For Sale
$800,000

391 Kerr StConcord, NC 28025

6-Unit Apartment Building, High ROI

Overview

Added:
Dec 11, 2024
Days on market:
117
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.

Highlights

  • Exceptional multifamily investment opportunity in Concord, NC, with organic rent growth potential.
  • Recently renovated 6-unit building (2021) offering a value-add strategy.
  • Prime location near I-85, major employers, schools, and retail, within the Charlotte MSA.
  • Desirable unit mix of studios, 2-bedroom, and 3-bedroom apartments.
  • Strong market fundamentals and demographics in Cabarrus County, with a 100% occupancy rate and $47,607 NOI.

Property Details for 391 Kerr St

Property type
Apartment buildings
Square Feet
6,158 SF
Year Built/Renovated
1900/2021
Lot Size (sq. ft)
15,246 SF
Units
6

Location Insight

City
Concord
County
Cabarrus
State
North Carolina
Latitude
35.4146452
Longitude
-80.5988231
391 Kerr St, Concord, North Carolina

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391 Kerr St
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