ATTENTION INVESTORS! Here's your chance to own a turn-key 23 unit apartment complex in Charlotte, NC. Lincoln Heights Apartments consists of 14 buildings on a 2.01 acre cul-de-sac. Located in an Opportunity Zone (for those interested in tax advantages), this area near Uptown Charlotte is prime for future development. While currently enjoying great cash flow, there is still more post-covid opportunities to increase rents. Each unit consists of 2 bed / 1 bath and is individually metered so tenants pay for their own gas, electric, and water utilities. Owner is responsible for nominal Duke Energy outside lighting and city sewer expenses. Roofs were replaced in 2012 with 30-year architectural shingles. New vinyl windows were installed in 2020-21. Most units (19 of 23) have also been gently updated within the last 24 months. Adjacent to I-77 and just minutes from Uptown, buy and hold until the next big development push and/or reposition these class C apartments for even higher rents.
Closed
$2,925,000
1702 Newland Rd, Charlotte, NC 28216
2beds
16,012sqft
Multi Family
Built in 1964
-- sqft lot
$-- Zestimate®
$183/sqft
$1,130 Estimated rent
Home value
Not available
Estimated sales range
Not available
$1,130/mo
Zestimate® history
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$17,237/mo
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Est. payment
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Zillow last checked:
Listing updated:
Listing Provided by:
Jim Townsend jim@townsendrealtygroup.com,
Townsend Realty Group
Bought with:
Grainger Gilbert
Fathom Realty NC LLC
Source: Canopy MLS as distributed by MLS GRID,MLS#: 4095808
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 2
- Bathrooms: 1
- Full bathrooms: 23
Heating
- Central, Forced Air
Cooling
- Varies by Unit
Appliances
- Included: Electric Oven, Electric Water Heater, Gas Water Heater, Refrigerator
- Laundry: Electric Dryer Hookup, Inside, Washer Hookup, Other
Features
- Flooring: Carpet, Linoleum, Vinyl, Wood
- Windows: Insulated Windows
- Has basement: No
Interior area
- Total structure area: 16,012
- Total interior livable area: 16,012 sqft
- Finished area above ground: 16,012
- Finished area below ground: 0
Property
Parking
- Parking features: Driveway, On Street
- Has uncovered spaces: Yes
Features
- Stories: 1
- Patio & porch: Covered, Front Porch
- Exterior features: Lawn Maintenance
Lot
- Size: 2.01 Acres
- Features: Cul-De-Sac, Rolling Slope
Details
- Parcel number: 07706110
- Zoning: R12MF
- Special conditions: Subject to Lease
Construction
Type & style
- Home type: MultiFamily
- Architectural style: Ranch
- Property subtype: Multi Family
Materials
- Brick Full, Brick Partial
- Foundation: Crawl Space
- Roof: Shingle
Condition
- New construction: No
- Year built: 1964
Utilities & green energy
- Sewer: Public Sewer
- Water: City
- Utilities for property: Electricity Connected
Community & neighborhood
Location
- Region: Charlotte
- Subdivision: Lincoln Heights
Other
Other facts
- Listing terms: Cash,Conventional,Exchange
- Road surface type: Asphalt, Paved
Price history
| Date | Event | Price |
|---|---|---|
| 2/25/2025 | Listing removed | $1,100 |
Source: Zillow Rentals Report a problem | ||
| 1/27/2025 | Price change | $1,100-8.3% |
Source: Zillow Rentals Report a problem | ||
| 12/4/2024 | Listed for rent | $1,200 |
Source: Zillow Rentals Report a problem | ||
| 11/23/2024 | Listing removed | $1,200 |
Source: Zillow Rentals Report a problem | ||
| 10/4/2024 | Listed for rent | $1,200-7.7% |
Source: Zillow Rentals Report a problem | ||
| 7/26/2024 | Listing removed | -- |
Source: Zillow Rentals Report a problem | ||
| 7/17/2024 | Listed for rent | $1,300 |
Source: Zillow Rentals Report a problem | ||
| 2/15/2024 | Sold | $2,925,000-2.5%$183/sqft |
Source:  Canopy MLS as distributed by MLS GRID #4095808 Report a problem | ||
| 12/28/2023 | Pending sale | $3,000,000+328.6%$187/sqft |
Source: Canopy MLS as distributed by MLS GRID #4095808 Report a problem | ||
| 11/30/2007 | Sold | $700,000$44/sqft |
Source: Public Record Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | -- | $1,869,400 0% |
| 2024 | -- | $1,869,600 |
| 2023 | -- | $1,869,600 +61% |
| 2022 | -- | $1,160,900 |
| 2021 | -- | $1,160,900 |
| 2020 | -- | $1,160,900 |
| 2019 | $13,309 +30.5% | $1,160,900 +79.1% |
| 2018 | $10,197 +19.2% | $648,300 |
| 2017 | $8,552 | $648,300 |
| 2016 | $8,552 | $648,300 |
| 2015 | $8,552 | $648,300 |
Find assessor info on the county website
Neighborhood: Lincoln Heights
Nearby schools
GreatSchools rating
- 4/10Bruns Avenue ElementaryGrades: PK-5Distance: 2.1 mi
- 3/10Ranson MiddleGrades: 6-8Distance: 2.5 mi
- 5/10West Charlotte HighGrades: 9-12Distance: 0.8 mi
Schools provided by the listing agent
- Elementary: Bruns Avenue
- Middle: Ranson
- High: West Charlotte
Source: Canopy MLS as distributed by MLS GRID. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.