1935 Duplex Near Major
New
For Sale
$975,000
823-825 Henley Place, Charlotte, NC 28207
Two-unit residential property with potential for owner occupancy, rental income, or conversion to a single-family residence.
Property Size2,588 SF
Price / SF$376.74
Days on Market7
Property Features for 823-825 Henley Place
General Information
Standard status
Active
Size
2,588 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1935
Buildings
1
Listed By:
Leigh Brown
(704) 705-7036
Source:
Onecommunity
Added: Sep 13
Changed: Sep 17
Last Checked: Sep 18 at 7:46AM
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 Leigh Brown
Investment Insights
Based on property information with market context.
Constructed in 1935, this duplex offers two residential units within a property that may also be converted into a single-family home. The layout supports several ownership approaches, including living in one unit while renting the other or operating the property as an investment asset.
The property is located at 823-825 Henley Place in Charlotte’s Myers Park area, two houses from Queens. Nearby destinations include Atrium and Novant hospitals, King’s Drive Farmer’s Market, Edgehill Park, Freedom Park, Pearl Park, the Sugar Creek Greenway, Trader Joe’s, the Metropolitan, Target, Harris Teeter, and the shops and restaurants along Providence Road. Uptown is a 5-minute drive, and the airport is 15 minutes away.
The property is located at 823-825 Henley Place in Charlotte’s Myers Park area, two houses from Queens. Nearby destinations include Atrium and Novant hospitals, King’s Drive Farmer’s Market, Edgehill Park, Freedom Park, Pearl Park, the Sugar Creek Greenway, Trader Joe’s, the Metropolitan, Target, Harris Teeter, and the shops and restaurants along Providence Road. Uptown is a 5-minute drive, and the airport is 15 minutes away.
Key Highlights
- Built in 1935
- Duplex with potential for owner occupancy and rental use
- Potential conversion to a single‑family residence
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
$34,004
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
3.49%
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%
$680,080
$680.1K
Cap Rate 7%
$485,771
$485.8K
Cap Rate 9%
$377,822
$377.8K
Market Conditions
NOI Build-Up for 2,588 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
$51.2K $19.80/SF
− Vacancy
−$2.7K −$1.03/SF
EGI
$48.6K $18.77/SF
− OpEx
−$14.6K −$5.63/SF
NOI
$34.0K $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 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%
$680,080
Cap Rate 7%
$485,771
Cap Rate 9%
$377,822
Alternative Uses
Best Use
Multifamily LT 5
$485.8K
$425.1K – $566.7K
NOI $34,004 @ 7.0% cap · market cap 3.49%
Second Best
Apartment 5plus
$447.3K
$391.4K – $521.9K
NOI $31,314 @ 7.0% cap · market cap 3.21%
Theoretical Best
Office A
$861.8K
$754.1K – $1.01M
NOI $60,327 @ 7.0% cap · market cap 6.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
7,464
Businesses Nearby
Explore this area
Business Placement
Demographics for 28207, NC
9,184
Population
4,495
Households
2
Avg Household Size
43
Median Age
86%
College-Educated
98%
High-School Grad
2.4 sq mi
ZIP Area
3,827
Density / Sq Mi
$212,348
Median Household Income
$108,461
Median Earnings
$1,579
Median Rent
$1,348,900
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-unit residential property with potential for owner occupancy, rental income, or conversion to a single-family residence.
Where is this duplex located?
The property is located at 823-825 Henley Place Charlotte, NC.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Built in 1935; Duplex with potential for owner occupancy and rental use; Potential conversion to a single‑family residence
