300 Charlotte Ave Mount Holly, NC 28120

Property Details for 300 Charlotte Ave

Year built

1973

Lot size

1.87 lot acres

Property type

Residential income homes

Property subtype

Apartment buildings

Description

This exceptional value-add multifamily investment opportunity presents 28 two-bedroom, one-and-a-half-bathroom townhomes totaling 28,000 square feet of net rentable space, situated on a 1.87-acre lot in Mount Holly, North Carolina. Built in 1973 and extensively renovated in 2023, the property boasts five buildings, each two stories high, and currently enjoys a 96.4% occupancy rate. Recent capital improvements exceeding $800,000 include parking lot repairs, exterior painting, gutter and downspout replacements, patio fencing, HVAC unit replacements in approximately half the units, and landscaping enhancements. Thirteen units remain in their original condition, offering a new owner the chance to continue the successful renovation strategy. The existing renovations feature luxury vinyl plank flooring, black appliances, new white cabinets and hardware, and new Formica countertops. Each 1,000-square-foot unit includes in-unit washer/dryer hookups and a private patio. The property is zoned B-1 and benefits from its prime location, a short walk from downtown Mount Holly's vibrant retail and employment centers, including restaurants, breweries, and a distillery. Significant rental upside potential exists through further renovations and increased rental rates, with opportunities to add premium features and implement additional income streams such as charging for washer/dryer units and bundled internet/cable packages. The property is located approximately 20 minutes from Uptown Charlotte, benefiting from the growth and development in the surrounding area, including the upcoming CaroMont Regional Medical Center and ongoing expansions at CLT-Douglas Airport. Water and sewer are currently paid by the landlord, presenting an opportunity to increase net operating income (NOI) by billing tenants directly.