46 Beds
23 Full baths
16,012 SqFt
Closed
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 | |
Map View
This information is believed to be accurate, but without any warranty.
