Multifamily Property with Two
For Sale
$525,000
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$241.71
Days on Market70
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
Listed By:
Chelsea Desourdy
(803) 517-0017
Source:
Highperformancerea
Added: Aug 7
Changed: Oct 2
Last Checked: Oct 7 at 5:31PM
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
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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 / Yr
$17,825
Cap Rate
3.40%
Suggested Prices Based on Cap Rates
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
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 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 3.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$670.9K
$587.0K – $782.7K
NOI $46,962 @ 7.0% cap · market cap 8.95%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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 $525,000.
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
