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Savoy 650 E Brooklyn Village Ave 302 Unit Apartment Building For Sale Charlotte, NC 28202
Investment Highlights
- 20% rent to income ratio offers affordable luxury and rental pricing power.
- Historically low basis at a discount to replacement cost — 27% below 2022 peak year average.
- ±50,000 Fortune 500 HQ jobs and robust education pipeline drive long-term rental demand.
- Market supply cliff strengthens rent fundamentals — 68% YoY delivery decrease within two mile radius.
- Cyclical trough NOI with a clear path to recovery — ±10% projected NOI increase, with rents 5.2% below 2023 peaks.
- Competitive set suggests additional rent upside achievable — rent PSF 6.3% below competitive set average.
Executive Summary
Avison Young, as exclusive agent, is pleased to present Savoy Apartments, a 302-unit, Class A multifamily community with four ground-floor retail units located in the heart of Uptown Charlotte’s Second Ward. Delivered in 2018, this six-story, institutional-quality asset offers turnkey product with a best-in-class amenity package and walkable access to top-tier dining, the Spectrum Center, Bank of America Stadium, and Uptown’s corporate employment base. A stabilized, recently constructed asset with diversified income, Savoy offers investors reliable cash flow in a market ranked among the nation’s best for job, income, and population growth – positioned to capture outsized upside as supply continues to tighten.
Property Facts
| Sale Type | Investment | Lot Size | 2.64 AC |
| No. Units | 302 | Building Size | 263,288 SF |
| Property Type | Multifamily | Average Occupancy | 96% |
| Property Subtype | Apartment | No. Stories | 6 |
| Apartment Style | Mid-Rise | Year Built | 2018 |
| Building Class | B | Parking Ratio | 1.21/1,000 SF |
| Zoning | UMUD - Mixed Use Commercial | ||
| Sale Type | Investment |
| No. Units | 302 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 2.64 AC |
| Building Size | 263,288 SF |
| Average Occupancy | 96% |
| No. Stories | 6 |
| Year Built | 2018 |
| Parking Ratio | 1.21/1,000 SF |
| Zoning | UMUD - Mixed Use Commercial |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Hardwood Floors
- Vaulted Ceiling
- Stainless Steel Appliances
- Views
- Walk-In Closets
- Linen Closet
- Pantry
- Patio
Site Amenities
- Clubhouse
- Courtyard
- Fenced Lot
- Fitness Center
- Pool
- Grill
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 52 | - | 558 - 717 |
| 1+1 | 179 | - | 715 - 968 |
| 2+2 | 66 | - | 1,081 - 1,364 |
| 3+2 | 5 | - | 1,460 |
Very walkable
80/100
Very drivable
80/100
Good public transit
70/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 125-171-02 | Improvements Assessment | $68,851,100 |
| Land Assessment | $21,422,100 | Total Assessment | $90,273,200 |
Property Taxes
Parcel Number
125-171-02
Land Assessment
$21,422,100
Improvements Assessment
$68,851,100
Total Assessment
$90,273,200
Contacts
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James Nelson -
Erik Edeen -
James Hanson -
Steven Peden -
Hal Kempson -
Kimberly Troeller -
David Zipparo -
Angelo Donato -
Avison Young
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