Renovated Duplex with Fenced
For Sale
$399,000
2701 Watson Dr, Charlotte, NC 28208
Two updated two-bedroom units offer private entrances, refreshed interiors, and a shared fenced backyard near Uptown Charlotte.
Property Size1,561 SF
Price / SF$255.61
Days on Market22
Property Features for 2701 Watson Dr
General Information
Standard status
Active
Size
1,561 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
fenced backyard
private entrances
Building Details
Year Built
1952
Buildings
1
Listing Agency:
EXP Realty LLC
(301) 639-6269
Listed By:
Madison Boyer
Source:
Highperformancerea
Added: Aug 10
Changed: Aug 29
Last Checked: Aug 30 at 7:46PM
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 EXP Realty LLC
Investment Insights
Based on property information with market context.
This duplex contains two matching units, each with 2 bedrooms and 1 bathroom across a combined 1,561 square feet. Both residences were updated within the past year and include living areas, kitchens, bathrooms, private entrances, and refreshed interior finishes. The property was built in 1952 and includes a fully fenced backyard suitable for outdoor use, pets, or entertaining.
One unit is vacant, while the second is leased through the end of January 2026. The property is located just outside Uptown Charlotte, with access to the city’s business district, shopping, dining, entertainment, and major highways.
One unit is vacant, while the second is leased through the end of January 2026. The property is located just outside Uptown Charlotte, with access to the city’s business district, shopping, dining, entertainment, and major highways.
Key Highlights
- Two‑unit duplex with identical 2‑bedroom, 1‑bathroom layouts
- 1,561 square feet across both units
- Both units updated within the past year
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
$20,510
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
5.14%
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%
$410,200
$410.2K
Cap Rate 7%
$293,000
$293.0K
Cap Rate 9%
$227,889
$227.9K
Market Conditions
NOI Build-Up for 1,561 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
$30.9K $19.80/SF
− Vacancy
−$1.6K −$1.03/SF
EGI
$29.3K $18.77/SF
− OpEx
−$8.8K −$5.63/SF
NOI
$20.5K $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%
$410,200
Cap Rate 7%
$293,000
Cap Rate 9%
$227,889
Alternative Uses
Best Use
Multifamily LT 5
$293.0K
$256.4K – $341.8K
NOI $20,510 @ 7.0% cap · market cap 5.14%
Second Best
Apartment 5plus
$269.8K
$236.1K – $314.8K
NOI $18,888 @ 7.0% cap · market cap 4.73%
Theoretical Best
Office A
$519.8K
$454.8K – $606.5K
NOI $36,387 @ 7.0% cap · market cap 9.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
563
Businesses Nearby
Explore this area
Business Placement
Demographics for 28208, NC
38,614
Population
17,842
Households
2.2
Avg Household Size
34
Median Age
26%
College-Educated
81%
High-School Grad
20.2 sq mi
ZIP Area
1,912
Density / Sq Mi
$51,339
Median Household Income
$40,359
Median Earnings
$1,173
Median Rent
$198,300
Median Home Value
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?
Duplex - Two updated two-bedroom units offer private entrances, refreshed interiors, and a shared fenced backyard near Uptown Charlotte.
Where is this duplex located?
The property is located at 2701 Watson Dr Charlotte, NC.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Two‑unit duplex with identical 2‑bedroom, 1‑bathroom layouts; 1,561 square feet across both units; Both units updated within the past year
