Brick Duplex With Private
For Sale
$499,000
8051 S Way Road, Charlotte, NC 28215
Two rental units feature updated baths, carpet-free interiors, and separate driveways for convenient access.
Property Size1,924 SF
Lot Size0.53 Acres
Price / SF$259.36
Days on Market20
Property Features for 8051 S Way Road
General Information
Standard status
Active
Size
1,924 SF
Lot size
0.53 Acres
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
Features: Corner Lot, Level, Size: 0.53, Dimensions: 96 'x 233' x 101'x 236', Size Units: Acres
Flooring: Tile, Laminate
Garage Spaces: 0, Man Level Garage: 1
Details: Central Air
Heating: Electric
Description: In Kitchen
Days on Market: 6, Listing Price: 499000, Status: Active
Elementary: Berryhill, Middle/Junior High: Unspecified, High School: West Mecklenburg
Total Bathrooms: 4
Finished Area Above Grade: 1924, Area: 1924, Architecture: Ranch, Traditional, Building Area: 1924, Construction Materials: Brick Full, Stories: 1, Year Built: 1979, Construction Type: Site Built
City: Charlotte, State: NC, Zip: 28215, County: Mecklenburg, Subdivision: King Acres
Full Bathrooms: 2
Sewer: Public Sewer, Water Source: City
Description: Yes
Auction Y/N: 0
Description: Dishwasher, Electric Range, Gas Water Heater, Refrigerator
Building Details
Building Size
1,924 SF
Year Built
1979
Buildings
1
Construction
brick
Listing Agency:
Keller Williams Ballantyne Area
(704) 887-6600
Listed By:
Jay White
(704) 654-0733
Source:
Blackstreaminternational
Added: Sep 4
Changed: Sep 20
Last Checked: Sep 22 at 3:36PM
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 Ballantyne Area
Investment Insights
Based on property information with market context.
This 1,924-square-foot brick duplex, built in 1979, includes two 2BR/1BA units. Each side has an updated bathroom, no carpet, and a private driveway. The property occupies a 0.53-acre corner lot and offers separate access to the units. One unit is currently leased through July 2027.
The property is minutes from Reedy Creek Nature Preserve and close to WT Harris Blvd. UNC Charlotte is approximately 10 minutes away, while NoDa is approximately 15 minutes away. Showings for the unit at 8051 South Way are restricted until the buyer is under contract; the other unit is accessed from 8001 Linda Lake.
The property is minutes from Reedy Creek Nature Preserve and close to WT Harris Blvd. UNC Charlotte is approximately 10 minutes away, while NoDa is approximately 15 minutes away. Showings for the unit at 8051 South Way are restricted until the buyer is under contract; the other unit is accessed from 8001 Linda Lake.
Key Highlights
- Two 2BR/1BA units within a brick duplex
- 1,924 square feet on a 0.53‑acre corner lot
- Updated bathrooms and no carpet in both units
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
$22,308
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
4.47%
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%
$446,160
$446.2K
Cap Rate 7%
$318,686
$318.7K
Cap Rate 9%
$247,867
$247.9K
Market Conditions
NOI Build-Up for 1,924 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
$34.6K $18.00/SF
− Vacancy
−$2.8K −$1.44/SF
EGI
$31.9K $16.56/SF
− OpEx
−$9.6K −$4.97/SF
NOI
$22.3K $11.59/SF
Area
ZIP 28215
Vacancy
7.98%
Lease Rate
$18.00 /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%
$446,160
Cap Rate 7%
$318,686
Cap Rate 9%
$247,867
Alternative Uses
Best Use
Multifamily LT 5
$318.7K
$278.9K – $371.8K
NOI $22,308 @ 7.0% cap · market cap 4.47%
Second Best
Apartment 5plus
$290.8K
$254.5K – $339.3K
NOI $20,356 @ 7.0% cap · market cap 4.08%
Theoretical Best
Office A
$605.6K
$529.9K – $706.5K
NOI $42,390 @ 7.0% cap · market cap 8.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
197
Businesses Nearby
Explore this area
Business Placement
Demographics for 28215, NC
61,842
Population
25,350
Households
2.4
Avg Household Size
35
Median Age
31%
College-Educated
84%
High-School Grad
28.9 sq mi
ZIP Area
2,140
Density / Sq Mi
$66,065
Median Household Income
$37,904
Median Earnings
$1,349
Median Rent
$273,800
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two rental units feature updated baths, carpet-free interiors, and separate driveways for convenient access.
Where is this duplex located?
The property is located at 8051 S Way Road Charlotte, NC.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two 2BR/1BA units within a brick duplex; 1,924 square feet on a 0.53‑acre corner lot; Updated bathrooms and no carpet in both units
