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

    2624 Pitts Dr Charlotte, NC 28216-4946

    • Garden apartment buildings
    • 7,440 SF
    • 1.13 lot acres
    OFF-MARKET
    Value Estimations
    $610,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-4076424
    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 2624 Pitts Dr

    Year built
    2005
    Lot size
    1.13 lot acres
    Property size
    7,440 SF
    Zone code
    R12MF
    Property type
    Garden apartment buildings
    APN
    06906202A
    APU
    06906202A

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Charlotte
    County
    Mecklenburg
    State
    North Carolina
    Longitude
    -80.8623
    Latitude
    35.2548
    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
    $8,646
    $243,100
    $935,600
    $1,178,700
    -
    $243,100
    $935,600
    $1,178,700

    Comparable in this City

    • Value Estimation
      $3,805,000
      19,032 SF

      5005 Roundstone Way

      GARDEN APT, COURT APT (5+ UNITS) • 19,032 SF
      5005 Roundstone Way, Charlotte, NC 28216-1932
      View Details
    • Value Estimation
      $1,755,000
      19,766 SF

      1105 Mayfield Ter Dr

      GARDEN APT, COURT APT (5+ UNITS) • 19,766 SF
      1105 Mayfield Ter Dr, Charlotte, NC 28216-4955
      View Details
    • Value Estimation
      $2,140,000
      26,772 SF

      4135 Napa Oak Dr

      GARDEN APT, COURT APT (5+ UNITS) • 26,772 SF
      4135 Napa Oak Dr, Charlotte, NC 28216-9098
      View Details
    • Value Estimation
      $795,000
      3,432 SF

      3311 Dawnshire Ave

      GARDEN APT, COURT APT (5+ UNITS) • 3,432 SF
      3311 Dawnshire Ave, Charlotte, NC 28216-3672
      View Details
    • Value Estimation
      $540,000
      6,350 SF

      2129 Catherine Simmons Ave

      GARDEN APT, COURT APT (5+ UNITS) • 6,350 SF
      2129 Catherine Simmons Ave, Charlotte, NC 28216-4893
      View Details
    • Value Estimation
      $3,960,000
      52,060 SF

      2120 Lasalle St

      GARDEN APT, COURT APT (5+ UNITS) • 52,060 SF
      2120 Lasalle St, Charlotte, NC 28216-4600
      View Details

    Similar Nearby for Sale

    • $339,900
      Pending

      Prime Biddleville Land Opportunity

      Land in prime location near center city and light rail.
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    • New
      $450,000
      0.20 Acres

      Charlotte Duplex Near Uptown

      Duplex near Uptown Charlotte with spacious backyard and investment potential.
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    • $199,000
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      Charlotte Land Ready For Development

      0.2-acre lot suitable for multi-family or investment property development.
      2326 Custer St, Charlotte, NC 28216
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    • $1,324,500
      0.19 Acres

      Modern Duplex in Historic Charlotte

      New construction duplex with modern finishes, ideal for investment.
      2001-1121 Renner St, Charlotte, NC 28216
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    • $1,324,500
      5,015 SF

      Modern Townhome Duet, No HOA

      New construction townhome duet in historic West Charlotte.
      2001-1121 Renner St, Charlotte, NC 28216
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    • $625,000
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      New Duplex Near Uptown Charlotte

      Move-in ready duplex perfect for investment or owner-occupancy.
      521/525 N Linwood Ave, Charlotte, NC 28216
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
      2,500 SF

      Charlotte Flex Space Available

      Two Industrial Units, Prime Location
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    • $11 SF/Yr
      28,800 SF

      North Park Warehouse - 28,800 SF

      Spacious warehouse, ideal for single tenant. Mecklenburg County location.
      7020 Reames Rd, Charlotte, NC 28216
      View Details
    • Contact for pricing
      34,255 SF

      Industrial Park with Expansion Potential

      Industrial park offering warehouse space and future expansion options.
      3353 Reno Ave, Charlotte, NC 28216
      View Details
    • Contact for pricing
      13,600 SF

      Industrial Park with Expansion Potential

      Industrial park with outside storage and parking potential.
      3401 Reno Ave, Charlotte, NC 28216
      View Details
    • Contact for pricing
      39,360 SF

      Charlotte Warehouse Space Available

      39,360 SF warehouse space for lease in Charlotte.
      6945 Northpark Blvd, Charlotte, NC 28216
      View Details
    • Contact for pricing
      95,904 SF

      Perimeter Woods Warehouse Space

      95,904 SF Warehouse, 21,877 SF Available
      9006 Perimeter Woods Dr, Charlotte, NC 28216
      View Details
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    2624 Pitts Dr
    Charlotte, NC 28216-4946
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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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