Duplex with Open-Concept
New
For Sale
$575,000
427 Arbor Drive, Waxhaw, NC 28173
Residential Income, Waxhaw, NC
Property Size2,624 SF
Lot Size0.11 Acres
Price / SF$219.13
Days on Market1
Property Features for 427 Arbor Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
AK2
Zoning description
AK2
Bedrooms
6
Bathrooms
6
Full bathrooms
4
Half bathrooms
2
Rooms
Bathroom 6, Bathroom 2, Bathroom 4, Bedroom 4, Laundry Room, Bedroom 6, Bedroom 3, Bathroom 5, Bathroom 3, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 5
Parking features
Driveway
Window features
Insulated Windows
Patio and Porch features
Porch
Interior features
Open Floorplan, Pantry
Appliances
Dishwasher, Electric Range, Microwave
Lot features
Sloped
Elementary school
Waxhaw
Middle school
Parkwood
High school
Parkwood
Standard status
Active
APN
05-115-055
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
#1B OPCP378
Legal Description
#1B OPCP378
Utilities
Sewer type
Public Sewer
Heating system
Central, Heat Pump (Heating), Electric (Heating)
Cooling system
Electric, Ceiling Fan(s), Central Air
Building Details
Year built
2021
Floors in Building
2
Number of units
2
Flooring type
Laminate, Carpet
Building materials
Fiber Cement
Roof type
Composition
Architectural style
Other
Listing Agency:
David Hoffman Realty Charlotte
(704) 237-0485
Listed By:
Megan Banks
(704) 905-8689
Added: Aug 20
Last Checked: Aug 20 at 8:06PM
MLS# 4415435
Copyright © 2026 Canopy MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex contains two three-bedroom residences, each with two-and-a-half baths and approximately 1,320 square feet. Both layouts include open main-level living areas, granite countertops, shaker-style cabinetry, laminate flooring on the main level, carpeted bedrooms upstairs, pantry space, and washer/dryer connections. Additional features include electric range, microwave, dishwasher, central air, heat pump heating, porches, and driveway parking. The building has fiber cement construction, a composition roof, and public sewer service.
One residence is currently leased while the second is vacant, providing different occupancy positions within the same property. The approximately 0.114-acre site is located in Waxhaw near downtown shopping, dining, community amenities, and the Waxhaw Library. Zoning is AK2.
One residence is currently leased while the second is vacant, providing different occupancy positions within the same property. The approximately 0.114-acre site is located in Waxhaw near downtown shopping, dining, community amenities, and the Waxhaw Library. Zoning is AK2.
Key Highlights
- Two‑residence duplex with approximately 2,624 total square feet
- Each residence offers 3 bedrooms, 2.5 baths, and approximately 1,320 square feet
- One unit is leased; the other is vacant
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
$23,700
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
4.12%
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%
$474,000
$474.0K
Cap Rate 7%
$338,571
$338.6K
Cap Rate 9%
$263,333
$263.3K
Market Conditions
NOI Build-Up for 2,624 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
$36.2K $13.80/SF
− Vacancy
−$2.4K −$0.90/SF
EGI
$33.9K $12.90/SF
− OpEx
−$10.2K −$3.87/SF
NOI
$23.7K $9.03/SF
Area
Union County, NC
Vacancy
6.50%
Lease Rate
$13.80 /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%
$474,000
Cap Rate 7%
$338,571
Cap Rate 9%
$263,333
Alternative Uses
Best Use
Multifamily LT 5
$338.6K
$296.3K – $395.0K
NOI $23,700 @ 7.0% cap · market cap 4.12%
Second Best
Apartment 5plus
$307.6K
$269.2K – $358.9K
NOI $21,534 @ 7.0% cap · market cap 3.75%
Theoretical Best
Office A
$810.5K
$709.2K – $945.6K
NOI $56,735 @ 7.0% cap · market cap 9.87%
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
421
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?
Duplex - Two residences feature granite counters, shaker cabinetry, laminate main floors, and carpeted bedrooms upstairs.
Where is this duplex located?
The property is located at 427 Arbor Drive Waxhaw, NC.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Two‑residence duplex with approximately 2,624 total square feet; Each residence offers 3 bedrooms, 2.5 baths, and approximately 1,320 square feet; One unit is leased; the other is vacant
