Invest in New Construction Duplex in North & South Carolina

[Sydney G.]

Hello NC & SC investors,

I'm interested in investing in multi-family new construction (2-4 units) in Charlotte NC, Indian Head or Rock Hill SC. I'm hoping to gain more insight in these areas, and make agent, contractor, investor and lender connections. From research, I've seen multi-family is possible, however somewhat challenging in the Southeast. A little about me, I'm planning to relocate to Charlotte from Chicago, and I've have managed my Chicago rental since 2018.

Look forward to connecting! 

[Laura Shinkle]

Quote from @Sydney G.:

Quote from @Laura Shinkle:

Hi @Sydney G.congrats on your upcoming relocation. I looked up some stats for you to get an idea of how common what you're looking for is and the price points. I'm looking in our MLS in the Charlotte area, both NC and SC.

In the last 12 months, there are 4 multifamily properties that are new construction in Charlotte. None in the Indian Land or Rock Hill areas. There were 429 multifamily properties in total during that time, but most of the concentration of properties like this are north of Charlotte, in Kannapolis, Concord, Lincolnton, Hickory, etc. So that's 0.9% of the already limited inventory. The ones that match your criteria are listed/sold at $735,000 on the low end and up to $1.5M. 

I love multifamily as much of the next gal. But just looking from a likelihood scenario, those are some rough numbers and is literally looking for a needle in a haystack. Doable, but tough and you would need to act very quickly if you saw something that matched your criteria. 

Happy to discuss more if you have questions on specific areas. 

Thank you, Laura! This is helpful information. In the areas you mentioned above, what was the avg. lot size and avg. cost for land in the last 12 months?

 So it sounds like you're actually wanting to BUILD a new construction multifamily property? That's a different equation. 

The median lot size is .3 acres for multifamily properties. What the land cost, that would definitley be a deep dive into those specific properties. It also varies widely based on lot size, cleared vs forested, sewer/water/utilities available vs not, and location, etc. Also, making sure multifamily properties are allowed via zoning. Feel free to DM me if you want more specifics.