Remodeled Duplex with Modern
New
For Sale
$650,000
3445/3447 Tappan Place, Charlotte, NC 28205
Renovated interiors include updated flooring, kitchen cabinetry, upgraded countertops, and finished bathrooms.
Property Size1,512 SF
Price / SF$429.89
Days on Market7
Property Features for 3445/3447 Tappan Place
General Information
Standard status
Active
Size
1,512 SF
Total Parking Spaces
2
Property subtype
Duplex
Additional Details
Multifamily Units
2
Amenities
Size: 0.172, Size Units: Acres
Garage Spaces: 0, Man Level Garage: 0
Details: Central Air
Heating: Central
Description: In Kitchen
Days on Market: 1, Listing Price: 650000, Status: Active
Elementary: Unspecified, Middle/Junior High: Unspecified, High School: Unspecified
Total Bathrooms: 4
Finished Area Above Grade: 1512, Area: 1512, Building Area: 1512, Construction Materials: Brick Full, Year Built: 1954, Construction Type: Site Built
City: Charlotte, State: NC, Zip: 28205, County: Mecklenburg, Subdivision: Plaza Heights
Full Bathrooms: 2
Sewer: Public Sewer, Water Source: City
Description: Yes
Auction Y/N: 0
Description: Dishwasher, Disposal, Electric Range, Microwave, Refrigerator, Tankless Water Heater, Washer/Dryer
Building Details
Building Size
1,512 SF
Year Built
1954
Listing Agency:
Coldwell Banker Realty
(704) 606-0436
Listed By:
Christina Rainford
(704) 606-0436
Source:
Blackstreaminternational
Added: Aug 3
Changed: Aug 9
Last Checked: Aug 9 at 6:50AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This duplex at 3445/3447 Tappan Place features extensive interior renovations, including updated flooring, refreshed kitchen cabinetry, upgraded countertops, and renovated bathrooms with contemporary details. The improvements create a cohesive, modern interior across the property. A two-car driveway provides dedicated parking and additional outdoor convenience.
Built in 1954, the property is located in Charlotte near NoDa, Plaza Midwood, and Uptown. Optimist Hall and additional restaurants are a short drive away, placing dining and entertainment destinations within convenient reach.
Built in 1954, the property is located in Charlotte near NoDa, Plaza Midwood, and Uptown. Optimist Hall and additional restaurants are a short drive away, placing dining and entertainment destinations within convenient reach.
Key Highlights
- Extensively remodeled duplex with updated finishes throughout
- Renovated kitchen with upgraded countertops and cabinetry
- Updated flooring and remodeled bathrooms
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
$19,867
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
3.06%
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%
$397,340
$397.3K
Cap Rate 7%
$283,814
$283.8K
Cap Rate 9%
$220,744
$220.7K
Market Conditions
NOI Build-Up for 1,512 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
$29.9K $19.80/SF
− Vacancy
−$1.6K −$1.03/SF
EGI
$28.4K $18.77/SF
− OpEx
−$8.5K −$5.63/SF
NOI
$19.9K $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%
$397,340
Cap Rate 7%
$283,814
Cap Rate 9%
$220,744
Alternative Uses
Best Use
Multifamily LT 5
$283.8K
$248.3K – $331.1K
NOI $19,867 @ 7.0% cap · market cap 3.06%
Second Best
Apartment 5plus
$261.4K
$228.7K – $304.9K
NOI $18,295 @ 7.0% cap · market cap 2.81%
Theoretical Best
Office A
$503.5K
$440.6K – $587.4K
NOI $35,245 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
792
Businesses Nearby
Explore this area
Business Placement
Demographics for 28205, NC
49,600
Population
24,605
Households
2
Avg Household Size
34
Median Age
46%
College-Educated
86%
High-School Grad
11.8 sq mi
ZIP Area
4,203
Density / Sq Mi
$72,479
Median Household Income
$49,340
Median Earnings
$1,376
Median Rent
$410,800
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 - Renovated interiors include updated flooring, kitchen cabinetry, upgraded countertops, and finished bathrooms.
Where is this duplex located?
The property is located at 3445/3447 Tappan Place Charlotte, NC.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Extensively remodeled duplex with updated finishes throughout; Renovated kitchen with upgraded countertops and cabinetry; Updated flooring and remodeled bathrooms
