| CREOP

This 12-unit opportunity in Charlotte, NC is located in a rapidly expanding area. It consists of 8 long-term rental units and 4 units specifically designed for midterm rentals for travel nurses. A total of $400,000 was invested in capital expenditures to enhance the property. These improvements encompassed new landscaping, decks, and porches, as well as updated flooring and fresh paint for both the interior and exterior. New security and lighting were also installed. The renovations also extended to the kitchens, with new fixtures and appliances, and to the bathrooms, which received new vanities, fixtures, toilets, and lighting. Additionally, a significant portion of the HVAC systems, 7 out of 12 units were replaced
The property holds significant potential for high returns, benefiting from the strong rental market rates in the area. Its prime location across from the upcoming LYNX Silver Line Project provides residents with convenient access to a range of destinations, including Charlotte Douglas International Airport, Bank of America Stadium, Truist Field, Charlotte Gateway District, CityLYNX Gold Line Streetcar, LYNX Blue Line Light Rail, Bojangles Coliseum, Ovens Auditorium, Novant Uptown and Matthews hospitals, the Town of Matthews, Sportsplex, and CPCC Central and Levine campuses.

Charlotte, North Carolina, is the largest city in the state and a major banking center. It has a thriving economy, diverse population, rich history, and vibrant cultural scene. The city is home to major financial institutions like Bank of America and Wells Fargo, as well as energy companies and a growing tech sector. Charlotte's population has been steadily increasing, creating a melting pot of different ethnicities and a culinary scene with diverse options.
The apartment market in South Charlotte provides spacious units and convenient proximity to office employment in Ballantyne, as well as a manageable commute to the Center City. South Charlotte has a median age similar to the city-wide average of 37. Median home prices in this area are higher than the city-wide median, and approximately one-third of South Charlotte residents choose to rent, aligning with the city-wide average.
Average rents in South Charlotte are slightly above the metro-wide average at $1,570/month and are more affordable than rents found in areas like Uptown, South End, and even South Park. This is especially true in high-end properties, which have made up the bulk of recent construction in the area. On the other hand, 3 Star properties rent for slightly higher than the metro-wide average. Underscoring the desirability of employment options and schools in the area, the few 1 & 2 Star properties that exist in the submarket rent for a 20% premium over comparable properties across the metro.