501 N Mountain St, Cherryville, NC 28021

5,471 SF 5.95 ac lot Built 1900

Individually Owned 2-yr Hold Absentee Owner Free & Clear

Property ID

US53-0641544

$1,700,000 5,471 SF

501 N Mountain St, Cherryville, NC 28021
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This exceptional 4.97-acre industrial property in Cherryville, NC, presents a unique redevelopment opportunity. The iconic Cherryville Mill boasts over 152,000 square feet of space, offering immense potential for conversion into apartments, townhomes, or a mixed-use residential development. The property features over 996 feet of road frontage and benefits from approved RMF zoning, streamlining the redevelopment process. The mill's original character is largely intact, showcasing exposed brick walls, substantial wooden beams, and impressive high ceilings вЂ“ elements that would contribute significantly to the charm and appeal of any new project. Its strategic location, just 0.4 miles from Cherryville's burgeoning downtown area, places it at the heart of a rapidly growing community. Several major housing projects are currently underway in the immediate vicinity, underscoring the area's strong residential demand. Furthermore, Cherryville is poised for substantial economic expansion, fueled by a planned lithium mine anticipated to generate thousands of new jobs. Both the city of Cherryville and Gaston County have expressed enthusiastic support for the property's repurposing, indicating a collaborative and receptive environment for redevelopment. This property is ideally suited for a 1031 exchange, making it an attractive investment opportunity. Priced at $1,700,000.