201 N Church St - Apartments FOR SALE


Mooresville, NC 28115
$38,900,000 USD
336-724-1715
201 N Church St, Mooresville, NC for Sale
$38,900,000 USD
Apartments - FOR SALE
1/46
null | 5.1% Cap Rate

201 N Church St
Mooresville, NC 28115


HIGHLIGHTS

  • Mill One provides qualified investors with a mixed-use trophy property consisting of 90 upscale apartments and 32,000 SF of quality retail space.
  • A new owner can benefit from attractive, in-place assumable financing for approximately $23,000,000 at a ±4.32% fixed rate.
  • The community’s exceptional location places it near top-rated shopping and dining experiences, historic music venues, and beautiful outdoor spaces.
  • Driven by solid population growth, the local MSA has shown solid population growth, with a high barrier to entry for new competing projects.

OVERVIEW

Discover the unrivaled opportunity to purchase the trophy, A+ mixed-use asset at 201 N Church Street, better known as Mill One, the crown jewel of Mooresville, NC. Originally built in 2021 on 2.27 acres, this stunning property combines 90 residential units with approximately 32,000 square feet of Class-A retail space. These accessible retail locations serve as a desirable amenity that helps to attract and retain quality tenants. Additionally, the community offers a lush courtyard and picnic area, as well as onsite maintenance and property management. Strategically located within North Carolina’s fastest growing city, this rare opportunity allows investors to break into or expand in the Charlotte MSA, the country’s second-largest banking hub. There is extremely limited supply of quality housing units in the area, as well as a higher barrier to entry due to changes in Mooresville UDO passed on 5/20/2024. Average rents across the MSA surpass $1,570 with plenty of additional room to growth. This presents an exceptional upside for a new owner to bring rents inline with the growing market average and increase revenue. Mill One benefits from an easily reachable location within ten minutes of Highway 21 and Interstate 77. Sitting just one block off Mooresville’s Main Street/Broad Street Corridor, the property has quick access to the city’s most popular retailers. Residents can also find dozens of household name shopping and dining brands surrounding the interstate. Adjacent to the property is a lush 5.5-acre urban park with basketball courts and a playground that serves as a popular gather place for the local community. Balconies at Mill One overlook the park and provide a bird’s eye view to summer concerts and events. Don’t miss this rare chance to acquire a trophy asset of the Charlotte MSA with the stunning mixed-use community at Mill One. There is assumable financing in place for approximately $23,000,000 at a ±4.32% fixed rate.

FOR SALE DETAILS

PRICE

$38,900,000 USD

PRICE/SF

$290 USD /SF

# OF UNITS

90

PRICE/UNIT

$432,222

CAP RATE

5.1%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Mill One

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

2021

PARKING SPACES

-

LAND DETAILS

LAND ACRES

2.27 AC

LAND SF

98,881 SF

ZONING

TD

APN/PARCEL ID

4667-21-0977.000

ASK ABOUT THIS PROPERTY

Nick Gonzalez, CCIMLinville Team PartnersMore Info
336-724-1715

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Nick Gonzalez, CCIMLinville Team PartnersMore Info
336-724-1715

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.