12-Unit Apartment
For Sale
Contact for pricing
3402 Craig Ave, Charlotte, NC 28211
Two-parcel apartment property with updated kitchens and bathrooms in Charlotte’s Cotswold neighborhood.
Property Size7,846 SF
Price / SF$286.77
Days on Market181
Property Features for 3402 Craig Ave
General Information
Standard status
Active
Size
7,846 SF
Total Parking Spaces
18
Property subtype
Multifamily
Zoning
N2-B
Occupancy
75%
Investment Type
Core
Units
Unit Mix
11 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
12
Building Details
Year Built
1964
Units
12
Listing Agency:
Britt Commercial Real Estate
Listed By:
Zachary Britt · License #NC 315119
Source:
Crexi
Added: Mar 2
Changed: Aug 29
Last Checked: Aug 29 at 8:33PM
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 comprises two apartment parcels at 3402 and 3410 Craig Ave, totaling 12 units and 7,846 square feet. The unit mix includes eleven one-bedroom, one-bath residences and one two-bedroom, one-bath residence. Renovations include updates to kitchens and bathrooms, and the buildings were constructed in 1964.
Located in Charlotte’s Cotswold neighborhood, the property is identified as N2-B zoning. The two-parcel configuration includes one parcel with 8 units and another with 4 units, providing a clearly defined layout for the apartment asset.
Located in Charlotte’s Cotswold neighborhood, the property is identified as N2-B zoning. The two-parcel configuration includes one parcel with 8 units and another with 4 units, providing a clearly defined layout for the apartment asset.
Key Highlights
- 12 units across two parcels: 8 units and 4 units
- Unit mix includes eleven 1BR/1BA units and one 2BR/1BA unit
- 7,846 square feet total building area
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
$94,935
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
4.22%
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%
$1,898,700
$1.9M
Cap Rate 7%
$1,356,214
$1.4M
Cap Rate 9%
$1,054,833
$1.1M
Market Conditions
NOI Build-Up for 7,846 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
$182.7K $23.28/SF
− Vacancy
−$10.0K −$1.28/SF
EGI
$172.6K $22.00/SF
− OpEx
−$77.7K −$9.90/SF
NOI
$94.9K $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%
$1,898,700
Cap Rate 7%
$1,356,214
Cap Rate 9%
$1,054,833
Alternative Uses
Best Use
Apartment 5plus
$1.36M
$1.19M – $1.58M
NOI $94,935 @ 7.0% cap · market cap 4.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.61M
$2.29M – $3.05M
NOI $182,891 @ 7.0% cap · market cap 8.13%
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
1,093
Businesses Nearby
Explore this area
Business Placement
Demographics for 28211, NC
31,917
Population
15,061
Households
2.1
Avg Household Size
39
Median Age
69%
College-Educated
96%
High-School Grad
11.0 sq mi
ZIP Area
2,902
Density / Sq Mi
$130,221
Median Household Income
$66,412
Median Earnings
$1,660
Median Rent
$701,900
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-parcel apartment property with updated kitchens and bathrooms in Charlotte’s Cotswold neighborhood.
Where is this apartment building located?
The property is located at 3402 Craig Ave Charlotte, NC.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: 12 units across two parcels: 8 units and 4 units; Unit mix includes eleven 1BR/1BA units and one 2BR/1BA unit; 7,846 square feet total building area
