1422-1450 Nottingham Rd 24 Unit Apartment Building $3,720,000 ($155,000/Unit) 6.37% Cap Rate Kannapolis, NC 28081

The Townhomes at Cannon Mills located at 1422 Nottingham Dr., Kannapolis, NC, is a 24-unit townhome community situated on ±2.22 acres, comprised of two-story 2BR/1.5BA units with front and back porches in a quiet residential neighborhood just outside of Downtown Kannapolis. The property offers durable in-place cash flow with a clear path to additional revenue through continued rent optimization toward prevailing submarket levels, including the opportunity to further modernize remaining interiors with upgraded finishes to support premium rent positioning.
A recent ±$500,000 capital improvement program materially reduces near-term CapEx and supports long-term performance, including an exterior overhaul (painted brick, metal awnings, shutters, upgraded lighting, gutters), new concrete patios and railings, new windows, upgraded electrical panels, utility optimization, a new asphalt parking lot with wheel bumpers, and targeted HVAC replacements. These improvements enhance curb appeal, operating efficiency, and durability.
Kannapolis has emerged as a growth market anchored by the 350-acre North Carolina Research Campus, along with expanding healthcare and advanced manufacturing. The asset is located approximately 2.5 miles from Downtown Kannapolis, less than 5 miles from Atrium Health Cabarrus, and offers convenient access to I-85. It is approximately 25 miles to Uptown Charlotte, providing strong regional demand drivers with a favorable cost-of-living profile.
For investors, Townhomes at Cannon Mills combines suburban stability with Charlotte-metro connectivity. It is an upgraded, well-located, income-producing asset positioned for continued performance in a market benefiting from sustained population and income growth.