Multifamily Property with Two
For Sale
$550,000
3607 Kennington Dr, Waxhaw, NC 28173
Acreage setting with multiple septic sites, separate living spaces, and existing outbuildings for flexible residential use.
Property Size2,172 SF
Lot Size6.80 Acres
Price / SF$253.22
Days on Market23
Property Features for 3607 Kennington Dr
General Information
Standard status
Active
Size
2,172 SF
Lot size
6.80 Acres
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
cosmetic updates
Land
Land Use
agricultural, residential
Buildable Units
3
Additional Details
Multifamily Units
2
Amenities
detached workshop with attached carport
storage shed
raised garden beds
chicken coop
kennels
Building Details
Year Built
1994
Buildings
2
Listing Agency:
Keller Williams Connected
(803) 517-0017
Listed By:
Chelsea Desourdy
Source:
Highperformancerea
Added: Aug 7
Changed: Aug 29
Last Checked: Aug 29 at 10:36AM
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 Keller Williams Connected
Investment Insights
Based on property information with market context.
This multifamily property includes two residences on 6.8 acres, with a third approved septic site providing an additional vacant homesite. The primary home contains 1,248 square feet with 3 bedrooms and 2 bathrooms. Improvements include luxury vinyl plank flooring, painted kitchen cabinets, an updated primary bathroom with walk-in shower, and a rear deck. The second residence offers 924 square feet and can support guest, caretaker, extended-family, or rental use.
Additional improvements include a detached workshop with attached carport, storage shed, raised garden beds, chicken coop, and kennels. The property was built in 1994 and is located in Waxhaw with access to Monroe, Indian Trail, and the Charlotte metro area. Assigned schools are Western Union Elementary, Parkwood Middle, and Parkwood High.
Additional improvements include a detached workshop with attached carport, storage shed, raised garden beds, chicken coop, and kennels. The property was built in 1994 and is located in Waxhaw with access to Monroe, Indian Trail, and the Charlotte metro area. Assigned schools are Western Union Elementary, Parkwood Middle, and Parkwood High.
Key Highlights
- 6.8 acres with 3 approved septic sites, including a third vacant homesite
- Primary residence measures 1,248 square feet with 3 bedrooms and 2 bathrooms
- Second residence provides 924 square feet of additional living space
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
$17,825
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
3.24%
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%
$356,500
$356.5K
Cap Rate 7%
$254,643
$254.6K
Cap Rate 9%
$198,056
$198.1K
Market Conditions
NOI Build-Up for 2,172 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
$34.4K $15.84/SF
− Vacancy
−$2.0K −$0.92/SF
EGI
$32.4K $14.92/SF
− OpEx
−$14.6K −$6.71/SF
NOI
$17.8K $8.21/SF
Area
Union County, NC
Vacancy
5.80%
Lease Rate
$15.84 /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%
$356,500
Cap Rate 7%
$254,643
Cap Rate 9%
$198,056
Alternative Uses
Best Use
Apartment 5plus
$254.6K
$222.8K – $297.1K
NOI $17,825 @ 7.0% cap · market cap 3.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$670.9K
$587.0K – $782.7K
NOI $46,962 @ 7.0% cap · market cap 8.54%
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
7
Businesses Nearby
Explore this area
Business Placement
Demographics for 28173, NC
64,144
Population
20,801
Households
3.1
Avg Household Size
39
Median Age
57%
College-Educated
95%
High-School Grad
106.3 sq mi
ZIP Area
603
Density / Sq Mi
$146,196
Median Household Income
$59,188
Median Earnings
$1,700
Median Rent
$558,500
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?
Multifamily property - Acreage setting with multiple septic sites, separate living spaces, and existing outbuildings for flexible residential use.
Where is this multifamily property located?
The property is located at 3607 Kennington Dr Waxhaw, NC.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 6.8 acres with 3 approved septic sites, including a third vacant homesite; Primary residence measures 1,248 square feet with 3 bedrooms and 2 bathrooms; Second residence provides 924 square feet of additional living space
