For Sale
$2,250,000

1234 Saratoga DrCharlotte, NC 28208

20-Unit Apartment Building, High ROI

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional 20-unit apartment building, situated on 1.68 acres in Charlotte, NC, presents a compelling investment opportunity. Built in 1989, the property boasts 14,500 square feet and offers a desirable mix of fifteen 2-bedroom/1-bathroom and five 3-bedroom/1-bathroom units. Currently generating a strong NOI of $143,923 and a 6.40% cap rate, the asking price is $2,250,000. Located at 1234 Saratoga Dr, 28208, this property enjoys a prime location, less than 5 miles from Uptown Charlotte and Charlotte Douglas Airport, with easy access to I-85. The property's proximity to major employment centers, retail, restaurants, and entertainment enhances its appeal to residents. Below-market rents offer significant potential for value-add through renovations and organic rent growth, promising substantial returns for the astute investor. The property's current average rent per unit is $1,022. This is a rare opportunity to acquire a well-positioned multifamily asset in a rapidly growing area of West Charlotte.

Highlights

  • Below-market rental rates.
  • Prime location in a rapidly developing West Charlotte submarket.
  • Strong potential for rental rate increases.
  • Close proximity to Uptown Charlotte and Charlotte Douglas International Airport.
  • Attractive unit mix of two- and three-bedroom apartments.

Property Details for 1234 Saratoga Dr

Property type
Apartment buildings
Square Feet
14,500 SF
Year Built
1989
Lot Size (sq. ft)
73,181 SF
Units
20

Location Insight

City
Charlotte
County
Mecklenburg
State
North Carolina
Latitude
35.2557612
Longitude
-80.8995292
1234 Saratoga Dr, Charlotte, North Carolina

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1234 Saratoga Dr
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