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9730 Davidson Highway Concord, NC 28027

3 Beds 2 Baths 2,486 sqft Built 1948

$469,999

List Price

$2,330

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

November 08, 2020 RECENTLY ADDED
FACTS
  • Built In 1948
  • Price/Sqft : $189.06
  • 2 Days on Market
  • MLS # : 3676201
  • Updated Date : 11/07/2020 at 20:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,486 sqft
  • Baths : 2 full
Listing Agent

Lake Norman Agents Llc

Listing Agent's Description

3.21 ACRES Davidson HWY/ 73; POTENTIAL COMMERCIAL PROPERTY across from Moss Creek division; 229ft ROAD FRONTAGE BRING YOUR INVESTORS backs up to Wellington Chase Neighborhood Great location between I-77 Huntersville and I 85 Concord (Concord and Huntersville/ Davidson/Kannapolis/ Harrisburg) Convenient to Concord Airport, Concord Mills, Charlotte Motor Speedway, Kannapolis Research Park Retail and Schools. City Water and Sewer available. lot prime for commercial dev like Medical, dental, Fast food, Gas station; OR enough acreage to subdivide and build custom homes Perfect for clients who need access to I77 or I85 Daily Traffic average over 14000 cars There is a home on property value is in road frontage Acreage :Owner to make no repairs sold as is Makes a good investment rental until ready to develop; surrounding property zoned C-2; City of Kannapolis utilities provider convenient to Lake Norman, Charlotte Motor Speedway, Concord Mills, UNCC Charlotte, Kannapolis Research

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MARKET HIGHLIGHTS

  • Charlotte metro's economy is worth $181 billion in Gross Metro Product and projected to grow to $192 billion in 2019 (USMayors.org, 2018)
  • #1 Millenial Moving destination city (Smart Asset)
  • Corporate Fortune 500 headquarters: Bank of America, Lowe’s, Duke Energy, Nucor, Family Dollar Stores, Sonic Automotive, Domtar
  • #3 fastest-growing big city in US with more than 15,000 people added in 2017 (US Census, 2018)
  • Charlotte metro has 65.8% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)
  • Charlotte attracted more than $325 million in capital investments in 2018Q2 (Meckelenburg county, June 2018)

PRICE & RENT TRENDS

Zip Code: 28027

ZipNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230k240kPrice in $113k248k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Zip Code: 28027

ZipNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350140014501500Rent in $8401526

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
W R Odell Elementary School Primary Regular 882 52 NA
Harris Road Middle School Middle Regular 1,185 63 9
Cox Mill High School High Regular 1,478 76 7

W R Odell Elementary School

  • Education Level: Primary
  • # of students: 882
  • # of teachers: 52
NA
GreatSchools Rating

Harris Road Middle School

  • Education Level: Middle
  • # of students: 1,185
  • # of teachers: 63
9
GreatSchools Rating

Cox Mill High School

  • Education Level: High
  • # of students: 1,478
  • # of teachers: 76
7
GreatSchools Rating
 

$422,999$516,999$469,999

PURCHASE PRICE

$2,097$2,563$2,330

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,330
EXPENSES Loan Payment -$1,734
Property Tax -$355
Property Insurance -$74
Property Management Fees -$210
CASH FLOW
-$42

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$469,999

PROJECTED PRICE

$2,330

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.3%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$130,300

INVESTMENT

$130,300

Down Payment
$117,500
Rehab Estimate
$5,750
Closing Costs
$7,050

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,734

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $117,500
Loan Amount $352,499
See What Happens When You Reinvest Cash Flow

4.08

YEARS SAVED

$21,464

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $2,330

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $1,753

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,5953$1,6004$1,8955$2,330
$2,330
RENT COMPS ANALYSIS
  • 9730 Davidson Highway Concord, NC 5
    • 3 beds 2 baths ∙ 2,486 Sqft ∙ Built 1948 3 beds 2 baths ∙ 2,486 Sqft ∙ Built 1948
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,330
    • $0.94
    •  
  • 1839 Rustic Barn Drive Huntersville, NC 1
    • 3 beds 3 baths ∙ 2,294 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,294 Sqft ∙ Built 2003
    property image
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.68
    •  
  • 9636 Evanston Street Concord, NC 2
    • 4 beds 3 baths ∙ 2,361 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,361 Sqft ∙ Built 2006
    property image
    LEASED 11/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.68
    •  
  • 1454 Duckhorn Street Concord, NC 3
    • 4 beds 3 baths ∙ 2,273 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,273 Sqft ∙ Built 2004
    property image
    LEASED 08/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.70
    •  
  • 1570 Bay Meadows Avenue Concord, NC 4
    • 4 beds 3 baths ∙ 2,499 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,499 Sqft ∙ Built 2007
    property image
    LEASED 08/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.76
    •  
PROPERTY LISTING DETAILS
Colleen Cornette
1.704.214.1355
Lake Norman Agents Llc
BESbswy