Duplex with Updated
416 Norwood Drive, Charlotte, NC 28208
For Sale
New
$229,900
Two one-bedroom units feature refreshed kitchens and bathrooms, with a new roof and additional work remaining.
Property Size1,924 SF
Price / SF$188.44
Days on Market4
Property Features for 416 Norwood Drive
General Information
Standard status
Size
Property subtype
Property Condition
Severity
Evidence
Site & Location
Neighborhood
Highway Access
Road Access
Utilities to Site
Units
Unit Mix
Multifamily Units
Amenities
Dimensions: 50 X 150 X 50 X 150, Views, Other - See Remarks
Architectural Shingle, Composition
Public Sewer
Additional parcels description:, Parcel Number: 065-091-16, Assessed Value: $122,700
Tile, Vinyl, Wood, Other - See Remarks
Forced Air
Electric Dryer Hookup, In Kitchen
Listing ID: CAR4440096, Standard Status: Active, MLS Status: Active, Property Subtype: Duplex, 1 day on market, Special Conditions: None
4 open parking spaces, Other Parking: Park on street or driveways., Driveway
Elementary School: Unspecified, Middle School: Unspecified, High School: Unspecified
2 total bedrooms
Built in 1924, Living area: 1220, Construction Materials: Aluminum, Glass, Wood
County/Parish: Mecklenburg
City
2 full bathrooms
Recreation Area, Walking Trails
Cable Available, Electricity Connected, Satellite Internet Available, Water Source: City
Crawl Space
Allowed: Yes
Road Responsibility: Publicly Maintained Road, Road Surface: Gravel, Paved
Patio/Porch Features: Front Porch, Rear Porch
Exhaust Fan
Association Fee: $0
Building Details
Building Size
Year Built
Buildings
Listing Agency:
RE/MAX Executive
(704) 540-7500
Listed By:
Dan De La Portilla
(704) 377-5000
Source:
Blackstreaminternational
Added: Nov 8
Changed: Nov 10
Last Checked: Nov 10 at 2:12PM
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 RE/MAX Executive
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Investment Insights
Based on property information with market context.
Built in 1924, this 1,220-square-foot duplex contains two complete one-bedroom units. Interior work includes painted and refinished walls, new kitchen cabinets, and updated bathrooms. A new roof is in place; HVAC installation is ready to proceed. Electric and gas service are not currently connected. Parking includes street spaces and a driveway serving one side of the property.
The property is on Norwood Drive in Charlotte, with a view toward the downtown skyline from the front. Utility lines and transformers lie between the building and the skyline. A greenway is a short walk away, and new-construction homes are planned next door.
The property is on Norwood Drive in Charlotte, with a view toward the downtown skyline from the front. Utility lines and transformers lie between the building and the skyline. A greenway is a short walk away, and new-construction homes are planned next door.
Key Highlights
- Two one‑bedroom units within 1,220 square feet
- Built in 1924
- New roof; HVAC installation ready to proceed
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,030
Cap Rate
6.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$320,600
$320.6K
Cap Rate 7%
$229,000
$229.0K
Cap Rate 9%
$178,111
$178.1K
Market Conditions
NOI Build-Up for 1,220 SF
Gross rent
$24.2K $19.80/SF
− Vacancy
−$1.3K −$1.03/SF
EGI
$22.9K $18.77/SF
− OpEx
−$6.9K −$5.63/SF
NOI
$16.0K $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 Rate 5%
$320,600
Cap Rate 7%
$229,000
Cap Rate 9%
$178,111
Alternative Uses
Best Use
Multifamily LT 5
$229.0K
$200.4K – $267.2K
NOI $16,030 @ 7.0% cap · market cap 6.97%
Second Best
Apartment 5plus
$210.9K
$184.5K – $246.0K
NOI $14,762 @ 7.0% cap · market cap 6.42%
Theoretical Best
Office A
$406.3K
$355.5K – $474.0K
NOI $28,438 @ 7.0% cap · market cap 12.37%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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See the owner, sales and loan history
Open Analytics
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
296
Businesses Nearby
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Business Placement
Demographics for 28208, NC
38,614
Population
17,842
Households
2.2
Avg Household Size
34
Median Age
26%
College-Educated
81%
High-School Grad
20.2 sq mi
ZIP Area
1,912
Density / Sq Mi
$51,339
Median Household Income
$40,359
Median Earnings
$1,173
Median Rent
$198,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Duplexes in Charlotte, NC
Properties on Market for Duplexes in Charlotte
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two one-bedroom units feature refreshed kitchens and bathrooms, with a new roof and additional work remaining.
Where is this duplex located?
The property is located at 416 Norwood Drive Charlotte, NC.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: Two one‑bedroom units within 1,220 square feet; Built in 1924; New roof; HVAC installation ready to proceed
