Townhomes at Cannon Mills
Interior Value-Add Upside
Marketing description
The Townhomes at Cannon Mills located at 1422 Nottingham Dr., Kannapolis, NC, is 24-unit townhome community situated on ±2.22 acres, comprised of two-story 2BR/1.5BA units with front and back porches in a quiet residential neighborhood just outside of Downtown Kannapolis. 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.
Average In-Place Rent = $1271
Occupied Avg Rent = $1325
Contact Jeff Shugarts from the listing team for more information and to schedule a tour.
Investment highlights
Seller Financing Considered for Qualified Buyers
Value-Add Interior Upside + $500K in Building/Exterior Capital Upgrades: Property includes a mix of interior finish levels with additional runway to continue renovating and modernizing remaining units to support premium rent positioning. Recent exterior/building improvements include painted brick, metal awnings, shutters, upgraded exterior lighting, new concrete patios with railings, new windows, upgraded electrical panels, utility optimization, 18 units submetered with the remaining 6 city-metered, new asphalt parking lot with parking bumpers, and targeted HVAC replacements.
Location: Part of the dynamic Charlotte region, one of the top growth areas in the country, located 25 miles from Charlotte via I-85, 2.5 Miles From Downtown Kannapolis, 5 Miles from Atrium Health Cabarrus, a major regional hospital and healthcare hub.
Unit Mix: Attractive Two-Story, Two-Bedroom Townhome Floor Plans, HUD FMR (FY2025) 2BR, Charlotte–Concord–Gastonia MSA: = $1,824
Economic Generators: Kannapolis was named a Top 15 U.S. city for corporate headquarters relocations, and the Charlotte metro is consistently recognized as a top-tier, fast-growing U.S. economy.
Rapid Growth, Development & Investment in the Charlotte Submarket has Made it an Attractive Market for Investors: Kannapolis, strategically located just 25 miles northeast of Charlotte along I-85, benefits from direct connectivity to one of the nation’s strongest-growth metro regions. The city has transformed from its textile mill roots into a hub of innovation anchored by the $1.5 billion North Carolina Research Campus, attracting major institutions, leading universities, and highly skilled professionals. With population growth of nearly 6% year-over-year and strong demographics, including a median household income of $70,691 and a 73.5% white-collar workforce, Kannapolis reflects a healthy, expanding resident base. Supported by major public and private investments exceeding $2 billion, continued downtown revitalization, and recognition as a top U.S. city for corporate headquarters relocations, Kannapolis offers multifamily investors compelling long-term growth and stability within the dynamic Charlotte region.
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