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East Brooklyn Village Avenu...

Updated Oct 29, 2024

Mecklenburg County Sells 6-Acre Uptown Property To BK Partners For $10.3M
SOLDDevelopment Site

Mecklenburg County Sells 6-Acre Uptown Property To BK Partners For $10.3M

East Brooklyn Village Avenue Charlotte, North Carolina 28202, Usa

$10,300,000

Building Size

Asset Type

Development Site

Closing

Aug 1, 2023

About this deal

AI

Mecklenburg County, located in Charlotte, NC, has recently completed a significant property transaction as part of the Brooklyn Village Redevelopment Project. The county sold approximately 6 acres of land at the intersection of E Brooklyn Vlg Ave and S McDowell St for a total of $10.3 million. The development site, with its prime location in uptown Charlotte, holds great potential for future growth and expansion.

Summary of transaction details

  • Property Type: Development Site
  • Sale Price: $10,300,000
  • Address: E Brooklyn Vlg Ave & S McDowell St, Charlotte, NC
  • Market: Charlotte, NC
  • ACRES: 6
  • Seller: Mecklenburg County
  • Broker: BK Partners

As part of the initial phase of the Brooklyn Village Redevelopment Project, BK Partners played a crucial role as Mecklenburg County's broker representative. The successful sale of this development site demonstrates the County's commitment to revitalizing the uptown area and fostering economic growth. With its strategic location and significant acreage, the property is expected to attract further investment and contribute to the ongoing transformation of the Brooklyn Village area.

Players

Brooklyn Development Site Market Snapshot

Boundary boundary · Development Site · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.54%

Cash-on-Cash

-0.44%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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