Kannapolis Townhome Community For
1422 Nottingham Rd, Kannapolis, NC 28081
24-unit townhome community with income potential in Kannapolis, NC.
Type:Multifamily
Property size:
21,816 SFLot size:
2.22 AcresPrice / SF:
$170/SF- Added:
- Jan 28, 2026
- Days on Market:
- 154
- Last Refresh:
- Mar 17 at 1:14 pm
Property Features for 1422 Nottingham Rd
General Information
- Standard status
- Active
- Size
- 21,816 SF
- Lot size
- 2.22 Acres
- Property subtype
- Multifamily
Building Details
- Year Built
- 1971
Listing office US Developments
Listing date Jan 28, 2026
Source Crexi
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of US Developments
HighLights
- Recently completed ±$500,000 capital improvement program enhances curb appeal, operating efficiency, and durability.
- Durable in‑place cash flow with opportunity for additional revenue through rent optimization and interior upgrades.
- Located in Kannapolis, a growth market anchored by the North Carolina Research Campus, healthcare, and advanced manufacturing.
- Convenient access to I‑85 and proximity to Downtown Kannapolis (2.5 miles) and Atrium Health Cabarrus (less than 5 miles).
- Two‑story, 2BR/1.5BA townhome units with front and back porches in a quiet residential neighborhood.
- Located approximately 25 miles from Uptown Charlotte, offering strong regional demand drivers with a favorable cost‑of‑living profile.
Overview
The Townhomes at Cannon Mills, located at 1422 Nottingham Dr., Kannapolis, NC, is a 24-unit townhome community situated on approximately 2.22 acres. The property consists of two-story units with 2 bedrooms and 1.5 bathrooms, each featuring front and back porches, located in a quiet residential neighborhood just outside of Downtown Kannapolis. The property offers durable in-place cash flow with a clear path to additional revenue through continued rent optimization toward prevailing submarket levels, including the opportunity to further modernize remaining interiors with upgraded finishes to support premium rent positioning. A recent capital improvement program of approximately $500,000 materially reduces near-term CapEx and supports long-term performance, including an exterior overhaul (painted brick, metal awnings, shutters, upgraded lighting, gutters), new concrete patios and railings, new windows, upgraded electrical panels, utility optimization, a new asphalt parking lot with wheel bumpers, and targeted HVAC replacements. These improvements enhance curb appeal, operating efficiency, and durability. Kannapolis has emerged as a growth market anchored by the 350-acre North Carolina Research Campus, along with expanding healthcare and advanced manufacturing. The asset is located approximately 2.5 miles from Downtown Kannapolis, less than 5 miles from Atrium Health Cabarrus, and offers convenient access to I-85. It is approximately 25 miles to Uptown Charlotte, providing strong regional demand drivers with a favorable cost-of-living profile. The property size is 21816 square feet. For investors, Townhomes at Cannon Mills combines suburban stability with Charlotte-metro connectivity. It is an upgraded, well-located, income-producing asset positioned for continued performance in a market benefiting from sustained population and income growth.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $458.1k | $21.00 |
| − Vacancy | −$38.5k | −$1.76 |
| EGI | $419.7k | $19.24 |
| − OpEx | −$188.8k | −$8.66 |
| NOI | $230.8k | $10.58 |
21,816 SF · lease $21.00/SF/yr · vacancy 8.40% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$3.30M
$2.89M – $3.85M
NOI $230,809 @ 7.0% cap · market cap 6.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.87M
$6.01M – $8.01M
NOI $480,650 @ 7.0% cap · market cap 12.92%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Kannapolis
- County
- Cabarrus
- State
- North Carolina
- Longitude
- -80.6429276
- Latitude
- 35.4704009
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - 24-unit townhome community with income potential in Kannapolis, NC.
Where is this apartment building located?
The property is located at 1422 Nottingham Rd Kannapolis, NC.
What is the asking price?
The asking price for this property is $3,720,000.
What are key features of this property?
This property features: Recently completed ±$500,000 capital improvement program enhances curb appeal, operating efficiency, and durability.; Durable in‑place cash flow with opportunity for additional revenue through rent optimization and interior upgrades.; Located in Kannapolis, a growth market anchored by the North Carolina Research Campus, healthcare, and advanced manufacturing.
