$2,925,000
$3,000,000
2.5%For more information regarding the value of a property, please contact us for a free consultation.
1702 Newland RD Charlotte, NC 28216
46 Beds
23 Baths
16,012 SqFt
Key Details
Sold Price $2,925,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Square Footage 16,012 sqft
Price per Sqft $182
Subdivision Lincoln Heights
MLS Listing ID 4095808
Sold Date 02/15/24
Style Ranch
Bedrooms 46
Full Baths 23
Abv Grd Liv Area 16,012
Year Built 1964
Lot Size 2.012 Acres
Acres 2.012
Lot Dimensions irregular
Property Description
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.
Location
State NC
County Mecklenburg
Zoning R12MF
Interior
Heating Central, Forced Air
Cooling Varies by Unit
Flooring Carpet, Linoleum, Vinyl, Vinyl, Wood
Fireplace false
Appliance Electric Oven, Electric Water Heater, Gas Water Heater, Refrigerator
Exterior
Exterior Feature Lawn Maintenance
Utilities Available Electricity Connected, Gas
Roof Type Shingle
Parking Type Driveway, On Street
Garage false
Building
Lot Description Cul-De-Sac, Rolling Slope
Foundation Crawl Space
Sewer Public Sewer
Water City
Architectural Style Ranch
Structure Type Brick Full,Brick Partial
New Construction false
Schools
Elementary Schools Bruns Avenue
Middle Schools Ranson
High Schools West Charlotte
Others
Senior Community false
Acceptable Financing Cash, Conventional, Exchange
Listing Terms Cash, Conventional, Exchange
Special Listing Condition Subject to Lease
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© 2024 Listings courtesy of Canopy MLS as distributed by MLS GRID. All Rights Reserved.
Bought with Grainger Gilbert • Fathom Realty