8710 Research Dr Charlotte, NC 28262-8570
- Motels
- 55,448 SF
- 2.45 lot acres
Current Use by Public Records
- TownePlace Suites by Marriott Charlotte University Research Park / Hotel / Extended Stay Hotel
- Flats at 87Ten / Apartment Rental Agency / Apartment Building
- Owens Office / Trial Attorney
Property Details for 8710 Research Dr
- Year built
- 2000
- Lot size
- 2.45 lot acres
- Property size
- 55,448 SF
- Zone code
- O1CD
- Property type
- Motels
- APN
- 4714119
- APU
- 4714119
Description
This exceptional 96-unit apartment building, located at 8710 Research Drive in Charlotte, North Carolina's University City submarket, presents a compelling investment opportunity. Originally constructed in 2000 and extensively renovated in 2023, this Class-A property boasts modern luxury finishes and an expansive amenity package. The recent conversion from a hotel to multifamily residences has resulted in impressive property performance and strong organic rent growth. Situated within two miles of Vanguard's new 91-acre campus and Charlotte's second-largest employment center, the property benefits from its proximity to thousands of jobs and a thriving, dynamic neighborhood. While offering upscale living comparable to newer constructions, it provides a significant discount on rental rates compared to other Charlotte submarkets like Uptown, South End, and South Park, making it highly attractive to young professionals and students. The building's location within Mecklenburg County, zip code 28262, offers convenient access to employment opportunities and a vibrant urban lifestyle. This boutique living experience combines luxury finishes with a prime location, presenting a strong investment prospect with significant potential for continued growth. The property's positive lease-up trends and strong rent growth further solidify its position as a desirable investment in a rapidly developing area.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $8,660,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $8,090,000
- 6.5%
- $8,850,000
- 7%
- $7,710,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $9,670,000
- Geo Method
- $7,920,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $8,085,000
- Retail
- $7,110,000
- Mixed-Use
- $6,730,000
- Hospitality
- $8,290,000
- Educational
- $8,795,000
- Residential Income
- $8,075,000
- Energy
- $8,665,000
- Income-Based Land
- $9,210,000
- Food Service
- $8,635,000
Location Insight
- Map
- Local Demand
- City
- Charlotte
- County
- Mecklenburg
- State
- North Carolina
- Longitude
- -80.7617
- Latitude
- 35.3152
- CBSA code
- 16740
- CBSA name
- CHARLOTTE-CONCORD-GASTONIA, NC-SC METROPOLITAN STATISTICAL AREA
