46 Beds

23 Full baths

16,012 SqFt


ATTENTION INVESTORS! Here's your chance to own a turn-key 23 unit apartment complex in Charlotte, NC. Lincoln Heights Apartments consists of 14 buildings on a 2.01 acre cul-de-sac. Located in an Opportunity Zone (for those interested in tax advantages), this area near Uptown Charlotte is prime for future development. While currently enjoying great cash flow, there is still more post-covid opportunities to increase rents. Each unit consists of 2 bed / 1 bath and is individually metered so tenants pay for their own gas, electric, and water utilities. Owner is responsible for nominal Duke Energy outside lighting and city sewer expenses. Roofs were replaced in 2012 with 30-year architectural shingles. New vinyl windows were installed in 2020-21. Most units (19 of 23) have also been gently updated within the last 24 months. Adjacent to I-77 and just minutes from Uptown, buy and hold until the next big development push and/or reposition these class C apartments for even higher rents.

Property Details
Price $3,000,000
Close Price $2,925,000
Bedrooms 46
Full Baths 23
Half Baths 0
Property Style Ranch
Lot Size irregular
Lot Size Area 2.012
Lot Size Area Units Acres
Property Type MultiFamily
Sub type Apartment
MLS Sub type Apartment
Stories 1
Exterior Features Lawn Maintenance
Year Built 1964
Subdivision Lincoln Heights
Roof Shingle
Heating Central, Forced Air
Foundation Crawl Space
Lot Description Cul-De-Sac, Rolling Slope
Laundry Features Electric Dryer Hookup, Inside, Washer Hookup, Other - See Remarks
Parking Description Driveway, On Street
Garage spaces 0
Geographic Data
County Mecklenburg
Latitude 35.264077
Longitude -80.844334
Address Information
Address 1702 Newland Road, Charlotte, NC 28216
Postal Code 28216
City Charlotte
State NC
Country United States
Listing Information
Listing Office Latria Incorporated
Listing Office Phone 704-614-1474
Listing Agent Jim Townsend
Listing Agent Phone 704-614-1474
Sub Agency Compensation Type %
Buyer Agency Compensation 2
Attribution Contact jim@townsendrealtygroup.com
Sub Agency Compensation 0
Buyer Agency Compensation Type %
Compensation Disclaimer The offer of compensation is made only to participants of the MLS where the listing is filed.
Special listing conditions Subject to Lease
Terms Cash, Conventional, Exchange
School Information
Elementary School Bruns Avenue
Middle School Ranson
High School West Charlotte
MLS Information
Days on market 0
MLS Status Closed
Listing Date Dec 27, 2023
Listing Last Modified Feb 15, 2024
Tax ID 077-061-10
MLS # CAR4095808

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This information is believed to be accurate, but without any warranty.