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Embrey Acquires 7-Acre Development Site In Charlotte's NoDa District For $13M
SOLD
$13,000,000
North Carolina
See Similar DealsDevelopment Site
Sold 09/21/2023
SOLD
Embrey Acquires 7-Acre Development Site In Charlotte's NoDa District For $13M
3035 North Tryon Street
See Similar DealsDevelopment Site
Sold 09/21/2023
Summary
NORTH CAROLINA
Asset Type:Development Site
Transaction Type:Sale
Embrey has acquired a 7-acre development site in Charlotte's NoDa district for its fourth apartment project in the area. The property, located at 3035 North Tryon Street, was sold for a total of $13,000,000.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $13,000,000
- Address: 3035 North Tryon Street
- Market: Charlotte, NC
- Buyer: Brad Knolle - Embrey
- Acres: 7
This acquisition by Embrey marks their fourth apartment project in the NoDa district of Charlotte. The development site, spanning across 7 acres, presents an opportunity for the company to continue its growth in the area and expand its portfolio.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$693,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$46,186.27
Cash-on-Cash Return-1.27%
Monthly Debt Service$61,626.63
Annual Debt Service$739,519.59
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