Exciting Multifamily/ADU Changes Coming to Charlotte This Year!!

[Evans Wright]

Hey Everyone,

Charlotte has been a desirable market to invest but also presents it's challenges. With the rise in real estate sale prices and interest rates, it has made it harder to find cash flowing properties. This is most applicable in cases where an investor wants to come in, buy a turnkey/low value add and turn it into a Long Term Rental. Listed for sale multifamily property, forget about it... In most cases for a property to make money, you either have to get creative on your rental strategy e.g. MTR, STR if allowed or get creative on the acquisition side e.g. seller finance, sub to, etc. These are great options for sure but I wanted to share with you all a few big changes that are being implemented this year. This info could help give you an advantage if you are interested or already investing in the Charlotte market.

Below is a link to the new City of Charlotte Unified Development Ordinance going into effect on 1 Jun 2023.

https://charlotteudo.org/wp-co...

Why should you care about this...

1) You can build up to a triplex in any residential zoning area or quadplex if the property faces an arterial road

2) You can build an Additional Dwelling Unit up to 50% of the square footage of the primary residence if it is separate or 40% if attached

3) You can build additional units to the next highest zoning density provided you designate them as affordable living

This is a massive document, over 640 pages but have no fear I have provided links to the parts that most investors would care about below.

Shoutout to @Christopher Aranguren for making the links to the direct pages. If you ever need a patent attorney, he is your guy.

I love to provide value and help others build wealth. Feel free to provide your comments and share with others who are interested in investing the market. If you need any help investing in the area or would like to have a chat, connect with me and we will set up a time. Cheers to a great 2023!