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.
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Listing Snapshot
Price
$3,625,000
Days On Site
69 Days
Bedrooms
N/A
Inside Area (SqFt)
21,816 sqft
Total Baths
N/A
Full Baths
N/A
Partial Baths
N/A
Lot Size
2.22 Acres
Year Built
1971
MLS® Number
4341255
Status
Active
Property Tax
N/A
HOA/Condo/Coop Fees
N/A
Sq Ft Source
N/A
Friends & Family
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Recent Activity
2 weeks ago
Price changed to $3,625,000
2 weeks ago
Listing updated with changes from the MLS®
2 months ago
Listing first seen on site
General Features
Parking Spaces
48
Sewer
Public Sewer
SqFt Total
21816
Zoning
R4
Interior Features
Basement
Crawl SpaceOther
Cooling
Central AirElectric
Flooring
Vinyl
Heating
Electric
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Exterior Features
Construction Details
Brick
Lot Features
Cul-De-Sac
Patio And Porch
Awning(s)Front PorchRear Porch
Community Features
Financing Terms Available
AssumableCashConventional
Roads
Paved
Listing courtesy of Andrew Reed Properties, LLC jshugarts@usdevelopments.com(832) 515-1289
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Last checked - 2026-04-08 03:34 AM UTC
Neighborhood & Commute
Source: Walkscore
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