Kerr Street Apartments
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Kerr Street Apartments
2 Multifamily Properties Offered at $1,155,238 CAD in Concord, NC
Investment Highlights
- Recently Renovated Property With a Proven Value-Add Strategy in Place
- Conveniently Located near major highway I-85 with Easy Accessibility to Major Employers, Schools, Universities, Economic Drives, Major Retail Centers,
- Solid Market Fundamentals Combined with Strong Demographics in the Surrounding Area
- Organic Rent Growth Potential
- Desirable Unit Mix in Historic Downtown Concord
Executive Summary
Marcus & Millichap is pleased to present this unique multifamily investment opportunity in Concord, NC. This portfolio includes properties located at 391 Kerr St NW and 269 Misenheimer Dr NW, situated within an Opportunity Zone. This investment opportunity consists of a 5-unit Multifamily Property and a Single-Family Home, with one Studio, four Two-Bedroom and One-Bathroom Units, and one Three-Bedroom and One-Bathroom Unit, on contiguous parcels with a combined area of .35 +/- Acres. Located in the Charlotte MSA, this investment benefits from the rapid growth and development of the thriving Concord community, and it is an ideal choice for investors looking to capitalize on the area's dynamic economic landscape.
Prime Location with High Growth Potential: Cabarrus County, home to Concord, is experiencing significant growth. The population increased by 36.71% from 2010 to 2024, reaching 244,123 residents. The county benefits from its proximity to Charlotte, attracting residents seeking a more economical alternative. Since 2019, Cabarrus County has seen notable rent growth, reflecting its increasing appeal as a residential destination.
Robust Economic Drivers: Cabarrus County's economy is diverse, with key industries including healthcare, retail, finance, and manufacturing. Major employers like Atrium Health, Cabarrus Health Alliance, and Speedway Motorsports drive the local economy. Additionally, the county has attracted Fortune 500 and 1000 companies, including Truist and Honeywell, contributing to the region's robust economic activity. The job market in Cabarrus County has grown by 2.75% over the past year, and projected future job growth of 46.7% over the next decade, surpassing the national average of 33.5% indicating a thriving economic environment.
Economic Development Initiatives: Several economic development initiatives in Cabarrus County are designed to foster business growth and improve infrastructure. Notable projects include a $1 billion investment by Eli Lilly in a manufacturing campus, a $740 million joint venture by Red Bull and Rauch North America for a state-of-the-art beverage production operation, and Toyota's major investment in a new battery manufacturing center along the I-85 corridor. Toyota's investment, totaling nearly $8 billion, will significantly boost the local economy and reinforce the county's role as a manufacturing hub.
Completed Renovation Include:
New Roof 2021, PEC updated 2021, Paint, Flooring, New plumbing,HVAC's
Prime Location with High Growth Potential: Cabarrus County, home to Concord, is experiencing significant growth. The population increased by 36.71% from 2010 to 2024, reaching 244,123 residents. The county benefits from its proximity to Charlotte, attracting residents seeking a more economical alternative. Since 2019, Cabarrus County has seen notable rent growth, reflecting its increasing appeal as a residential destination.
Robust Economic Drivers: Cabarrus County's economy is diverse, with key industries including healthcare, retail, finance, and manufacturing. Major employers like Atrium Health, Cabarrus Health Alliance, and Speedway Motorsports drive the local economy. Additionally, the county has attracted Fortune 500 and 1000 companies, including Truist and Honeywell, contributing to the region's robust economic activity. The job market in Cabarrus County has grown by 2.75% over the past year, and projected future job growth of 46.7% over the next decade, surpassing the national average of 33.5% indicating a thriving economic environment.
Economic Development Initiatives: Several economic development initiatives in Cabarrus County are designed to foster business growth and improve infrastructure. Notable projects include a $1 billion investment by Eli Lilly in a manufacturing campus, a $740 million joint venture by Red Bull and Rauch North America for a state-of-the-art beverage production operation, and Toyota's major investment in a new battery manufacturing center along the I-85 corridor. Toyota's investment, totaling nearly $8 billion, will significantly boost the local economy and reinforce the county's role as a manufacturing hub.
Completed Renovation Include:
New Roof 2021, PEC updated 2021, Paint, Flooring, New plumbing,HVAC's
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $1,155,238 CAD | Number of Properties | 2 |
| Price / SF | $173.98 CAD / SF | Individually For Sale | 0 |
| Cap Rate | 5.95% | Total Building Size | 6,640 SF |
| Sale Type | Investment | Total Land Area | 0.13 AC |
| Status | Active |
| Price | $1,155,238 CAD |
| Price / SF | $173.98 CAD / SF |
| Cap Rate | 5.95% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 6,640 SF |
| Total Land Area | 0.13 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
| 269 Misenheimer Dr NW, Concord, NC 28025 | Multifamily | 1,208 SF | 1900 | - |
| 391 Kerr St NW, Concord, NC 28025 | Multifamily | 5,432 SF | 1900 | - |
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