Saratoga Park Apartments | 1234-1242 Saratoga Dr
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Saratoga Park Apartments 1234-1242 Saratoga Dr
20 Unit Apartment Building $2,250,000 ($112,500/Unit) 6.40% Cap Rate Charlotte, NC 28208
Investment Highlights
- Significantly Below Market Rents
- Organic Rent Growth
- Desirable Mix of 2- & 3-Bedroom Units
- Rapidly Transitioning & Growing Corridor in West Charlotte
- Conveniently Located Less Than 4 Miles from Uptown Charlotte, 5 Miles from Charlotte Douglas Airport
Executive Summary
Marcus & Millichap is pleased to present the Saratoga Park Apartments in Charlotte, NC. The property is a 20-unit community, built in 1989, situated on 1.68 +/- acres, consists of fifteen 2BD x 1B units, and five 3BD x 1B units, located at 1234-1242 Saratoga Dr in a growing and rapidly transitioning corridor of West Charlotte minutes from Uptown.
Conveniently located 5 miles from Charlotte Douglas Airport, less than 5 miles from Uptown Charlotte, with easy access to I-85 and connectivity to anywhere in the city. This property positions its residents’ minutes from all major employment, retail, restaurants, and entertainment.
This asset offers a new investor a value-add opportunity through implementation of an exterior and interior renovation program to achieve significant premiums in addition to stabilization and organic rent growth.
Conveniently located 5 miles from Charlotte Douglas Airport, less than 5 miles from Uptown Charlotte, with easy access to I-85 and connectivity to anywhere in the city. This property positions its residents’ minutes from all major employment, retail, restaurants, and entertainment.
This asset offers a new investor a value-add opportunity through implementation of an exterior and interior renovation program to achieve significant premiums in addition to stabilization and organic rent growth.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Property Facts Under Contract
| Price | $2,250,000 | Apartment Style | Low Rise |
| Price Per Unit | $112,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.68 AC |
| Cap Rate | 6.40% | Building Size | 14,500 SF |
| No. Units | 20 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1989 |
| Property Subtype | Apartment | Parking Ratio | 1.38/1,000 SF |
| Price | $2,250,000 |
| Price Per Unit | $112,500 |
| Sale Type | Investment |
| Cap Rate | 6.40% |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 1.68 AC |
| Building Size | 14,500 SF |
| No. Stories | 2 |
| Year Built | 1989 |
| Parking Ratio | 1.38/1,000 SF |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Granite Countertops
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- Courtyard
- Laundry Facilities
- Maintenance on site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 15 | - | 700 |
| 3+1 | 5 | - | 800 |
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PROPERTY TAXES
| Parcel Number | 063-053-42 | Improvements Assessment | $740,300 |
| Land Assessment | $363,500 | Total Assessment | $1,103,800 |
PROPERTY TAXES
Parcel Number
063-053-42
Land Assessment
$363,500
Improvements Assessment
$740,300
Total Assessment
$1,103,800
zoning
| Zoning Code | R22MF |
| R22MF |
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Saratoga Park Apartments | 1234-1242 Saratoga Dr
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