600 South Main Townhomes | 600-650 S Main St
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600 South Main Townhomes 600-650 S Main St
30 Unit Apartment Building $5,650,000 ($188,333/Unit) 5.50% Cap Rate Mooresville, NC 28115
Investment Highlights
- Invest in a 100% occupied, 30-Unit Townhouse property prominently located in the vibrant Downtown Mooresville, North Carolina.
- Proximate to Interstate 77, Lake Norman, and the Charlotte Light Rail Red Line expansion.
- Recent renovations have been made by current ownership to 24 units, bringing these units to near market value.
- Situated among significant mixed-use developments and area growth, along with several neighborhood amenities.
Executive Summary
600-650 S Main Street is a prime investment opportunity in vibrant downtown Mooresville. This 30-unit townhouse property was last purchased in 2018 from the original owner. The current owners have renovated 24 of the units and brought them to near-market value. Market rents are listed in the financials, and there is 0% vacancy. Existing income on this property makes it a short- or long-term hold, but the upside of the future development in this rapidly expanding downtown location should be considered. The property is also precisely 3 miles from the Lowes Corporate Offices, one of the biggest employers in the region.
Located in the heart of Downtown Mooresville, the property is surrounded by significant mixed-use development and neighborhood amenities. Recent announcements include a multi-million dollar renovation to the Historic Baseball park located directly across the street and the expansion of the Charlotte Light Rail Red Line, which will stop in Mooresville.
Mooresville is a quiet community on the shore of Lake Norman, about thirty minutes north of Charlotte on Interstate 77. Known to many as “Race City USA,” it is home to the North Carolina Auto Racing Hall of Fame, many NASCAR and IndyCar racing teams and drivers, and several racing technology suppliers. Lake Norman sits just west of town, providing a popular swimming, boating, and fishing destination.
Located in the heart of Downtown Mooresville, the property is surrounded by significant mixed-use development and neighborhood amenities. Recent announcements include a multi-million dollar renovation to the Historic Baseball park located directly across the street and the expansion of the Charlotte Light Rail Red Line, which will stop in Mooresville.
Mooresville is a quiet community on the shore of Lake Norman, about thirty minutes north of Charlotte on Interstate 77. Known to many as “Race City USA,” it is home to the North Carolina Auto Racing Hall of Fame, many NASCAR and IndyCar racing teams and drivers, and several racing technology suppliers. Lake Norman sits just west of town, providing a popular swimming, boating, and fishing destination.
Data Room Click Here to Access
- Operating and Financials
Financial Summary (Actual - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts Under Contract
| Price | $5,650,000 | Building Class | C |
| Price Per Unit | $188,333 | Lot Size | 2.15 AC |
| Sale Type | Investment | Building Size | 33,750 SF |
| Cap Rate | 5.50% | Average Occupancy | 100% |
| No. Units | 30 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 2001/2022 |
| Property Subtype | Apartment | Parking Ratio | 1.84/1,000 SF |
| Apartment Style | Townhome |
| Price | $5,650,000 |
| Price Per Unit | $188,333 |
| Sale Type | Investment |
| Cap Rate | 5.50% |
| No. Units | 30 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | C |
| Lot Size | 2.15 AC |
| Building Size | 33,750 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 2001/2022 |
| Parking Ratio | 1.84/1,000 SF |
Unit Amenities
- Air Conditioning
- Dishwasher
- Microwave
- Storage Space
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
- Kitchen
- Granite Countertops
- Refrigerator
- Stainless Steel Appliances
- Range
- Tub/Shower
- Carpet
- Handrails
- Lawn
Site Amenities
- Fenced Lot
- Video Patrol
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 30 | $1,425 | 1,100 - 1,175 |
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PROPERTY TAXES
| Parcel Number | 4656-78-9608.000 | Total Assessment | $3,759,620 (2023) |
| Land Assessment | $150,500 (2023) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $3,609,120 (2023) | Tax Year | 2024 Payable 2024 |
PROPERTY TAXES
Parcel Number
4656-78-9608.000
Land Assessment
$150,500 (2023)
Improvements Assessment
$3,609,120 (2023)
Total Assessment
$3,759,620 (2023)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024 Payable 2024
zoning
| Zoning Code | DE (Downtown Extension The Downtown Extension zoning district in Mooresville, North Carolina is a transitional district around downtown.) |
| DE (Downtown Extension The Downtown Extension zoning district in Mooresville, North Carolina is a transitional district around downtown.) |
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Phoenix Development Partners
600 South Main Townhomes | 600-650 S Main St
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