ 7.0% cap · market cap 10.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
246
Businesses Nearby
Explore this area
Business Placement
Demographics for 28269, NC
82,422
Population
33,124
Households
2.5
Avg Household Size
35
Median Age
46%
College-Educated
92%
High-School Grad
30.6 sq mi
ZIP Area
2,694
Density / Sq Mi
$81,063
Median Household Income
$48,045
Median Earnings
$1,607
Median Rent
$300,300
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 - 16-unit multifamily property with strong cash flow near Uptown.
Where is this apartment building located?
The property is located at 2607 Cedarhurst Dr Charlotte, NC.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: Strong in‑place cash flow and rents from 15 of 16 occupied units.; All units are spacious 2BR/1BA averaging 841 SF.; Located in Charlotte's Derita submarket, just 5 miles from Uptown.
