Multi family properties in Gastonia NC

[Johnny Situ]

Hi BP folks, I want to ask the locals about investing in Gastonia NC, where are the good area/subdivision for multi-family investments? I saw a couple deals around 28052 zip code but not sure if it's feasible to buy properties there.

[Account Closed]

@Johnny Situ, We bought a 76-unit complex in Gastonia back in June, that was our first investment property in NC.  We're now in the process of re-positioning the property by renovating units and taking care of deferred maintenance.  While it hasn't been a walk in the park we're already starting to see results and our rents per sqf are climbing month over month.  We're at a point where there's a wait list for units at our property, and indication that we still have pricing power and that demand is outstripping supply overall.

The two things that have been surprising to me since we've acquired are property are; (1) we've seen tons of people coming to us from Charlotte.  There's an affordability crisis going on in Charlotte right now.   And while there's an argument to be made about the strength of the local job market in Gastonia there are people tons of people working in Charlotte that are leaving in search of more affordable housing.  (2)  There's a significant migration into the city from the Northeast and not everyone is going to Charlotte.   l've personally met quite a number of folks who are recent transplants to Gastonia.  I am always surprised to meet another New Yorker in town but it's becoming more common. 

Given my experience above I can see why Gastonia has the fastest growing rents in the region:  https://www.charlotteagenda.com/85324/states-faste...

In any case, I don't regret investing in Gastonia and if we could pick up more assets there I would.  Like any thing else, you have to know your pockets.   It's also a very local market so it pays to invest in building your network there.