Entity Owned Property summary
AI-generated overview
This exceptional 20-unit apartment building, situated on 1.68 acres in Charlotte, NC, presents a compelling investment opportunity. Built in 1989, the property boasts 14,500 square feet and offers a desirable mix of fifteen 2-bedroom/1-bathroom and five 3-bedroom/1-bathroom units. Currently generating a strong NOI of $143,923 and a 6.40% cap rate, the asking price is $2,250,000. Located at 1234 Saratoga Dr, 28208, this property enjoys a prime location, less than 5 miles from Uptown Charlotte and Charlotte Douglas Airport, with easy access to I-85. The property's proximity to major employment centers, retail, restaurants, and entertainment enhances its appeal to residents. Below-market rents offer significant potential for value-add through renovations and organic rent growth, promising substantial returns for the astute investor. The property's current average rent per unit is $1,022. This is a rare opportunity to acquire a well-positioned multifamily asset in a rapidly growing area of West Charlotte.
Property profile
Verified
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Year built
1989
Total area
4,308 SF
Lot
1.09 ac (47,568 SF)
Zoning code
R22MF
APN
6305342
UPID
US53-5745191
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.93M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.27M
Blend (final)
Blend
$1.92M
Owner & transaction history
since 2025
Last sale
$2.1M
7 recorded transactions
Zoning & alternative use
R22MF · Charlotte, NC
Top alternative use upside
Commercial (general)
$3.0M
+54.5%
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
All 6 comparables with addresses
3 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
Professional plan · 30 reports
from $99/month
from $99/month
Summary
1
Valuation conclusion
Included free
Estimated market value
$1.92M
Value range
$1.73M – $2.11M
±10% around blend
Estimated value / SF
$446 / SF
Confidence
High
6 county-verified comps
Property data
100
Market benchmarks
100
Comparable evidence
60
$1.73M
blend $1.92M
$2.11M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
4,308 SF
Lot area
1.09 ac
Year built
1989
Stories
2
APN
6305342
Zoning
R22MF
Assessed value
$1,102,500
Annual tax
$8,087
3
Income approach: direct capitalization
Partial preview
Not enough income data on file for a CAP-approach estimation.
4
Sales comparison
Partial preview
Sales approach indication
$958k
Weighted, 6 comps · high confidence
Evidence
6 found · 6 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
4.7 mi away · 3,168 SF
5.1 mi away · 3,431 SF
11.2 mi away · 3,900 SF
14.2 mi away · 3,519 SF
20.9 mi away · 3,954 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$1.92M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
ZIP 34 sales
$447
0%
Submarket 318 sales
$1,438
-69%
County 339 sales
$1,439
-69%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $446/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Commercial (general)
Gross theoretical uplift
+54%
vs current-use indication
Apartment House (5+ Units) · current use
Medical Building
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Not available
Market rent
Not available
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: replacement-cost inputs are not on file.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 6 sales
Market rates by use type
PDF export
Professional plan · 30 reports
from $99/month
from $99/month
Overview
Implied cap rate
2.70%
Implied, in-place cap rate for this garden apartment buildings
Estimated NOI ÷ last recorded sale. Refine with your own numbers in the full report.
NOI (est.)
$144k *
Last sale · Jan 2025
$2.05M
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$5.31M
Move the market yield to see immediate price impact.
Value / SF
$1,234
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
2.20%2.70%3.20%
$129k
$5.87M
$4.78M
$4.04M
$144k
$6.52M
$5.31M
$4.48M
$158k
$7.17M
$5.85M
$4.93M
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
6 found
High confidence · county-verified
Closest comparable
$1.13M
4.0 mi · Sep 2025 · $375/SF
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$8,087
Tax year 2023
Assessed value
$1,102,500
Assessed 2024
Previous assessed
$1,103,800
-0.1% YoY
Effective rate
0.73%
On assessed value
Assessed land
$363,500
Assessed improvement
$739,000
Land market value
$363,500
Improvement market value
$739,000
Total market value
$1,102,500
Applied tax rate
8.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Status
Off-Market
Year built
1989
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
3
Stories
2
Total area
4,308 SF
Lot
1.09 ac (47,568 SF)
Zoning code
R22MF
APN
6305342
UPID
US53-5745191
Jurisdiction
MECKLENBURG
Zoning & alternative use
R22MF · Charlotte, NCZoning R22MF · permitted uses
R22MF · Charlotte, NC
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1989
Heating
FORCED AIR
Cooling
Yes
Stories
2
Buildings
3
Lot
1.09 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
R22MF
Jurisdiction
Charlotte, NC
Recorded code
R22MF
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for R22MF in Charlotte, NC.
What opens after registration
Zoning profile
3 official documentsVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
Registration is required before the official district profile is shown.
One complete report on every paid plan · 30 · 300 reports per month.
Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
One complete report on every paid plan · 30 · 300 reports per month.
Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 1234 Saratoga Dr?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
Get access to Data & Analytics Reports
Choose the membership plan that suits your needs
Unlock 1 Light Report
Free
Confirm your email
and get 1 Light Report
and get 1 Light Report
Your report includes if available
- Property Ownership
- Basic report summary
MOST POPULAR
Professional plan
$99
/mo
30 FULL REPORTS a month.
Your membership includes if available
- Property Insight Report
- Value Estimation
- Cap Rate Calculation
- Location Intelligence
- Business Placement
- Ownership
- Zoning
Enterprise plan
$299
/mo
300 FULL REPORTS a month.
Your membership includes if available
- Property Insight Report
- Value Estimation
- Cap Rate Calculation
- Location Intelligence
- Business Placement
- Ownership
- Zoning
