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Queens Gate Apartments – Multi-Family Opportunity Zone Portfolio – For Sale (Sold)

$ 2,735,000
2401-2432 Pruitt Street,
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Investment Overview

Visit: http://www.Marketing.OZ-Apts.com to learn more about Queen’s Gate. For videos visit: http://Videos.OZ-Apts.com 28 Unit Multi-Family Opportunity Zone portfolio on projected Light Rail “Silver Line” expansion with minutes walk to projected Ashley or Morris Field proposed stations. Potentially 29 Unit, conversion of the office which is already zoned for an additional Multi-Family unit. HIGHLIGHTS: • Opportunity Zone (OZ) & Qualified Census Tract (QCT) • Walking Distance from proposed Silver Line Light Rail • 5-minute walk to Walmart Super Center and CVS • Office Conversion already zoned for 1 additional Multi-Family unit PROPERTY DESCRIPTION SITE 28-unit multi-family garden property located at 2432 Pruitt Street, 2401-2425 Deherradora Avenue, & 3541 Blessing Street in Charlotte, North Carolina. The property consists of two 2-story apartment buildings, two single-family residential homes, a triplex, and a duplex. Twenty-one of the units are located in the two apartment buildings built in 1969. The improvements were constructed in 1948, 1956, & 1969 and are situated on a 1.851-acre site. PARKING Asphalt Paved Surface Parking UTILITIES City Water & Sewer, Duke Energy Electric CONSTRUCTION Garden Style Townhome style brick and wood on all but one of the single-family home sites which is a wood style siding.

  • On projected Light Rail “Silver Line” expansion with minutes walk to projected Ashley or Morris Field proposed stations
  • Situated in an Opportunity Zone & Qualified Census Tract
  • Office conversion to Studio apartment generating an additional $650 per month rental unit
  • Location, Location, Location less than a 10 minute drive to all major Interstate thoroughfares
  • Value Add Opportunity to increase rent premiums to align with market rentals
  • 24 units over 1,000 sf, where in a Covid-19 era more space is extremely desirable
  • Over a quarter million in Capital Improvements in the past 4 years
  • 25% CAP on in place income and trailing expenses from July 1, 2019-June 30, 2020 with a 0% Vacancy
  • Opportunity to increase rent premiums $250-300 per month in 6 of the Townhome units
  • Opportunity to submeter the Water & Sewer saving 5% of annual expenses by billing back to tenants
  • Interior upgrades to increase rents
  • 100% Occupancy

Location Overview

  • Conveniently located off of the proposed Light Rail “Silver Line” expansion along Wilkinson Blvd., behind the recently purchased Park-N-Shop property that is being redeveloped.
  • 3 Miles, 6-minute drive to the passenger terminals at Charlotte Douglas International Airport(CLT), great for “Gig” economy drivers of Uber & Lyft
  • 3 Miles, 8-minute drive to Bank of America Stadium in uptown Charlotte
  • 5 Miles, 8-minute drive to the 1.2 million-square-foot Amazon Distribution Center on the corner of Wilkinson Blvd. & Tuckaseegee Rd.

Interstate Crossroads

  • I-85 is a 5-minute drive
  • I-77 is a 5-minute drive
  • I-277 the ring road around the City Center of Charlotte is a 5-minute drive
  • I-485 the 67+ mile ring road encircling Charlotte is an 8-minute drive from Queen’s Gate

Opportunity Zone – OZ

  • Queen’s Gate lies in Westerly Hills one of only two Opportunity Zones(OZs) in the city limits of Charlotte, NC
  • New projects in and around the Westerly Hills neighborhood/submarket are already experiencing the rising tide with development dollars invested
  • Single Family Homes adjacent to Queen’s Gate are starting to see rapid appreciation. (2401 Pruitt St. & 3500 Blessing St. with sales in 2020).

Qualified Census Tract (QCT)

  • Queen’s Gate is located in a HUD Qualified Census Tract(QCT).
Address: 2401-2432 Pruitt Street
Zip: 28208
Country: United States
Property Id : 20108
Price: $ 2,735,000
Property Type: Multi-Family
Zoning: R-22MF & R-8
Lot Size: 1.85 Acres

Rob Grier

(704) 900-7600

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