Charlotte Redevelopment
For Sale
Contact for pricing
Pending
421 Honeywood Ave, Charlotte, NC 28216
Prime infill location near Uptown Charlotte with strong growth potential.
Property Size10,800 SF
Days on Market152
Property Features for 421 Honeywood Ave
General Information
Standard status
Pending
Size
10,800 SF
Class
C
Property subtype
Multifamily
Zoning
N2-B
Occupancy
92%
Investment Type
Value Add
Building Details
Year Built
1969
Buildings
3
Stories
2
Units
12
Listing Agency:
Coldwell Banker Realty
(704) 541-5111
Listed By:
Nick Lancetti · License #120020
Source:
Crexi
Added: Mar 24
Changed: Aug 8
Last Checked: Jul 26 at 5:41AM
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.
Located in a rapidly transforming corridor of Charlotte, North Carolina, the property at 421 Honeywood Avenue presents an investment opportunity. The area benefits from its proximity to Uptown Charlotte, the city’s central business district, which is home to major employers, financial institutions, and a mix of retail, dining, and entertainment. The location is experiencing increased redevelopment activity and rising property values. The property offers connectivity with access to Interstate 85 (I-85), Interstate 77 (I-77), and U.S. Highway 74 (Independence Blvd). These routes provide access throughout the Charlotte MSA, including Charlotte Douglas International Airport, Uptown, and surrounding suburban markets. The surrounding area has seen increased investor activity, with infill redevelopment projects, renovations, and new construction contributing to the neighborhood’s trajectory. The immediate trade area is characterized by population growth, household formation, and rental and housing demand. The property is suited for a variety of uses, including residential redevelopment, long-term hold investment, or potential repositioning depending on zoning and future land use. The property has a size of 10800 square feet.
Key Highlights
- Prime infill location minutes from Uptown Charlotte and major employment centers.
- Excellent access to I‑85, I‑77, and major thoroughfares providing seamless connectivity.
- Strong rental demand and population growth in the immediate 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
$114,262
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
6.53%
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%
$2,285,240
$2.3M
Cap Rate 7%
$1,632,314
$1.6M
Cap Rate 9%
$1,269,578
$1.3M
Market Conditions
NOI Build-Up for 10,800 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
$226.8K $21.00/SF
− Vacancy
−$19.1K −$1.76/SF
EGI
$207.7K $19.24/SF
− OpEx
−$93.5K −$8.66/SF
NOI
$114.3K $10.58/SF
Area
ZIP 28216
Vacancy
8.40%
Lease Rate
$21.00 /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%
$2,285,240
Cap Rate 7%
$1,632,314
Cap Rate 9%
$1,269,578
Alternative Uses
Best Use
Apartment 5plus
$1.63M
$1.43M – $1.90M
NOI $114,262 @ 7.0% cap · market cap 6.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.81M
$3.33M – $4.44M
NOI $266,499 @ 7.0% cap · market cap 15.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
368
Businesses Nearby
Explore this area
Business Placement
Demographics for 28216, NC
57,196
Population
24,902
Households
2.3
Avg Household Size
35
Median Age
35%
College-Educated
89%
High-School Grad
30.0 sq mi
ZIP Area
1,907
Density / Sq Mi
$64,977
Median Household Income
$43,643
Median Earnings
$1,464
Median Rent
$246,100
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 - Prime infill location near Uptown Charlotte with strong growth potential.
Where is this multifamily property located?
The property is located at 421 Honeywood Ave Charlotte, NC.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Prime infill location minutes from Uptown Charlotte and major employment centers.; Excellent access to I‑85, I‑77, and major thoroughfares providing seamless connectivity.; Strong rental demand and population growth in the immediate area.
