NoDa Landing is an unique 58-unit apartment complex that presents a lucrative investment opportunity. Originally built in 1969, this property has recently undergone a comprehensive renovation in 2022, resulting in a contemporary and stylish appearance. The modern finishes incorporated during the renovation add a touch of elegance to the complex, attracting tenants seeking a comfortable and updated living space.
Approximately $2.6 million has been invested to transform NoDa Landing into a modern and luxurious living space. With $1.7 million dedicated to interior renovations and the remainder allocated for exterior improvements including all new windows, a new roof, mini-split systems and major courtyard improvements.
The complex is comprised of 58 individual units, all featuring a spacious layout with one bedroom and one bathroom each. The units have been meticulously designed to maximize functionality and offer a comfortable living experience. The renovation has ensured that each apartment boasts contemporary amenities and modern fixtures, providing residents with a desirable and convenient lifestyle.
Rental demand for NoDa Landing has been robust since completion of the redevelopment. Rents are currently ranging from $950 - $1,375 with an average in place rent of $1,181. It should be noted that there is an apparent opportunity to increase the average rent as much as 12-18%. Current ownership has already proven rents are sustainable up to $1,375/month and given the property's prime location and recent renovation, the feasibility to continue this seems prudent.
Beyond the individual units, the apartment complex offers additional amenities and conveniences for residents. These include a dog park, laundry facilities, an immaculate courtyard and storage units. These amenities enhance the overall desirability of the property and contribute to the appeal of renting within this complex.
Moreover, the apartment complex's location should not be overlooked as it plays a significant role in its investment potential. Ideally situated in a the heart of NoDa it is located just over a mile from N Davidson Street where you have the likes of some of Charlotte's top restaurants, breweries and nightlife. The accessibility and convenience of these nearby attractions make the complex highly attractive to potential tenants.
Overall, this 58-unit apartment complex presents a remarkable investment opportunity. With its unique design, recent renovation, modern finishes, and potential for increasing rental rates, it appeals to investors seeking a lucrative venture in the real estate market. The combination of functional and stylish units, additional amenities, and a prime location make it a highly desirable property for both tenants and future owners.
About Charlotte
Charlotte, North Carolina, commonly referred to as the Queen City, has experienced remarkable growth in recent years. As the largest city in the state, Charlotte has established itself as a major economic and cultural hub in the southeastern United States.
In terms of population, Charlotte has seen a significant increase over the past decade. According to the most recent data available before my knowledge cutoff in September 2021, the city's population was estimated to be around 900,000 residents. However, with the ongoing growth trend, it is likely that the population has surpassed the one million mark by now.
Charlotte's economic growth has been fueled by its diverse industries, including finance, technology, energy, healthcare, and manufacturing. The city is home to the headquarters of several major corporations, including Bank of America and Duke Energy. Additionally, Charlotte has become a prominent center for the fintech industry, with many financial technology startups and companies choosing to establish their presence in the city.
The real estate market in Charlotte has experienced a surge in demand, driven by both internal migration and the influx of people from other parts of the country. The city offers a relatively affordable cost of living compared to other major metropolitan areas, making it an attractive destination for young professionals and families. This increased demand has led to the construction of numerous residential and commercial developments throughout the city.
Charlotte has also invested in its infrastructure to accommodate its growth. The city has expanded its transportation systems, including the light rail system known as the LYNX, which connects various neighborhoods and suburbs. Additionally, Charlotte Douglas International Airport, one of the busiest airports in the country, has undergone significant expansions to handle the growing number of passengers and air cargo.
About NoDa
NoDa, short for North Davidson, is a vibrant and eclectic neighborhood located in the northern part of Charlotte, North Carolina. It is known for its artsy and bohemian atmosphere, with a rich cultural scene and a strong emphasis on the arts.
NoDa is situated just northeast of Uptown Charlotte and is easily accessible from the city center. The neighborhood is characterized by its historic buildings, converted mills, and warehouses, which have been repurposed into art galleries, studios, theaters, and trendy shops. This blend of old and new creates a unique and charming ambiance.
Over the years, NoDa has experienced significant growth and revitalization, transforming from a once neglected industrial area into a thriving and sought-after neighborhood in Charlotte. The neighborhood's resurgence can be attributed to several factors.
The renovation and repurposing of old industrial buildings have also played a significant role in NoDa's growth. Many of these buildings, including former textile mills and warehouses, have been transformed into trendy lofts, studios, and creative workspaces. This adaptive reuse of existing structures has not only preserved the neighborhood's historic character but has also attracted artists, entrepreneurs, and small businesses, contributing to NoDa's unique cultural atmosphere.
