Eight-Unit One-Bedroom
For Sale
$1,900,000
916 Bromley Rd, Charlotte, NC 28207
Eight one-bedroom apartment/condo units with 2016 system upgrades and current leasing in Charlotte’s Myers Park.
Property Size5,600 SF
Price / SF$339.29
Days on Market94
Property Features for 916 Bromley Rd
General Information
Standard status
Active
Size
5,600 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
8
Building Details
Year Built
1924
Year Renovated
2016
Tenancy
Multi
Listing Agency:
Britt Commercial Real Estate, LLC
Listed By:
Zach Britt · License #315119
(615) 971-1553
Source:
Lewisandkirk
Added: Jun 17
Changed: Sep 16
Last Checked: Sep 18 at 9:23AM
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 Britt Commercial Real Estate, LLC
Investment Insights
Based on property information with market context.
916 Bromley Rd is an eight-unit, one-bedroom apartment/condominium building with an owner-controlled configuration in which the current owner holds all eight condo units. The property underwent a thorough renovation in 2016, including upgrades of all building systems. The building sits on nearly half an acre with a mature tree canopy.
Located in the northern gateway of Myers Park in Charlotte, the address is described as walkable to neighborhood amenities that serve area residents.
Offered for sale as a single asset, this multifamily property presents an in-place income stream supported by the 2016 system upgrades and an owner-held condo structure for the full number of units.
Located in the northern gateway of Myers Park in Charlotte, the address is described as walkable to neighborhood amenities that serve area residents.
Offered for sale as a single asset, this multifamily property presents an in-place income stream supported by the 2016 system upgrades and an owner-held condo structure for the full number of units.
Key Highlights
- Eight‑unit one‑bedroom apartment/condominium building built in 1924
- Nearly half‑acre lot with mature tree canopy
- Current owner holds all eight condo 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
$67,759
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
3.57%
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%
$1,355,180
$1.4M
Cap Rate 7%
$967,986
$968.0K
Cap Rate 9%
$752,878
$752.9K
Market Conditions
NOI Build-Up for 5,600 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
$130.4K $23.28/SF
− Vacancy
−$7.2K −$1.28/SF
EGI
$123.2K $22.00/SF
− OpEx
−$55.4K −$9.90/SF
NOI
$67.8K $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%
$1,355,180
Cap Rate 7%
$967,986
Cap Rate 9%
$752,878
Alternative Uses
Best Use
Apartment 5plus
$968.0K
$847.0K – $1.13M
NOI $67,759 @ 7.0% cap · market cap 3.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.86M
$1.63M – $2.18M
NOI $130,537 @ 7.0% cap · market cap 6.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
7,084
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?
Apartment building - Eight one-bedroom apartment/condo units with 2016 system upgrades and current leasing in Charlotte’s Myers Park.
Where is this apartment building located?
The property is located at 916 Bromley Rd Charlotte, NC.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Eight‑unit one‑bedroom apartment/condominium building built in 1924; Nearly half‑acre lot with mature tree canopy; Current owner holds all eight condo units
