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$3,720,000
Est. payment /mo
2.22 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID 4341255
Year Built 1971
Lot Size 2.220 Acres
Acres 2.22
Property Description
The Townhomes at Cannon Mills located at 1422 Nottingham Dr., Kannapolis, NC, is a renovated 24-unit townhome community on ±2.22 acres, comprised of two-story 2BR/1.5BA units with back porches in a quiet residential neighborhood. The property offers durable in-place cash flow with a clear path to additional revenue through continued rent optimization toward prevailing submarket levels, including the opportunity to further modernize remaining interiors with upgraded finishes to support premium rent positioning.
A recent ±$500,000 capital improvement program materially reduces near-term CapEx and supports long-term performance, including an exterior overhaul (painted brick, metal awnings, shutters, upgraded lighting, gutters), new concrete patios and railings, new windows, upgraded electrical panels, utility optimization, a new asphalt parking lot with wheel bumpers, and targeted HVAC replacements. These improvements enhance curb appeal, operating efficiency, and durability.
Kannapolis has emerged as a growth market anchored by the 350-acre North Carolina Research Campus, along with expanding healthcare and advanced manufacturing. The asset is located approximately 2.5 miles from Downtown Kannapolis, less than 5 miles from Atrium Health Cabarrus, and offers convenient access to I-85. It is approximately 25 miles to Uptown Charlotte, providing strong regional demand drivers with a favorable cost-of-living profile.
For investors, Townhomes at Cannon Mills combines suburban stability with Charlotte-metro connectivity. It is an upgraded, well-located, income-producing asset positioned for continued performance in a market benefiting from sustained population and income growth. Do not disturb residents.
A recent ±$500,000 capital improvement program materially reduces near-term CapEx and supports long-term performance, including an exterior overhaul (painted brick, metal awnings, shutters, upgraded lighting, gutters), new concrete patios and railings, new windows, upgraded electrical panels, utility optimization, a new asphalt parking lot with wheel bumpers, and targeted HVAC replacements. These improvements enhance curb appeal, operating efficiency, and durability.
Kannapolis has emerged as a growth market anchored by the 350-acre North Carolina Research Campus, along with expanding healthcare and advanced manufacturing. The asset is located approximately 2.5 miles from Downtown Kannapolis, less than 5 miles from Atrium Health Cabarrus, and offers convenient access to I-85. It is approximately 25 miles to Uptown Charlotte, providing strong regional demand drivers with a favorable cost-of-living profile.
For investors, Townhomes at Cannon Mills combines suburban stability with Charlotte-metro connectivity. It is an upgraded, well-located, income-producing asset positioned for continued performance in a market benefiting from sustained population and income growth. Do not disturb residents.
Location
State NC
County Cabarrus
Zoning R4
Rooms
Basement Other
Interior
Heating Electric
Cooling Central Air, Electric
Flooring Vinyl
Inclusions Building, Land
Exterior
Waterfront Description None
Street Surface Paved
Porch Awning(s), Front Porch, Rear Porch
Total Parking Spaces 48
Building
Lot Description Cul-De-Sac
Dwelling Type Site Built
Foundation Crawl Space
Sewer Public Sewer
Water City
Structure Type Brick Full
New Construction false
Others
Senior Community false
Restrictions Deed
Acceptable Financing Assumable, Cash, Conventional, Owner Financing
Listing Terms Assumable, Cash, Conventional, Owner Financing
Special Listing Condition None
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© 2026 Listings courtesy of Canopy MLS as distributed by MLS GRID. All Rights Reserved.
Listed by Jeff Shugarts Jr • Andrew Reed Properties, LLC • 832-515-1289
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7761-101 Ballantyne Commons Pa, Charlotte, NC, 28277, United States
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