118 Ethel DR, Stanley, NC 28164
118 Ethel DR, Stanley, NC 28164
118 Ethel DR, Stanley, NC 28164
118 Ethel DR, Stanley, NC 28164
118 Ethel DR, Stanley, NC 28164
118 Ethel DR, Stanley, NC 28164
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$ 1,500,000
Est. payment | /mo

24 Beds

18 Baths

9,947 SqFt


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$ 1,500,000
Est. payment | /mo
Save

24 Beds

18 Baths

9,947 SqFt

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

Square Footage 9,947 sqft

Price per Sqft $150

MLS Listing ID 4365281

Bedrooms 24

Full Baths 12

Half Baths 12

Abv Grd Liv Area 9,947

Year Built 1973

Lot Size 0.780 Acres

Acres 0.78

Property Sub-Type Apartment

Property Description

This opportunity represents a well-maintained and fully occupied, 12-unit townhome community in Stanley, NC, offering immediate in-place cash flow with upside at an attractive basis of $125,000/unit. 118-120 Ethel Dr consists of twelve 2BR/1.5BA units (~780 SF), with meaningful capital improvements already completed, including a new roof, siding, numerous HVAC replacements, and interior renovations to 10 units between 2020–2024.

Current rents average $973 providing ~$177/unit in upside to $1,150 for MTM agreements and as leases turn through 2026–2027, along with additional NOI growth through remaining renovations and the potential to own the washers and dryers in the common laundry. Located just 18 miles northwest of Uptown Charlotte with easy access to I-485 and I-85, Stanley continues to benefit from strong renter demand driven by its affordability and proximity to major employment hubs.

Location

State NC

County Gaston

Zoning APT02

Interior

Heating Central

Cooling Central Air

Appliance Electric Range, Refrigerator

Laundry Common Area

Exterior

Street Surface Asphalt,Paved

Garage false

Building

Dwelling Type Site Built

Foundation Crawl Space

Sewer Public Sewer

Water City

Structure Type Brick Partial,Vinyl

New Construction false

Schools

Elementary Schools Springfield

Middle Schools Stanley

High Schools East Gaston

Others

Pets Allowed Conditional

Senior Community false

Special Listing Condition None

Listed by Zach Britt • Britt Commercial Real Estate, LLC • zbritt@brittcre.com

Nearby Locations

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118 Ethel DR