The 28 at Mount Holly 300 E Charlotte Ave

THE PROPERTY
The 28 at Mount Holly is comprised of 28 two-bedroom, one-and-
a-half bathroom townhomes measuring 1,000 square feet each.
Each unit features washer/dryer hookups in-unit and private,
separated patios next to the first-floor dining area. Most units have
luxury vinyl plank flooring, black appliances, new white cabinet
doors and hardware, and new Formica countertops. Five units
remain in completely classic condition allowing a new owner to
come in and build on a proven renovation concept. The property is
a short walk to several employers and popular retail attractions,
including restaurants, coffee shops, breweries, and the Carolinas’
oldest legal rum distillery, among other points of interest.
THE OPPORTUNITY
New ownership can perform unit renovations and raise rents
$225–$275 and push rents on renovated units between $55 and
$175 based on current conditions. There exists the opportunity
to increase rents further by adding premium features such as
stainless steel appliances and granite countertops, as proven by
nearby comps. The landlord still pays Water/Sewer, which can be
billed back to tenants to boost NOI. Additional income opportunities
include renting out more W/D units (currently charging $55/month)
and providing internet/cable tenant packages (potential for $50/
month in additional net income per unit).
MAIN & MAIN LOCATION
Located about 20 min from Uptown Charlotte, Mt Holly is a
charming suburban town that offers convenient access to
employers and amenities. The property is a block away (short
walk) from the heart of downtown Mt Holly, home to several
employers and popular retail attractions, including coffee shops,
breweries, and the Carolinas’ oldest legal distillery.
$800K+ IN RECENT CAPITAL IMPROVEMENTS
Current Ownership has invested over $800,000 in capital
improvements since 2022. These improvements have included
parking lot work, paint, gutters and downspouts, patio fencing,
replacement of ~half (13) of the HVAC units, landscaping*, and
extensive renovations on 23 of 28 units. These improvements
allow a new owner to step in to a lower maintenance operation.
*Note: Some of the landscaping work included extensive foliage
growth cleanup to help prevent potential flood damage (the
property is within a flood zone).
BOOMING SUBMARKET
Income demographics and local real estate values continue
to surge in the charming eastern Gaston County towns of Mt
Holly and Belmont. Development projects such as the CaroMont
Regional Medical Center (opening 2024), ongoing expansion of
CLT-Douglas Airport, and The River District (Phase 1 underway)
continue to boost the demand for rental housing in the area with
new jobs, capital investment, and improved quality of life.