9517 Newell Hickory Grove

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9517 Newell Hickory Grove

Charlotte, NC 28215
Asking Price
$4.10M
Asset Type
Multifamily
Class
Class B

What's Special

9517 Newell Hickory Grove is situated in the Hickory Ridge area of East Charlotte, North Carolina. The property sits within a residential corridor characterized by a blend of established single-family neighborhoods and garden-style apartment communities. Residents have immediate access to regional shopping centers along the Albemarle Road and W.T. Harris Boulevard intersection, featuring grocery anchors and national retailers. The location offers efficient transit options, positioned near major thoroughfares including I-485 and East Independence Boulevard, providing a direct commute to University City and Uptown Charlotte. The asset is structured for multifamily residential use, suited for long-term rental housing or workforce housing redevelopment. The location attracts a diverse tenant profile, primarily consisting of mid-market earners and commuters seeking suburban stability with urban accessibility. Given the proximity to the University of North Carolina at Charlotte and the sensitive demand for affordable housing in the East Charlotte submarket, the property is positioned to serve individuals and families focused on proximity to educational institutions and local employment hubs.

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NOI
$80,000
Cap Rate
1.95%
DSCR
0.33
Underwater
Cash-on-Cash
-13.29%
Monthly Payment
$20,284.563
Annual Cash Flow
$-163,414.756

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