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

    5818 Westpark Dr Charlotte, NC 28217-3741

    • Garden apartment buildings
    • 29,480 SF
    • 3.70 lot acres
    OFF-MARKET
    Last Sale
    Oct 25, 2021
    $8,600,000
    Value Estimations
    $9,450,000
    Show details
    Cap Rate Potential
    3.5%
    Garden apartment buildings
    Location Intelligence
    Property ID
    US53-0480608
    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

    • Elite Car Insurance Solutions / Auto Insurance Agency
    • Herbalife Nutrition Ind. Dist. / Vitamin & Supplements Store
    • Charlotte Concrete Company / Concrete Contractor / Contractor
    • Samuel Real Estate Agency / General Contractor

    Property Details for 5818 Westpark Dr

    Year built
    1984
    Lot size
    3.70 lot acres
    Property size
    29,480 SF
    Zone code
    I2
    Property type
    Garden apartment buildings
    APN
    16926104
    APU
    16926104

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $10,100,000
      ML approach
      $11,205,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $12,718,000
      Market price range: $6.76M - $77.1M

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

    Location Insight

    • Map
    • Local Demand
    City
    Charlotte
    County
    Mecklenburg
    State
    North Carolina
    Longitude
    -80.8902
    Latitude
    35.1579
    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
    $89,436
    $983,300
    $11,209,800
    $12,193,100
    -
    $983,300
    $11,209,800
    $12,193,100

    Comparable in this City

    • Value Estimation by Request
      1,530 SF

      302 Grn Needles Ct

      GARDEN APT, COURT APT (5+ UNITS) • 1,530 SF
      302 Grn Needles Ct, Charlotte, NC 28217-2663
      View Details
    • Value Estimation
      $1,810,000
      14,336 SF

      425 White Water Fls Dr

      GARDEN APT, COURT APT (5+ UNITS) • 14,336 SF
      425 White Water Fls Dr, Charlotte, NC 28217-5255
      View Details
    • Value Estimation
      $2,975,000
      28,974 SF

      640 Parkaire Ln

      GARDEN APT, COURT APT (5+ UNITS) • 28,974 SF
      640 Parkaire Ln, Charlotte, NC 28217-2475
      View Details
    • Value Estimation by Request
      24,450 SF

      6515 Dupont Dr

      GARDEN APT, COURT APT (5+ UNITS) • 24,450 SF
      6515 Dupont Dr, Charlotte, NC 28217-2289
      View Details
    • Value Estimation
      $5,900,000
      4,502 SF

      504 Arrowhawk Dr

      GARDEN APT, COURT APT (5+ UNITS) • 4,502 SF
      504 Arrowhawk Dr, Charlotte, NC 28217-5600
      View Details
    • Value Estimation
      $16,625,000
      10,288 SF

      8918 Mont Carmel Ln

      GARDEN APT, COURT APT (5+ UNITS) • 10,288 SF
      8918 Mont Carmel Ln, Charlotte, NC 28217-5903
      View Details

    Similar Nearby for Sale

    • $395,000

      New Duplex Townhome Near Highways

      Brand-new duplex townhome near Hwy 77 and 485.
      501 Granby Cir, Charlotte, NC 28217
      View Details
    • $765,000

      Modern Duet in Lower Southend

      Stylish duet with investment potential in a growing Charlotte neighborhood.
      432 W Cama St, Charlotte, NC 28217
      View Details
    • $395,000

      New Duplex Townhome Ready Now

      Brand new duplex near Hwy 77 and 485, move-in ready.
      503 Granby Cir, Charlotte, NC 28217
      View Details
    • $242,000
      1,186 SF

      Charlotte Home with Walk-In Closet

      Single-family home featuring a walk-in closet in Charlotte, North Carolina.
      8813 Gerren Ct, Charlotte, NC 28217
      View Details
    • Contact for pricing
      1.29 Acres

      Loso Development Land, Charlotte NC

      1.29 Acres, Prime Location, Multi-Family Potential
      401 Bowman Rd, Charlotte, NC 28217
      View Details
    • Contact for pricing
      8,748 SF

      Move-in Ready LOSO Office Building

      Stand-alone office building in a rapidly growing area.
      421 Minuet Ln, Charlotte, NC 28217
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Land and Warehouse Opportunity

      Land and warehouse available for lease in growing area.
      4413 Yancey Rd, Charlotte, NC 28217
      View Details
    • $12 SF/Yr
      51,480 SF

      Prime Flex Space in I-2 Zone

      51,480 SF Flex Space, 172 Parking Spaces
      4404 Stuart Andrew Blvd, Charlotte, NC 28217
      View Details
    • Contact for pricing
      10,000 SF

      South End Industrial Ground Lease

      ±0.53 Acres, 10,000 SF Warehouse
      305 Clanton Rd, Charlotte, NC 28217
      View Details
    • $12 SF/Yr
      55,931 SF

      Old Pineville Road Flex Space

      Charlotte flex space, 2,567 sq ft available.
      6006 Old Pineville Rd, Charlotte, NC 28217
      View Details
    • $11 SF/Yr
      93,175 SF

      Coffey Creek Business Center: Flex Space Available

      Airport Submarket Flex Space; 4 Units Available
      4107 Rose Lake Dr, Charlotte, NC 28217
      View Details
    • Contact for pricing
      6,083 SF

      Industrial Flex Space For Rent

      Functional industrial flex space in Charlotte with convenient highway access.
      1000-1022 Pressley Rd, Charlotte, NC 28217
      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.
    5818 Westpark Dr
    Charlotte, NC 28217-3741
    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.