416 Norwood Drive

Charlotte, NC 28208

Rare opportunity in Lakewood: a clean, mostly renovated duplex priced to move. Close to Downtown Charlotte and major freeways, this two-unit property offers strong long-term cash flow potential and future value growth. Ideal for an investor, 1031 exchange, or hold strategy.Each side is a complete one-bedroom unit. The owner has painted and refinished the walls, installed new kitchen cabinets, and updated the bathrooms. A new roof is already in place, and the HVAC install is ready to proceed. The property needs very little additional investment to finish and can be rapidly leased.Electric and gas are not currently hooked up. Street parking is available, with a driveway on one side.Honest location note: From the front of the property there is a clear view toward the downtown Charlotte skyline. Between the home and the skyline are Duke Energy power lines and a grouping of transformers; the open space across the street is the result of that utility corridor. A nice Greenway is only a block or two away.New-construction homes are planned next door (pads are ready), which should support neighborhood values. Market rents for a nice renovated one-bedroom in the Lakewood/28208 area currently appear to support roughly $1,050–$1,250 unfurnished or $1,250–$1,500 furnished, depending on condition and presentation. Short-term rental options (Airbnb/Vrbo) could potentially generate higher gross monthly income in the $1,800–$2,800 range before expenses, based on typical Charlotte one-bedroom rates of approximately $100–$130 per night, though actual results will vary with occupancy, management, and local regulations. Furnishing the units inexpensively may also support stronger cash flow while helping control maintenance costs and providing additional tax advantages.Lowest-priced duplex currently available in the market. Strong numbers for a Charlotte investment. Located in the improving Lakewood neighborhood just minutes from Downtown Charlotte, this duplex sits near major freeways for easy access to Uptown, the airport, and the broader metro. Nearby amenities include the popular Greenway, local restaurants, and everyday services, with more dining and entertainment options a short drive away. Mecklenburg County’s relatively competitive tax environment helps preserve more of your cash flow compared with many other markets.Investors will appreciate the combination of a low entry price, recent updates, and a new roof that reduces near-term capital expenditures. At current market rents, the property offers the potential for a solid 7–8% cap rate depending on purchase price, operating expenses, and actual rents achieved. The two complete one-bedroom units can be leased long-term for steady income or furnished for short-term rental to pursue higher gross returns. New construction planned next door should further support neighborhood values over time. With minimal finish work remaining, this is a straightforward opportunity to acquire a performing duplex close to Charlotte’s core—priced well below replacement cost and positioned for both immediate cash flow and longer-term appreciation.

Listing courtesy of RE/MAX Executive [email protected]


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Last checked - 2026-11-09 07:38 PM UTC