Can any of you pros comment on Grier Heights, I'm looking at purchasing an apartment building there and would value any info on the area?

Asked by Gabe, Charlotte, NC Thu Nov 4, 2010

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Matthew Trin…, Agent, Charlotte, NC
Thu Nov 4, 2010
Hi Gabe,

My personal opinion on Grier Heights is to value your purchase based on CAP rate and rental income alone and do not make any allowance for future appreciation (just consider that icing on the cake if it does happen). You are likely to have a high turnover rate with tenants there. But, there are some good deals there, hopefully you have found a good one!

Please contact me for any more detailed information and you can also consider our property management services. Just check out our website below.

Matthew Tringali
Owner of Group 15 Real Estate
1 vote
Bill Ahls, Agent, Cornelius, NC
Thu Nov 4, 2010

I can email to you a rental assessment for multi-family units and other statistical data. While I'll need some time to refresh the data, I had been tracking the cap rates of several multi-family units in the Charlotte region. What type of information are you looking for? What size complex are you purchasing? What is the address? Are you referring to Marvin Rd or Skyland Ave? Do you have representation or at least experience with multi-family units?

Bill Ahls
1 vote
Nathan Wolf, Agent, Charlotte, NC
Mon Jun 27, 2011
I have client looking to sell some of his Grier Heights duplexes and an apartment building nearby.

It's very well located and should be more expensive than it is. But due to the amount of low income housing and HUD housing, most of the properties are leased using Section 8. This is essentially guaranteed income as long as you have access to the tenants for this type of housing.

My client has never had trouble maintaining high occupancy rates. It is less than 10 minutes to Downtown Charlotte, is on the bus line, and is also easy access to parts of East Charlotte and South Charlotte. There are hospitals and other businesses nearby which offer many job opportunities within a short distance for the workforce labor and others that tend to rent here. Also many older/seniors live in the area.

It is not a high rent district by any stretch of the imagination, but the tenants tend to rent long-term and the area location allows them access to many of the great parts of Charlotte without the expense. It's also a good area for support businesses such as Laundromats.

If you are interested in more properties, let me know 704-858-2345.
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Jeff Monfils, Agent, Mount Holly, NC
Thu Nov 4, 2010
II can get all the pro forma and cap rates ECT... no problem. I have the contacts. Will need a no compete agreement and confidentiality agreements first. I also have many more apartment building insider information not public. No wheel spinning, serious inquiry only please.
Kindest Regards,

Jeff Monfils
Director North Carolina Operations
Bastille Real Estate
Foreclosure Avoidance Consultants
3611 Mt Holly-Huntersville RD Ste 204-310
Charlotte NC 28216
704.975.7616 | 888.807.4848 ext. 505
Philippians 2:3&4
0 votes
Scott Jensen, , Charlotte, NC
Thu Nov 4, 2010
Hi Gabe,

Grier Heights has really gone through a significant transformation over the past decade. It used to be a haven for crime and falling property values, but recently the city and private developers have been pouring money into the neighborhood in an effort to re-vitalize it. All but about two abandoned houses remain and they will eventually be torn down. It's part of a revitalization project for Grier Heights, involving nonprofit real estate developers Self-Help and CrossRoads. About seven new homes have been built in the past few years. The revitalization project also includes after-school programs, a new medical center and job training. The cost of the new homes starts at $125,000.

I would be glad to send you the market absorption statistics and rental rate trends if you would like.

Scott Jensen, MBA, Realtor
Carolina Realty Advisors
(704) 936-6436
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