391 Kerr St Concord, NC 28025

Property Details for 391 Kerr St

Year built

1900

Lot size

0.35 lot acres

Property size

6,158 SF

Property type

Commercial real estate

Description

This exceptional multifamily investment opportunity encompasses two properties situated on contiguous parcels totaling 0.35 acres in Concord, NC, within the desirable Cabarrus County. The portfolio includes a 6-unit apartment building (391 Kerr St NW and 269 Misenheimer Dr NW) featuring a mix of studio, two-bedroom, and three-bedroom units, all recently renovated in 2021. Boasting a 100% occupancy rate, the property generates a strong net operating income (NOI) of $47,607, resulting in a compelling 5.95% capitalization rate. The total asking price is $800,000, translating to $133,333 per unit. The 6,158 square foot building benefits from its prime location within the Charlotte MSA, experiencing significant population growth and robust economic drivers. Major employers, economic development initiatives (including substantial investments from Eli Lilly, Red Bull/Rauch, and Toyota), and convenient access to I-85 contribute to the area's strong rental market and high growth potential. This property presents a compelling value-add strategy with organic rent growth potential, making it an ideal investment for those seeking a high-return opportunity in a thriving market. The property's desirable unit mix and location near major employers, schools, and retail centers further enhance its appeal. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a rapidly expanding area.