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300 S 1st ST Albemarle, NC 28001
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Key Details
Sold Price $1,750,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Square Footage 53,000 sqft
Price per Sqft $33
Subdivision Downtown
MLS Listing ID 3644634
Style Other
Bedrooms 112
Full Baths 109
Year Built 1961
Lot Size 1.700 Acres
Property Sub-Type Apartment
Property Description
Vacant but risk management strategies in place: Prop can be Section 8 or not. City needs open market apartments (new grad college 5 blocks, 420+ jobs added, new PD across street, COVID pushing people out of Charlotte, etc), but there are also 90+ approved tenants, on waiting list for housing to come available, that could more than fill up the apartments.
100 small, studio style units or easily combine them into a bigger unit. 53 units at $750 per month would gross $477,000. Exp: $143,100 = NOI $333900. $1.5m const + $2.3 purch = $3.8m outlay. 9% cap.
Water and electric is not individually metered. Most rooms are efficiency style apartments, and the website above shows suggested plans. Some prospects are also interested in cutting walls and making into multi bedroom apartments. There are a couple 3 bed 3 bath and 2 bed 2 bath apartments.
There is about 5,000+ square feet of commercial space, including a full restaurant kitchen..
Location
State NC
County Stanly
Zoning CBD
Interior
Heating Other - See Remarks
Flooring Concrete, Tile
Laundry Other - See Remarks
Exterior
Exterior Feature Lawn Maintenance, In Ground Pool, Storage, Other - See Remarks
Community Features Business Center, Outdoor Pool, Sidewalks, Street Lights, Walking Trails
View City
Roof Type Built-Up,Insulated,Tar/Gravel,Other - See Remarks
Building
Lot Description Corner Lot, Other - See Remarks, Paved
Foundation Slab, Other - See Remarks
Sewer Public Sewer
Water City, Other - See Remarks
Structure Type Brick Partial,Concrete Block,Hard Stucco,Synthetic Stucco
New Construction false
Schools
Elementary Schools Central Albemarle
Middle Schools Albemarle
High Schools Albemarle
Others
Acceptable Financing Other - See Remarks
Listing Terms Other - See Remarks
Special Listing Condition None
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© 2026 Listings courtesy of Canopy MLS as distributed by MLS GRID. All Rights Reserved.
Bought with Bryan Maples • NorthGroup Real Estate, Inc.
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