1.75 acres centrally located in Gastonia, NC. The property is currently zoned IU giving the buyer multiple asset strategies. The city has approved for 16 townhomes or 20 townhomes with the construction of a retaining wall. Break ground quickly with the majority of due diligence being completed.
Gaston County is characterized as a liquid market, with around 67 trades recorded over the past three years.The market price, which is an estimated price of all properties in the submarket, has risen dramatically over that time period and now stands at $162,352/unit.
Over the past year, the number of units that have become available in the market has surpassed the five-year average, with about 270 units having come online. The development in the market is set to continue, as roughly 880 units are currently under construction, which will significantly expand the existing inventory. Additionally, the rent prices have shown an impressive growth of 6.8% in the past year, exceeding the average annual growth rate of 6.0% observed in the last decade.
Gastonia is situated approximately 22 miles west of Charlotte, the largest city in North Carolina. The city covers an area of approximately 50.7 square miles, with a population of around 77,000 people, making it the largest municipality in Gaston County.
Gastonia's economy has experienced steady growth in recent years, with a low unemployment rate and a diverse mix of industries providing stable employment opportunities for its residents. The city's strategic location, with close proximity to Charlotte, also provides easy access to a larger job market and contributes to the overall economic vitality of the area.
