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University Northside Apartments 9517 Newell Hickory Grove Rd 29 Unit Apartment Building $5,848,340 CAD ($201,667 CAD/Unit) 5.70% Cap Rate Charlotte, NC 28215
Investment Highlights
- Water Metering Billback: Billback program launched May 15, eliminating out-of-pocket utility expenses for ownership.
- Diverse Unit Mix: Studio, one-bedroom, and two-bedroom floorplans appeal to a broad tenant base.
- University Submarket: Positioned in one of Charlotte’s fastest-growing submarkets near UNC Charlotte.
- Existing Tax Abatement: Opportunity to benefit from an in-place tax abatement that may help reduce carrying costs and support cash flow.
- Value-Add Upside: Strategic interior renovations offer a clear path to rental rate growth.
- Charlotte Fundamentals: Sustained in-migration, job growth, and a diverse, expanding economy.
Executive Summary
Marcus & Millichap is pleased to present University Northside Apartments, a 29-unit multifamily community situated on approximately 1.72 acres. Built in 1989, the property offers a desirable mix of studio, one-bedroom, and two-bedroom floorplans, appealing to a broad tenant base. The low-density layout provides ample green space and a neighborhood-style setting, which continues to resonate with renters seeking affordability and convenience.
The asset presents a stable investment opportunity with the potential for incremental revenue growth through interior upgrades and improved operational efficiencies. University Northside is ideally positioned within the University submarket of Charlotte, one of the city's fastest-growing and most dynamic areas. Supported by the presence of UNC Charlotte and a strong employment base, the submarket continues to benefit from population growth and consistent rental demand.
The asset presents a stable investment opportunity with the potential for incremental revenue growth through interior upgrades and improved operational efficiencies. University Northside is ideally positioned within the University submarket of Charlotte, one of the city's fastest-growing and most dynamic areas. Supported by the presence of UNC Charlotte and a strong employment base, the submarket continues to benefit from population growth and consistent rental demand.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $5,848,340 CAD | Building Class | C |
| Price Per Unit | $201,667 CAD | Lot Size | 1.72 AC |
| Sale Type | Investment | Building Size | 17,478 SF |
| Cap Rate | 5.70% | Average Occupancy | 93% |
| No. Units | 29 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1989/2021 |
| Property Subtype | Apartment | Parking Ratio | 2.61/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R-17MF - A500 - Multi Family | ||
| Price | $5,848,340 CAD |
| Price Per Unit | $201,667 CAD |
| Sale Type | Investment |
| Cap Rate | 5.70% |
| No. Units | 29 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.72 AC |
| Building Size | 17,478 SF |
| Average Occupancy | 93% |
| No. Stories | 2 |
| Year Built/Renovated | 1989/2021 |
| Parking Ratio | 2.61/1,000 SF |
| Zoning | R-17MF - A500 - Multi Family |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Heating
- Ceiling Fans
- Kitchen
- Hardwood Floors
- High Speed Internet Access
- Refrigerator
- Tub/Shower
- Smoke Free
Site Amenities
- Laundry Facilities
- Security System
- Smoke Free
- Trash Pickup - Curbside
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | 254 |
| 1+1 | 19 | - | 598 |
| 2+1 | 9 | - | 704 |
1 1
Fairly walkable
40/100
Very drivable
80/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 097-028-10 | Improvements Assessment | $3,414,192 CAD |
| Land Assessment | $804,181 CAD | Total Assessment | $4,218,373 CAD |
Property Taxes
Parcel Number
097-028-10
Land Assessment
$804,181 CAD
Improvements Assessment
$3,414,192 CAD
Total Assessment
$4,218,373 CAD
Contacts
-
Ryan Parrish -
Isaiah Shatz -
Ryan Lipomi -
James Davis -
Victoria Kopriva -
Marcus & Millichap
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University Northside Apartments | 9517 Newell Hickory Grove Rd
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