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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1234 Saratoga Dr Charlotte, NC 28208-2075

    • Garden apartment buildings
    • 4,308 SF
    • 1.09 lot acres
    OFF-MARKET
    Last Sale
    Jan 09, 2025
    $2,050,000
    Value Estimations
    $1,985,000
    Show details
    Cap Rate Potential
    2.7%
    Garden apartment buildings
    Location Intelligence
    Property ID
    US53-5745191
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Garden apartment buildings

    Property Details for 1234 Saratoga Dr

    Year built
    1989
    Lot size
    1.09 lot acres
    Property size
    4,308 SF
    Zone code
    R22MF
    Property type
    Garden apartment buildings
    APN
    6305342
    APU
    6305342

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,920,000
      ML approach
      $1,925,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,271,000
      Market price range: $803k - $3.66M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $1,925,000
      Current use
      COMMERCIAL (GENERAL)
      $2,975,000
      Change: +54% Conversion: Moderate
      MEDICAL BUILDING
      $1,735,000
      Change: -10% Conversion: Moderate

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Charlotte
    County
    Mecklenburg
    State
    North Carolina
    Longitude
    -80.8998
    Latitude
    35.2559
    CBSA code
    16740
    CBSA name
    CHARLOTTE-CONCORD-GASTONIA, NC-SC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $8,087
    $363,500
    $739,000
    $1,102,500
    -
    $363,500
    $739,000
    $1,102,500

    Comparable in this City

    • Value Estimation by Request
      782 SF

      2606 Mayfair Ave, Unit B2

      GARDEN APT, COURT APT (5+ UNITS) • 782 SF
      2606 Mayfair Ave, Charlotte, NC 28208-5973
      View Details
    • Value Estimation by Request
      799 SF

      2612 Mayfair Ave, Unit C4

      GARDEN APT, COURT APT (5+ UNITS) • 799 SF
      2612 Mayfair Ave, Charlotte, NC 28208-6934
      View Details
    • Value Estimation by Request
      799 SF

      2612 Mayfair Ave, Unit C5

      GARDEN APT, COURT APT (5+ UNITS) • 799 SF
      2612 Mayfair Ave, Charlotte, NC 28208-6934
      View Details
    • Value Estimation by Request
      1,456 SF

      2115 Weyland Ave

      GARDEN APT, COURT APT (5+ UNITS) • 1,456 SF
      2115 Weyland Ave, Charlotte, NC 28208-4946
      View Details
    • Value Estimation
      $1,105,000
      5,796 SF

      2060 Weyland Ave

      GARDEN APT, COURT APT (5+ UNITS) • 5,796 SF
      2060 Weyland Ave, Charlotte, NC 28208-4945
      View Details
    • Value Estimation
      $1,910,000
      10,314 SF

      5501 Northstream Dr

      GARDEN APT, COURT APT (5+ UNITS) • 10,314 SF
      5501 Northstream Dr, Charlotte, NC 28208-2885
      View Details

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    1234 Saratoga Dr
    Charlotte, NC 28208-2075
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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