Side-by-Side Duplex Under
For Sale
$794,900
339 & 343 Gray Drive, Charlotte, NC 28213
Residential Income, Charlotte, NC
Property Size4,010 SF
Lot Size0.18 Acres
Price / SF$198.23
Days on Market188
Property Features for 339 & 343 Gray Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning description
N1-A
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Laundry Room, Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 5, Bathroom 6, Bathroom 2, Bedroom 1, Bedroom 5, Bedroom 6, Bathroom 4, Bathroom 3, Bedroom 2
Parking features
Garage, Garage - Attached
Patio and Porch features
Porch
Pets allowed
Yes
Interior features
Attic Stairs Pulldown, Kitchen Island, Open Floorplan, Walk-In Closet(s)
Fencing
Fenced
Appliances
Dishwasher, Disposal, Electric Oven, Electric Range, Microwave
Subdivision
Charcon Heights
Lot features
Private
Elementary school
Newell
Middle school
Martin Luther King Jr
High school
Julius L. Chambers
Directions
CASH-FLOW OPPORTUNITY: 2 NEW HOMES IN THE $700ks. Includes both 343 & 339 Gray Drive. Each unit is 2,005 SQ FT with a 3-level "Bedroom-per-Floor" plan (Total 6 Beds/6 Baths). High-end finishes: Massive Quartz Island, shaker cabinets, and LVP flooring throughout. KEY DATA: UTILITIES: Upgraded H2Home Pump/Tank systems for max water pressure. OUTDOOR: Both units have FULLY FENCED BACKYARDS. LOCATION: Quiet dead-end street; 0.3 miles to Greenway; min to LYNX Light Rail & UNCC. FLEXIBILITY: Live in one, rent the other. Units also available individually (See MLS #4345319 and #4345553). 2-10 Warranty included. Move-in ready. Owner-occupant/investor dream.
Standard status
Active
APN
04908216
Lot size
0.18 Acres
Taxes and HOA fees
Tax Description
L2 M73-382
Legal Description
L2 M73-382
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Amenities
fully fenced-in backyard
gourmet kitchen with quartz island
custom shaker cabinetry
premium stainless steel appliances
LVP flooring
oversized windows
Building Details
Year built
2025
Floors in Building
3
Number of units
2
Flooring type
Vinyl
Building materials
Vinyl
Roof type
Shingle
Listing Agency:
Nueman Real Estate Inc
(704) 747-2289
Listed By:
Samuel Nueman · License #250986
(704) 747-2289
Added: Feb 14
Changed: Aug 19
Last Checked: Aug 21 at 6:06AM
MLS# 4345812
Copyright © 2026 Canopy MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This side-by-side duplex is currently under construction with a 2025 completion year. Each unit is a three-level layout with 3 bedrooms and 3 full bathrooms, for a combined 6 beds and 6 full baths across both sides. Interiors include an open floorplan with vinyl (LVP) flooring, oversized windows, a kitchen island, and walk-in closet(s). Appliances listed include a dishwasher, disposal, electric oven, electric range, and microwave. Both units include a fully fenced-in backyard and a porch, with attached garages for parking. The property is constructed with vinyl materials, has a shingle roof, and features central heating and central air.
Each unit is equipped with an H2Home NFPA 13D pump & tank system, supporting integrated safety and professional-grade water pressure. The duplex is on a private dead-end street with no HOA, and it is 0.3 miles from the Toby Creek Greenway. It is also described as being minutes from the LYNX Light Rail. Public sewer service is provided.
The homes are noted as totaling 4,010 SF, and the listing includes a 2-10 Home Warranty.
Each unit is equipped with an H2Home NFPA 13D pump & tank system, supporting integrated safety and professional-grade water pressure. The duplex is on a private dead-end street with no HOA, and it is 0.3 miles from the Toby Creek Greenway. It is also described as being minutes from the LYNX Light Rail. Public sewer service is provided.
The homes are noted as totaling 4,010 SF, and the listing includes a 2-10 Home Warranty.
Key Highlights
- Two side‑by‑side duplex units under construction, noted total 4,010 SF
- Each unit offers a three‑level layout with 3 bedrooms and 3 full bathrooms
- Fully fenced‑in backyard for each unit
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
$52,689
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
6.63%
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%
$1,053,780
$1.1M
Cap Rate 7%
$752,700
$752.7K
Cap Rate 9%
$585,433
$585.4K
Market Conditions
NOI Build-Up for 4,010 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
$79.4K $19.80/SF
− Vacancy
−$4.1K −$1.03/SF
EGI
$75.3K $18.77/SF
− OpEx
−$22.6K −$5.63/SF
NOI
$52.7K $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%
$1,053,780
Cap Rate 7%
$752,700
Cap Rate 9%
$585,433
Alternative Uses
Best Use
Multifamily LT 5
$752.7K
$658.6K – $878.2K
NOI $52,689 @ 7.0% cap · market cap 6.63%
Second Best
Apartment 5plus
$693.1K
$606.5K – $808.7K
NOI $48,520 @ 7.0% cap · market cap 6.10%
Theoretical Best
Office A
$1.34M
$1.17M – $1.56M
NOI $93,474 @ 7.0% cap · market cap 11.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
351
Businesses Nearby
Explore this area
Business Placement
Demographics for 28213, NC
47,215
Population
20,484
Households
2.3
Avg Household Size
31
Median Age
34%
College-Educated
86%
High-School Grad
14.2 sq mi
ZIP Area
3,325
Density / Sq Mi
$55,612
Median Household Income
$39,704
Median Earnings
$1,341
Median Rent
$251,700
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?
Duplex - 2025 new construction duplex with side-by-side layouts, fenced backyards, central HVAC, attached garages, and a porch.
Where is this duplex located?
The property is located at 339 & 343 Gray Drive Charlotte, NC.
What is the asking price?
The asking price for this property is $794,900.
What are key features of this property?
This property features: Two side‑by‑side duplex units under construction, noted total 4,010 SF; Each unit offers a three‑level layout with 3 bedrooms and 3 full bathrooms; Fully fenced‑in backyard for each unit
