Bright Condo with Updated
For Sale
$143,000
8208 Cedar Glen Drive, Charlotte, NC 28212
Second-story condo featuring updated kitchen and baths, flooded with natural light.
Property Size877 SF
Lot Size0.02 Acres
Days on Market452
Property Features for 8208 Cedar Glen Drive
General Information
Standard status
Active
Size
877 SF
Lot size
0.02 Acres
Property subtype
Condominium
Amenities
Fireplace
Central Air
Heat Pump
Dishwasher
Electric Oven
Electric Range
Electric Water Heater
Deck, Patio, Porch, Electricity Connected, Composition
Building Details
Building Size
877 SF
Year Built
1984
Listing Agency:
Keller Williams Ballantyne Area
(704) 817-4444
Listed By:
Thomas Elrod · License #268537
(704) 817-4444
Source:
Kw
Added: May 30, 2025
Changed: Aug 11
Last Checked: Aug 23 at 12:55PM
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 second-story condo in Reflections features an open concept living and kitchen area, along with two bedrooms each having attached full baths. The kitchen and bathrooms have been updated with LVP flooring, a new dishwasher, bathroom vanity, toilets, and light fixtures. The living room includes a cornered brick fireplace and opens to the kitchen, which features breakfast bar seating. The property benefits from natural light due to numerous large windows and a sliding glass door that leads to a private covered corner balcony. The primary suite includes dual closets and an oversized garden tub. Additional storage is available in the attic and an exterior storage space. The property is located near Independence Boulevard, providing access to Charlotte and Matthews.
Key Highlights
- Open concept living and kitchen area with breakfast bar.
- Two bedrooms, each with attached full baths.
- Updated kitchen and bathrooms with LVP flooring, dishwasher, vanity, toilets, and light fixtures.
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
$10,612
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
7.42%
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%
$212,240
$212.2K
Cap Rate 7%
$151,600
$151.6K
Cap Rate 9%
$117,911
$117.9K
Market Conditions
NOI Build-Up for 877 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
$20.4K $23.28/SF
− Vacancy
−$1.1K −$1.28/SF
EGI
$19.3K $22.00/SF
− OpEx
−$8.7K −$9.90/SF
NOI
$10.6K $12.10/SF
Area
Charlotte, NC
Vacancy
5.50%
Lease Rate
$23.28 /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%
$212,240
Cap Rate 7%
$151,600
Cap Rate 9%
$117,911
Alternative Uses
Best Use
Apartment 5plus
$151.6K
$132.7K – $176.9K
NOI $10,612 @ 7.0% cap · market cap 7.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$292.0K
$255.5K – $340.7K
NOI $20,443 @ 7.0% cap · market cap 14.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
501
Businesses Nearby
Explore this area
Business Placement
Demographics for 28212, NC
41,009
Population
17,417
Households
2.4
Avg Household Size
33
Median Age
24%
College-Educated
78%
High-School Grad
9.2 sq mi
ZIP Area
4,458
Density / Sq Mi
$51,530
Median Household Income
$35,596
Median Earnings
$1,274
Median Rent
$236,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Second-story condo featuring updated kitchen and baths, flooded with natural light.
Where is this apartment building located?
The property is located at 8208 Cedar Glen Drive Charlotte, NC.
What is the asking price?
The asking price for this property is $143,000.
What are key features of this property?
This property features: Open concept living and kitchen area with breakfast bar.; Two bedrooms, each with attached full baths.; Updated kitchen and bathrooms with LVP flooring, dishwasher, vanity, toilets, and light fixtures.
