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

    2229 Park Rd Charlotte, NC 28203-5933

    • Garden apartment buildings
    • 2,952 SF
    • 0.19 lot acres
    OFF-MARKET
    Value Estimations
    $265,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-1564623
    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 2229 Park Rd

    Year built
    1932
    Lot size
    0.19 lot acres
    Property size
    2,952 SF
    Zone code
    O-2 (HD)
    Property type
    Garden apartment buildings
    APN
    12112329
    APU
    12112329

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $295,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $235,000
      Market price range: $97.4k - $298k

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

    Location Insight

    • Map
    • Local Demand
    City
    Charlotte
    County
    Mecklenburg
    State
    North Carolina
    Longitude
    -80.8517
    Latitude
    35.1996
    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
    $6,972
    $656,300
    $294,200
    $950,500
    -
    $656,300
    $294,200
    $950,500

    Comparable in this City

    • Value Estimation
      $855,000
      154,623 SF

      130 Ww Blvd

      GARDEN APT, COURT APT (5+ UNITS) • 154,623 SF
      130 Ww Blvd, Charlotte, NC 28203
      View Details
    • Value Estimation
      $605,000
      29,256 SF

      109 Catherine St

      GARDEN APT, COURT APT (5+ UNITS) • 29,256 SF
      109 Catherine St, Charlotte, NC 28203-5047
      View Details
    • Value Estimation
      $520,000
      10,847 SF

      1621 Ee Blvd

      GARDEN APT, COURT APT (5+ UNITS) • 10,847 SF
      1621 Ee Blvd, Charlotte, NC 28203-6091
      View Details
    • Value Estimation
      $860,000
      208,120 SF

      1225 Church St

      GARDEN APT, COURT APT (5+ UNITS) • 208,120 SF
      1225 Church St, Charlotte, NC 28203-4017
      View Details
    • Value Estimation
      $780,000
      20,364 SF

      596 Brookhill Rd

      GARDEN APT, COURT APT (5+ UNITS) • 20,364 SF
      596 Brookhill Rd, Charlotte, NC 28203-4918
      View Details
    • Value Estimation
      $395,000
      2,520 SF

      317 Ww Blvd

      GARDEN APT, COURT APT (5+ UNITS) • 2,520 SF
      317 Ww Blvd, Charlotte, NC 28203-4130
      View Details

    Similar Nearby for Sale

    • $425,000

      Dilworth Condo with Garage

      Two-bedroom condo in prime Dilworth location near retail and restaurants.
      1302 Kenilworth Ave, Charlotte, NC 28203
      View Details
    • Contact for pricing

      South End Duplex For Sale

      Duplex available in South End neighborhood.
      2500 Dunavant St, Charlotte, NC 28203
      View Details
    • $1,000,000
      0.19 Acres

      Dilworth Four-Unit Multifamily Investment

      Four-unit building in desirable Dilworth neighborhood, Charlotte.
      1412 Kenilworth Ave, Charlotte, NC 28203
      View Details
    • $279,000
      550 SF

      Charming Home with Neutral Palette

      Charming home featuring a bright interior and neutral color palette.
      2210 Sumner Green Ave, Charlotte, NC 28203
      View Details
    • $745,000
      1,415 SF

      Dilworth Townhome Near Shops, Restaurants

      Three-story townhome in historic Dilworth, close to amenities and parks.
      2032 Euclid Ave, Charlotte, NC 28203
      View Details
    • $3,490,000
      9,286 SF

      Historic Lance Building Factory South

      Eight connected luxury lofts in Charlotte's South End.
      1300 South Blvd, Charlotte, NC 28203
      View Details

    Similar Nearby for Lease

    • $183 SF/Yr
      200 SF

      Charlotte Ghost Kitchen Opportunity

      200 SF Retail Kitchen, South End Location
      500 Summit Ave, Charlotte, NC 28203
      View Details
    • $24 SF/Yr
      11,910 SF

      Executive Suites, South Mint St.

      Prime Charlotte Office Space Available
      1100 Mint St, Charlotte, NC 28203
      View Details
    • $33 SF/Yr
      5,298 SF

      Prime Office Space in Charlotte

      Office space in vibrant South End neighborhood, walkable to amenities.
      1927 S Tryon St, Charlotte, NC 28203
      View Details
    • Contact for pricing
      24,671 SF

      Distribution Street Office Space Available

      Office space for lease with high ceilings and ample parking.
      2401 Distribution St, Charlotte, NC 28203
      View Details
    • Contact for pricing
      2,527 SF

      Office Space Available For Rent

      Office space with ample parking available for rent.
      2406 Dunavant St, Charlotte, NC 28203
      View Details
    • Contact for pricing
      6,089 SF

      Creative Office Space in South End

      Sublease opportunity: 6,089 SF creative office space available.
      1616 Camden Rd, Charlotte, NC 28203
      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.
    2229 Park Rd
    Charlotte, NC 28203-5933
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.