18-Unit Garden Apartment Charlotte Concord NC Area

[Eric Gamble]

Looking at an 18-Unit Garden Apartment class-C complex on the outskirts of Charlotte, NC. I have not looked in any of the units. Owner states all 18 have been redone.

Asking $2.49MM (5.236 Cap Rate)

Been on the market for more than 5-months, thinking of offering a price at a 10% or 11% cap ($1.2285MM or $1.85309MM, respectively). Anybody know what a good cap rate for North Charlotte - Concord, NC - Kannapolis, NC is?

I will contact the broker tomorrow, to introduce myself and start to develop a relationship. I am just going to ask as many questions as I can, without angering the broker or mentioning the prices I have in my head.

First time looking at this size property, what should I expect?

Many thanks,
-Eric