Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1308 Lorna St Charlotte, NC 28205-5281

    • Garden apartment buildings
    • 50,703 SF
    • 0.89 lot acres
    OFF-MARKET
    Last Sale
    Aug 02, 2021
    $7,500,000
    Value Estimations
    $8,490,000
    Show details
    Cap Rate Potential
    7%
    Garden apartment buildings
    Location Intelligence
    Property ID
    US53-3196994
    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

    • Town Hall / City Government Office
    • The Village At Commonwealth / Apartment Building / Apartment Complex
    • WiT Group / Advertising Agency / Marketing & Advertising
    • Sarah Poursh Designs Charlotte, North Carolina By appointment ONLY / (Bike/Boat/Book/etc) Store
    • 2SecureNow / Consultant

    Property Details for 1308 Lorna St

    Year built
    2015
    Lot size
    0.89 lot acres
    Property size
    50,703 SF
    Zone code
    MUDD-O
    Property type
    Garden apartment buildings
    APN
    12902407
    APU
    12902407

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $8,805,000
      ML approach
      $9,195,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $10,225,000
      6.5%
      $9,440,000
      7%
      $8,765,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Charlotte
    County
    Mecklenburg
    State
    North Carolina
    Longitude
    -80.8013
    Latitude
    35.215
    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
    $80,043
    $1,573,200
    $9,339,300
    $10,912,500
    -
    $1,573,200
    $9,339,300
    $10,912,500

    Comparable in this City

    • Value Estimation by Request
      2,695 SF

      3617 Saint Andrews Homes Pl

      GARDEN APT, COURT APT (5+ UNITS) • 2,695 SF
      3617 Saint Andrews Homes Pl, Charlotte, NC 28205-5690
      View Details
    • Value Estimation
      $6,435,000
      63,385 SF

      3327 Davidson St

      GARDEN APT, COURT APT (5+ UNITS) • 63,385 SF
      3327 Davidson St, Charlotte, NC 28205-1053
      View Details
    • Value Estimation
      $1,780,000
      12,108 SF

      1413 Elkin Ln

      GARDEN APT, COURT APT (5+ UNITS) • 12,108 SF
      1413 Elkin Ln, Charlotte, NC 28205-4109
      View Details
    • Value Estimation
      $1,005,000
      6,728 SF

      1437 Landis Ave

      GARDEN APT, COURT APT (5+ UNITS) • 6,728 SF
      1437 Landis Ave, Charlotte, NC 28205-3572
      View Details
    • Value Estimation
      $510,000
      3,529 SF

      2711 Commonwealth Ave

      GARDEN APT, COURT APT (5+ UNITS) • 3,529 SF
      2711 Commonwealth Ave, Charlotte, NC 28205-5343
      View Details
    • Value Estimation by Request
      330,281 SF

      609 36th St

      GARDEN APT, COURT APT (5+ UNITS) • 330,281 SF
      609 36th St, Charlotte, NC 28205
      View Details

    Similar Nearby for Sale

    • $785,000
      0.35 Acres

      Charlotte Land Redevelopment Opportunity

      Land with redevelopment potential in Charlotte, N2-B zoning.
      424 Skyland Ave, Charlotte, NC 28205
      View Details
    • $435,000
      0.22 Acres

      Charlotte Duplex: Turn-Key Investment

      Duplex in prime location, move-in ready, great investment opportunity.
      1424 Wembley Dr, Charlotte, NC 28205
      View Details
    • $400,000
      0.58 Acres

      Charlotte Land For Multifamily Development

      0.579 acre lot zoned for multifamily development.
      Eastway Dr, Charlotte, NC 28205
      View Details
    • $1,175,000
      0.26 Acres

      Renovated Quadplex Near NODA District

      Turnkey quadplex in Villa Heights, near NODA, renovated in 2020.
      1917 Pegram St, Charlotte, NC 28205
      View Details
    • $785,000
      0.35 Acres

      Charlotte Multifamily Duplexes on Double Lot

      Two duplexes on a double lot zoned N2-B.
      424 Skyland Ave, Charlotte, NC 28205
      View Details
    • $2,200,000
      2 SF

      Land on North Sharon Amity

      2.7 AC multi-family land near Eastland Mall redevelopment.
      2912 N Sharon Amity Rd, Charlotte, NC 28205
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,480 SF

      Plaza Midwood Medical Office Space

      2,480 SF Medical Office - Charlotte, NC
      1111 The Plz, Charlotte, NC 28205
      View Details
    • Contact for pricing
      254,608 SF

      Eastway Drive Retail Space Available

      Charlotte Retail Space: 1,026-1,600 SF
      3124 Eastway Dr, Charlotte, NC 28205
      View Details
    • Contact for pricing
      2,019 SF

      Retail Space on Monroe Road

      Retail space in Charlotte's thriving business district.
      3734 Monroe Rd, Charlotte, NC 28205
      View Details
    • Contact for pricing
      18,655 SF

      Industrial Space Near Uptown Charlotte

      Warehouse/distribution space with convenient access to major thoroughfares.
      2414 N Brevard St, Charlotte, NC 28205
      View Details
    • Contact for pricing

      Versatile Building in Charlotte, NC

      Adaptable space for religious, community, or institutional purposes.
      Charlotte, NC 28205
      View Details
    • $9,995,000
      14,253 SF

      Prime Plaza Midwood Office Space

      Class A office space for lease in Plaza Midwood.
      1227-1233 The Plz, Charlotte, NC 28205
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1308 Lorna St
    Charlotte, NC 28205-5281
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.