501 Mountain StCherryville, NC 28021

Property Details for 501 Mountain St

Year built

1900

Lot size

5.95 AC

Property size (Sq ft)

5,471 SF

Zone code

INDS1

Property type

Industrial properties

Property subtype

Other industrial properties

APN

128879

APU

128879

Description

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 – 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.

• Alternative Use

  Use

  Valuation

  Residential

  $1,463,202

  Hospitality

  $1,340,285

  Educational

  $1,115,101

  Medical

  $1,153,451

  Retail

  $1,734,602

Location Insight

City

Cherryville

County

Gaston

State

North Carolina

Latitude

35.3849

Longitude

-81.3832

CBSA code

16740

CBSA name

CHARLOTTE-CONCORD-GASTONIA, NC-SC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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