The 28 at Mount Holly
Multifamily | 28 units
Marketing description
Comprised of 28 two-bedroom, one-and-a-half-bathroom townhomes averaging 1,000 square feet, The 28 at Mount Holly recently underwent an extensive 2025 renovation program totaling approximately $1.4 million. Each residence features washer/dryer hookups and a private patio adjacent to the first-floor dining area, while interior upgrades include granite countertops, stainless steel appliances, white shaker-style cabinetry and hardware, luxury vinyl plank flooring, smart lock technology, and new sliding glass doors. Capital improvements also included a parking lot overlay, replacement of all HVAC systems, new windows, gutters and downspouts, patio fencing, and individual water/sewer metering. Located one block from downtown Mount Holly and approximately 20 minutes from Uptown Charlotte, the property is within walking distance of local restaurants, breweries, coffee shops, and major employment drivers, including the CaroMont Regional Medical Center.
Investment highlights
- The Property - The 28 at Mount Holly features 28 renovated two-bedroom townhomes, each 1,000 sq ft, with washer/dryer hookups, private patios, luxury finishes like granite counters, stainless steel appliances, new white cabinets, and vinyl plank flooring. Improvements include a new parking lot overlay, front doors with smart locks, and new windows and sliding doors.
- $1.4M in Recent Capital Improvements - The property underwent a complete renovation by 2025, costing about $1.4M, including parking lot work, paint, gutters, fencing, HVAC replacement, landscaping, and interior upgrades like granite countertops, luxury flooring, stainless steel appliances, sliding doors, and smart locks. A cable & internet package offers tenants discounted utilities, boosting NOI. Additionally, each unit is now individually metered for water/sewer, reducing non-controllable expenses. These improvements enable a new owner to manage a lower-maintenance operation. Note: Some of the landscaping work included extensive cleanup of foliage to help prevent potential flood damage after the property was affected by Hurricane Helene in 2024 (the Property is within a flood zone).
- Main & Main Location - Mount Holly, about 20 min from Uptown Charlotte, is a charming suburb close to downtown, with employers, retail, restaurants, coffee shops, breweries, and the Carolinas’ oldest distillery nearby.
- The Opportunity - New ownership has the opportunity to acquire a newly renovated asset with rents at a significant loss to lease, as a result of the seller's lease up strategy. Average base rents are currently about $1,314 (with a range of $1,275 to $1,440), while nearby comparables are leading by a sizeable margin although The 28 at Mount Holly leads the area in location and interior finishes.
- Booming Submarket - Income demographics and local real estate values continue to surge in the charming eastern Gaston County towns of Mount Holly and Belmont. Development projects such as the CaroMont Regional Medical Center (opened 2024), ongoing expansion of CLT-Douglas Airport, and The River District (Phase 1 delivering now) continue to boost demand for rental housing in the area with new jobs, capital investment, and improved quality of life. More immediately surrounding the Property, the City of Mount Holly is pushing forward an expansion of Veterans Park, as part of a mixed-use development and Olde Mecklenburg Brewery is opening a Tap Room and Beer Garden Fall 2026.
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