Renovated Townhouse-Style Apartment
227 W Glendale Ave, Mount Holly, NC 28120
For Sale
$1,590,000
Pending
Eleven two-bedroom residences are arranged across two two-story buildings with 22 parking spaces.
Property Size9,600 SF
Days on Market591
Property Features for 227 W Glendale Ave
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Site & Location
Neighborhood
Highway Access
Units
Unit Mix
Multifamily Units
Building Details
Year Built
Year Renovated
Buildings
Stories
Construction
Listing Agency:
Multifamily Property Management LLC
Listed By:
Mike Hehir
Source:
Judy.lakenormanhomeguide
Added: Mar 29, 2025
Changed: Nov 8
Last Checked: Nov 8 at 6:50AM
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 Multifamily Property Management LLC
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Investment Insights
Based on property information with market context.
The 9,600-square-foot apartment property comprises 11 townhouse-style units in two two-story buildings. Six residences have two bedrooms and one bathroom; the remaining five have two bedrooms and one-and-a-half bathrooms. Buildings date to 1969 and 1985, with renovation work completed in 2024/2025. Exterior features include painted brick and wood, pitched shingle roofs, and a resurfaced asphalt parking lot with 22 spaces. Dogs are permitted; cats are not.
Interior upgrades in seven units include quartz countertops, stainless steel appliances, shaker-style cabinets, subway tile backsplashes, luxury vinyl plank and carpet flooring, updated plumbing fixtures, modern lighting and hardware, and professional paint. Four new central HVAC systems are also noted.
The property is a short walk from downtown Mount Holly and schools, next to the new Ransom Hunter Park, and offers access to I-85 and I-485. Charlotte is 20 minutes away, CLT Airport is 15 minutes away, and CaroMont Hospital is 7 minutes away.
Interior upgrades in seven units include quartz countertops, stainless steel appliances, shaker-style cabinets, subway tile backsplashes, luxury vinyl plank and carpet flooring, updated plumbing fixtures, modern lighting and hardware, and professional paint. Four new central HVAC systems are also noted.
The property is a short walk from downtown Mount Holly and schools, next to the new Ransom Hunter Park, and offers access to I-85 and I-485. Charlotte is 20 minutes away, CLT Airport is 15 minutes away, and CaroMont Hospital is 7 minutes away.
Key Highlights
- 11 townhouse‑style units across 2 two‑story buildings
- Six 2‑bedroom, 1‑bath units and five 2‑bedroom, 1.5‑bath units
- Renovations completed in 2024/2025; interior work completed in 7 units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$101,566
Cap Rate
6.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,031,320
$2.0M
Cap Rate 7%
$1,450,943
$1.5M
Cap Rate 9%
$1,128,511
$1.1M
Market Conditions
NOI Build-Up for 9,600 SF
Gross rent
$201.6K $21.00/SF
− Vacancy
−$16.9K −$1.76/SF
EGI
$184.7K $19.24/SF
− OpEx
−$83.1K −$8.66/SF
NOI
$101.6K $10.58/SF
Area
Gaston County, NC
Vacancy
8.40%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,031,320
Cap Rate 7%
$1,450,943
Cap Rate 9%
$1,128,511
Alternative Uses
Best Use
Apartment 5plus
$1.45M
$1.27M – $1.69M
NOI $101,566 @ 7.0% cap · market cap 6.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.38M
$2.96M – $3.95M
NOI $236,888 @ 7.0% cap · market cap 14.90%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
11
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
526
Businesses Nearby
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Business Placement
Demographics for 28120, NC
24,017
Population
10,590
Households
2.3
Avg Household Size
41
Median Age
33%
College-Educated
90%
High-School Grad
31.4 sq mi
ZIP Area
765
Density / Sq Mi
$74,809
Median Household Income
$48,485
Median Earnings
$1,179
Median Rent
$272,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Eleven two-bedroom residences are arranged across two two-story buildings with 22 parking spaces.
Where is this apartment building located?
The property is located at 227 W Glendale Ave Mount Holly, NC.
What is the asking price?
The asking price for this property is $1,590,000.
What are key features of this property?
This property features: 11 townhouse‑style units across 2 two‑story buildings; Six 2‑bedroom, 1‑bath units and five 2‑bedroom, 1.5‑bath units; Renovations completed in 2024/2025; interior work completed in 7 units
