241 W Kingston Ave
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241 W Kingston Ave
4 Unit Apartment Building $2,200,000 ($550,000/Unit) 5.63% Cap Rate Charlotte, NC 28203
Investment Highlights
- In the Heart of Popular South End! Walk to popular restaurants, nightlife and shopping and ride bike/scooter to uptown Charlotte
- Deeded drive easement from Tryon Rd. to the back that provides 15+ parking spots!
- New exterior paint! Historic Charm, Quality finishes, Natural light, each unit has its own laundry room!
Executive Summary
The location just doesn't get any better than this! Perfectly located in the most desirable South End w/everything like shopping, entertainment, restaurants or walk to work just steps away. The new Lowes corporate building is just across the street. It is positioned perfectly in the charming historical district lined w/gorgeous oaks & high up on a large lot that has both front & back access/parking. This property has endless investment opportunities. It is a very successful short-term rental w/a high occupancy rate for all 4 units, that bring in an average of $12k per month. Incredible reviews too! The whole home has recently been painted a stunning white. Each unit has hand-crafted trim, solid hardwood floors, full tile bathrooms, lots of natural light from the oversized windows, laundry room, pantry, walk-in closet, coat closets, well designed & each has a front porch & or side patio. 15+ parking spots. Too many feature to describe. You must see it for yourself. It won't last long!
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$148,672
|
$50.23
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$148,672
|
$50.23
|
| Taxes |
$6,825
|
$2.31
|
| Operating Expenses |
$18,082
|
$6.11
|
| Total Expenses |
$24,907
|
$8.41
|
| Net Operating Income |
$123,765
|
$41.81
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $148,672 |
| Annual Per SF | $50.23 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $148,672 |
| Annual Per SF | $50.23 |
| Taxes | |
|---|---|
| Annual | $6,825 |
| Annual Per SF | $2.31 |
| Operating Expenses | |
|---|---|
| Annual | $18,082 |
| Annual Per SF | $6.11 |
| Total Expenses | |
|---|---|
| Annual | $24,907 |
| Annual Per SF | $8.41 |
| Net Operating Income | |
|---|---|
| Annual | $123,765 |
| Annual Per SF | $41.81 |
Property Facts
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer
- Heating
- Ceiling Fans
- Tile Floors
- Crown Molding
- Eat-in Kitchen
- Granite Countertops
- Hardwood Floors
- High Speed Internet Access
- Ice Maker
- Oven
- Stainless Steel Appliances
- Range
- Walk-In Closets
- Yard
- Basement
- Breakfast Nook
- Deck
- Double Pane Windows
- Family Room
- Island Kitchen
- Pantry
- Patio
Site Amenities
- 24 Hour Access
- Courtyard
- Fenced Lot
- Laundry Facilities
- Gas Range
- Vintage Building
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | $145.00 | 670 |
| 1+1 | 1 | $145.00 | 670 |
| 1+1 | 1 | $145.00 | 670 |
| 1+1 | 1 | $145.00 | 670 |
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Walk Score ®
Very Walkable (78)
Bike Score ®
Very Bikeable (72)
zoning
| Zoning Code | R8 (Zoning: R8 Historic District Category: Residential Multi Unit) |
| R8 (Zoning: R8 Historic District Category: Residential Multi Unit) |
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Gold House Properties LLC
241 W Kingston Ave
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