Fountain Hill Apartments | 1701 Remount Rd
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Fountain Hill Apartments 1701 Remount Rd
20 Unit Apartment Building For Sale Charlotte, NC 28208
Investment Highlights
- Significantly Below Market Rents
- Organic Rent Growth
- Potential Redevelopment Path
- Rapidly Transitioning Neighborhood minutes from South End
- Conveniently Located 5 Miles from Charlotte Douglas Airport, 2.8 miles from Uptown, 1.7 miles from Southend
- Opportunity Zone
Executive Summary
Marcus & Millichap is pleased to present the Fountain Hill Apartments in Charlotte, NC. The property is a 20-unit garden-style community, built in 1966, situated on 1.09 +/- acres, consists of nine, 1BD x 1B units and eleven, 2BD x 2B units, located at 1701 Remount Rd in a rapidly developing neighborhood minutes from the heart of South End.
Conveniently located 1.7 miles from South End, 2.8 from Center City Uptown, 5 miles from Charlotte Douglas Airport, and adjacent to the redeveloped Westover Shopping Center. This property positions its residents’ minutes from all major employment, retail, restaurants, and entertainment that Charlotte has to offer.
This asset offers a new investor the opportunity to implement an exterior and interior renovation program to achieve significant premiums in addition to stabilization and organic rent growth. With strong growth within the Charlotte market, the rent growth potential coupled with its location in this rapidly developing corridor of Charlotte, further adds to the attractiveness of this investment opportunity.
Conveniently located 1.7 miles from South End, 2.8 from Center City Uptown, 5 miles from Charlotte Douglas Airport, and adjacent to the redeveloped Westover Shopping Center. This property positions its residents’ minutes from all major employment, retail, restaurants, and entertainment that Charlotte has to offer.
This asset offers a new investor the opportunity to implement an exterior and interior renovation program to achieve significant premiums in addition to stabilization and organic rent growth. With strong growth within the Charlotte market, the rent growth potential coupled with its location in this rapidly developing corridor of Charlotte, further adds to the attractiveness of this investment opportunity.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Property Facts
| Sale Type | Investment | Building Size | 15,136 SF |
| No. Units | 20 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1966/2005 |
| Apartment Style | Low Rise | Parking Ratio | 1.39/1,000 SF |
| Building Class | C | Opportunity Zone |
Yes
|
| Lot Size | 1.09 AC |
| Sale Type | Investment |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 1.09 AC |
| Building Size | 15,136 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1966/2005 |
| Parking Ratio | 1.39/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Air Conditioning
- Dishwasher
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Wheelchair Accessible (Rooms)
Site Amenities
- Playground
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 9 | - | 713 |
| 2+1 | 11 | - | 786 |
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PROPERTY TAXES
| Parcel Number | 117-023-07 | Improvements Assessment | $1,776,100 |
| Land Assessment | $363,300 | Total Assessment | $2,139,400 |
PROPERTY TAXES
Parcel Number
117-023-07
Land Assessment
$363,300
Improvements Assessment
$1,776,100
Total Assessment
$2,139,400
zoning
| Zoning Code | R22MF |
| R22MF |
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Fountain Hill Apartments | 1701 Remount Rd
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