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1702 Newland Road, Charlotte, NC 28216
$2,925,000
1702 Newland Road, Charlotte, NC 28216View this property at 1702 Newland Road, Charlotte, NC 28216
1702 Newland RoadCharlotteNC28216
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Property Description
ATTENTION INVESTORS! Here's your chance to own a turn-key 23 unit apartment complex in Charlotte, NC. Lincoln Heights Apartments consists of 14 buildings on a 2.01 acre cul-de-sac. Located in an Opportunity Zone (for those interested in tax advantages), this area near Uptown Charlotte is prime for future development. While currently enjoying great cash flow, there is still more post-covid opportunities to increase rents. Each unit consists of 2 bed / 1 bath and is individually metered so tenants pay for their own gas, electric, and water utilities. Owner is responsible for nominal Duke Energy outside lighting and city sewer expenses. Roofs were replaced in 2012 with 30-year architectural shingles. New vinyl windows were installed in 2020-21. Most units (19 of 23) have also been gently updated within the last 24 months. Adjacent to I-77 and just minutes from Uptown, buy and hold until the next big development push and/or reposition these class C apartments for even higher rents.
Full Property Details
Full Property Details for 1702 Newland Rd
General
- Sold For: $2,925,000
- Status: Closed
- Type: Single Family
- MLS ID: 4095808
- Added to Site: 137 day(s) ago
Interior
- Appliances: Electric Oven, Electric Water Heater, Gas Water Heater, Refrigerator
- Flooring: Carpet, Linoleum, Vinyl, Vinyl, Wood
Rooms
Bathrooms
- Total Bathrooms: 23
- Full Bathrooms: 23
Bedrooms
- Total Bedrooms: 46
Other Rooms
- Laundry: Electric Dryer Hookup, Inside, Washer Hookup, Other - See Remarks
Exterior
- Exterior Features: Lawn Maintenance
Parking
- Parking Features: Driveway, On Street
Location
- County: Mecklenburg
- Subdivision: Lincoln Heights
School Information
- Elementary School: Bruns Avenue
- Middle School: Ranson
- High School: West Charlotte
Heating & Cooling
- Cooling Type: Varies by Unit
- Heating Type: Central, Forced Air
Utilities
- Sewer: Public Sewer
- Water: City
- Utility Description: Electricity Connected, Gas
Structural Information
- Architectural Style: Ranch
- Construction: Site Built
- Exterior Const.: Brick Full, Brick Partial
- Roof: Shingle
- Square Feet: 16,012
- Year Built: 1964
Lot Features
- Lot Dimensions: irregular
- Street/Road Desc.: Asphalt, Paved
- Lot Features: Cul-De-Sac, Rolling Slope
- Rcmdd Zoning: R12MF
Financial Considerations
- Terms: Cash, Conventional, Exchange
- Tenant Pays: All Utilities
Disclosures and Reports
- Special Conditions: Subject to Lease
- Property ID: 077-061-10
- Lot Number: 23114-271
Listed by Latria Incorporated
Sold by Fathom Realty
Get Pre-Approved Today
Schools
Schools serving 1702 Newland Rd
School District:Charlotte-Mecklenburg Schools
Rating | Name | Grades | Distance |
---|---|---|---|
501 S Bruns Ave, Charlotte, NC 28208 | PK-5 | 2.1 mi | |
5850 Statesville Rd, Charlotte, NC 28269 | 6-8 | 2.6 mi | |
2219 Senior Dr, Charlotte, NC 28216 | 9-12 | 0.8 mi |
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 1702 Newland Rd
Date
Details
Price
Change
Source
2/15/2024
Sold
$2,925,000
-2.5%
MLS
12/27/2023
Listed
$3,000,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
1702 Newland Road, Charlotte, NC 28216 (MLS# 4095808) is a Single Family property that was sold at $2,925,000 on February 15, 2024. Want to learn more about 1702 Newland Road? Do you have questions about finding other Single Family real estate for sale in Lincoln Heights? You can browse all Lincoln Heights real estate or contact a Coldwell Banker agent to request more information.