Lack of Multi Family for sale in Charlotte Area

7 Replies

Hey guys,

Over the past year I've been looking into the Charlotte area for 1-4 units for sale and can't seem to find anything where as in my North New Jersey area there's a lot more.

Curious if anyone familiar with the area has thoughts on this.

Thanks,

Jesse 

Originally posted by @Jesse Troiano :

Hey guys,

Over the past year I've been looking into the Charlotte area for 1-4 units for sale and can't seem to find anything where as in my North New Jersey area there's a lot more.

Curious if anyone familiar with the area has thoughts on this.

Thanks,

Jesse 

This is also true in Columbus and Cincinnati Oh and a lot of other markets. The trick is to start cold calling, make supply where there is none. 

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@Jesse Troiano - Charlotte in general does not have as many 2-4 unit multi families as other cities.  That is one reason you don't seem many listed for sale (and when you do, the price is often outrageous).  You can find a few more if you search in some of the surrounding areas (Gastonia, Concord, Salisbury, etc).  

Charlotte (Mecklenburg County) is currently in the process of changing some of the zoning laws to allow more infill of 2-4 units but that will take a while.

@Jesse Troiano my suggestion would be to do your homework on locations that fit your model for 2-4 units. You can't fit a square peg in a round hole. If there isn't a significant volume of properties in a given market you should look elsewhere. You'll never be able to scale if there is a market that only sells 10-20 MFR per month. I'm not saying they aren't present in the markets you discussed as I'm not an expert there, just need to really find out how many sales of a particular type of property per month actually sell.

Thanks all. Kind of what I expected to hear. Here in NJ everything is so expensive. In areas where locations are decent and/or good, you're looking at $500k + for a Duplex. 

I have about $40k to put down, but it doesn't seem feasible or worthwhile in this current market here.