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 | — |