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118 Ethel Dr - Ethel Apartments 12 Unit Apartment Building Offered at $2,087,550 CAD Stanley, NC 28164
Investment Highlights
- Room to increase NOI further
- 100% Occupied with stable tenant base
- Significant Capital Improvements Completed
Executive Summary
This opportunity represents a well-maintained and fully occupied, 12-unit townhome community in Stanley, NC, offering immediate in-place cash flow with upside at an attractive basis of $125,000/unit. 118-120 Ethel Dr consists of twelve 2BR/1.5BA units (~780 SF), with meaningful capital improvements already completed, including a new roof, siding, numerous HVAC replacements, and interior renovations to 10 units between 2020–2024. Current rents average $973 providing ~$177/unit in upside to $1,150 for MTM agreements and as leases turn through 2026–2027, along with additional NOI growth through remaining renovations and the potential to own the washers and dryers in the common laundry. Located just 18 miles northwest of Uptown Charlotte with easy access to I-485 and I-85, Stanley continues to benefit from strong renter demand driven by its affordability and proximity to major employment hubs.
Property Facts
| Price | $2,087,550 CAD | Lot Size | 0.78 AC |
| Price Per Unit | $173,963 CAD | Building Size | 9,947 SF |
| Sale Type | Investment | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 2 |
| Property Type | Year Built | 1973 |
| Price | $2,087,550 CAD |
| Price Per Unit | $173,963 CAD |
| Sale Type | Investment |
| No. Units | 12 |
| Property Type | |
| Lot Size | 0.78 AC |
| Building Size | 9,947 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1973 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 12 | - | 780 |
1 1
Somewhat walkable
30/100
Very drivable
80/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Number | 134284 | Improvements Assessment | $923,922 CAD |
| Land Assessment | $0 CAD | Total Assessment | $923,922 CAD |
Property Taxes
Parcel Number
134284
Land Assessment
$0 CAD
Improvements Assessment
$923,922 CAD
Total Assessment
$923,922 CAD
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Presented by
Britt Commercial Real Estate LLC
118 Ethel Dr - Ethel Apartments
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