Sold

1702 Newland Road

Charlotte NC, 28216

$2,925,000


$182.68 per sqft

Sold

46 Beds

23 Baths

16,012 sqft

Condo

Built in 1964

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.

4095808

MLS ID

December 27, 2023

Listed

March 14, 2024

Updated

Map

1702 Newland Road
Charlotte NC, 28216

Interior Features

Total Stories

1


Bedrooms

46


Total Bathrooms

23


Appliances

Electric Oven, Electric Water Heater, Gas Water Heater, Refrigerator


Laundry Description

Electric Dryer Hookup, Inside, Washer Hookup, Other - See Remarks


Floor Description

Carpet, Linoleum, Vinyl, Vinyl, Wood


Fireplace

No


Cooling

Yes


Cooling Description

Varies by Unit


Heating

Yes


Heating Description

Central, Forced Air

Exterior/Building Features

Lot Size

2.01 Acres


Exterior Features

Lawn Maintenance


Lot Features

Cul-De-Sac, Rolling Slope


Architectual Style

Ranch


Roof

Shingle


Sewer

Public Sewer

School Information

High School

West Charlotte


Elementary School

Bruns Avenue

Other Property Details

Garage

No


Parking

Driveway, On Street


View

No


County

Mecklenburg


Water Source

City


Pool

No


Zoning

R12MF


Buyer Agency Compensation

2%

Listing History

Date

Event

Price

2/16/2024

Sold

$2,925,000

12/28/2023

Pending

Courtesy of Latria Incorporated with Jim Townsend,
Listing Contact: [email protected] 
 
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