Glover & E. Cloaninger Ave
Statesville, NC 28625
Glover & E. Cloaninger Ave · Land For Lease

The property is less than 2 miles away from local retail shopping center Signal Hill Mall which houses large retailers such as Belk and Footaction. Within the same footprint, nearby eateries include East Coast Wings, Los Compadre's Mexican Grill, and Shiki Japanese Restaurant & Sushi Bar. Also, within 1.5 miles of the property are several Auto Malls such as Randy Marion Ford &Lincoln and Flow Toyota & Hyundai. This is an amazing opportunity for a developer to take advantage of a highly trafficked site in an immerging market that has seen an extensive amount of growth. The city of Statesville is part of the Charlotte metropolitan area. New development is common in this submarket: About 270 units have delivered over the past year, consistent with the five-year average. Development is set to continue, as roughly 1,800 units are underway, which will substantially expand the existing inventory. Investors have been active in the Iredell County Submarket over the past three years. The market price, which is an estimated price of all properties in the submarket, has risen dramatically over that time period and now stands at $258,175/unit. Apartments command a $1,250/month on average in the Iredell County Submarket, which is right in line with the Charlotte metro's average rental rate. Over a longer window, apartment rent growth in both the Iredell County Submarket and the Charlotte metro at large has been convincingly strong. The average apartment rent in the Iredell County Submarket is 35.2 higher than is was a decade ago. Essentially matching the impressive 10-year metro-wide performance.