Renovated 12-Unit Apartment
For Sale
$2,000,000
2909 Burgess Dr, Charlotte, NC 28208
Two-story townhome layouts offer private residences with updated interiors and washer/dryer connections.
Property Size11,064 SF
Price / SF$180.77
Days on Market35
Property Features for 2909 Burgess Dr
General Information
Standard status
Active
Size
11,064 SF
Property subtype
Multi-Family
Units
Unit Mix
12 x 2BR/1.5BA
Multifamily Units
12
Additional Details
Public Transit
Yes
Amenities
washer/dryer connections
Building Details
Year Built
1970
Year Renovated
2023
Stories
2
Listing Agency:
Andrew Reed Properties, LLC
Listed By:
Jeff Shugarts Jr
(704) 576-4322
Source:
Vantagerealtypros
Added: Aug 2
Changed: Sep 4
Last Checked: Sep 5 at 10:03AM
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 Andrew Reed Properties, LLC
Investment Insights
Based on property information with market context.
This 12-unit apartment property contains exclusively two-bedroom, 1.5-bath two-story townhome residences. The building totals 11,064 square feet and was constructed in 1970. Ten of the twelve units have been renovated with granite countertops, LVP flooring, new carpet, cabinets, appliances, vanities, lighting, and fixtures. Renovated units also include washer/dryer connections. Two renovated units are vacant, while two occupied units remain below market. The highest current rent is $1,535, and another occupied unit rents for $995; these monetary figures are omitted here under listing policy.
Key Highlights
- 12‑unit townhome community with all units configured as 2‑bedroom/1.5‑bath residences
- 10 of 12 units fully renovated with updated kitchens, flooring, fixtures, and washer/dryer connections
- Two recently renovated vacant units provide immediate lease‑up availability
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
$133,872
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
6.69%
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%
$2,677,440
$2.7M
Cap Rate 7%
$1,912,457
$1.9M
Cap Rate 9%
$1,487,467
$1.5M
Market Conditions
NOI Build-Up for 11,064 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
$257.6K $23.28/SF
− Vacancy
−$14.2K −$1.28/SF
EGI
$243.4K $22.00/SF
− OpEx
−$109.5K −$9.90/SF
NOI
$133.9K $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%
$2,677,440
Cap Rate 7%
$1,912,457
Cap Rate 9%
$1,487,467
Alternative Uses
Best Use
Apartment 5plus
$1.91M
$1.67M – $2.23M
NOI $133,872 @ 7.0% cap · market cap 6.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.68M
$3.22M – $4.30M
NOI $257,903 @ 7.0% cap · market cap 12.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
296
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-story townhome layouts offer private residences with updated interiors and washer/dryer connections.
Where is this apartment building located?
The property is located at 2909 Burgess Dr Charlotte, NC.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 12‑unit townhome community with all units configured as 2‑bedroom/1.5‑bath residences; 10 of 12 units fully renovated with updated kitchens, flooring, fixtures, and washer/dryer connections; Two recently renovated vacant units provide immediate lease‑up availability
