In Charlotte, the zoning ordinance requires that multi-family properties have frontage on a major road; an apartment fronting on a major road is common - and nothing new. If you look, you will find many situations where apartments, townhomes and condo complexes front on two major roads or a major road and a freeway.
It is not like the addition or realignment of a road removes all value from the property leaving it worthless. Although some people don't like three story homes, these are nice homes with a garage. At the right price, this would be a good investment. Determining that price is more difficult. Capping the NOI would be a good way to determine value. An appraiser would also be able to provide a value. The market will of course adjust the unit prices to the new road. If you appreciate an answer, please give thumbs up. For the most helpful answer, please say thanks with a best answer click.
I have to agree with everyone below. I think there are better opportunities out there. It might be good for a rental now but it will be difficult to sell when that time comes. It would have to be a fantastic deal now to even consider buying it. If you're questioning it, so will everyone else.
I'm also an investor and I wouldn't touch this one.
Best of luck.
Wilkinson & Associates
I honestly think this will kill this Complex. Most of my Clients would not buy something on fronting or backing a busy road, unless it is Queens Road.
My Investor Clients are not as concerned about that but of course resale is a factor. My question is where in the Complex are these in comparison to where the proposed widening will be. Are these going to be a long term hold?
Again, for the average buyer this will not be as attractive but as a person seeking a rental they are less picky. At the right price, these could work but will prpose that challenge when you need to liquify your portfolio. I think there are other opportunities out there that might be better. In fact, I have a Client liquifying some townhomes. Connect with me so I can pass on the details.
Debra M Buck
I agree with Scott. Who really wants a four lane road running through their property? If you have any hesitation on it what do you think people wanting to live there are going to have?
I love the idea f fthe road and the connection it will offer but coming through a subdivision can be a huge turn off or buyers in this area and I have found people are not fond of living that close to major roads and will steer away from those places.
Coldwell Banker United
You really answered your own question: "....who wants a 4 lane road running through their complex?"
Location is everything in real estate. The closer you are to a major highway (think i-95), the lower the prices command. Same goes for causeways, bridges, etc. There are exceptions to this rule, but not many. Noise and dirt are always a turnoff.
I have showed homes that are up against a turnpike, and prospective buyers would not even consider making an offer.