The Townhomes at Cannon Mills located at 1422 Nottingham Dr., Kannapolis, NC, is a renovated 24-unit townhome community on ±2.22 acres, comprised of two-story 2BR/1.5BA units with back porches in a quiet residential neighborhood. 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. Do not disturb residents.
Property Type(s):
Commercial
|
Year Built
|
1971
|
County
|
Cabarrus
|
Additional Details
| AIR |
Central Air, Electric |
| AIR CONDITIONING |
Yes |
| BASEMENT |
Crawl Space, Other |
| CONSTRUCTION |
Brick |
| HEAT |
Electric |
| LOT |
2.22 acre(s) |
| LOT DESCRIPTION |
Cul-De-Sac |
| LOT DIMENSIONS |
2.22 |
| MLS STATUS |
Active |
| SEWER |
Public Sewer |
Location
Listed with Andrew Reed Properties, LLC
Date last updated: 1/28/26 2:40 PM PST
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This IDX solution is (c) Diverse Solutions 2026.
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