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118 Ethel Drive, 
Stanley, NC 28164

$1,500,000

24

Beds

24

Baths

9,947

Sq Ft

Multi-Family

Active

Listed by

Zach Britt

Britt Commercial Real Estate, LLC.

Last updated:

April 30, 2026, 01:17 PM

MLS#

4365281

Source:

CH

About This Home

118 Ethel Drive

This opportunity represents a well-maintained and fully occupied, 12-unit townhome community in Stanley, NC, offering immediate in-place cash flow with upside at an attractive basis of $125,000/unit. 118-120 Ethel Dr consists of twelve 2BR/1.5BA units (~780 SF), with meaningful capital improvements already completed, including a new roof, siding, numerous HVAC replacements, and interior renovations to 10 units between 2020–2024. Current rents average $973 providing ~$177/unit in upside to $1,150 for MTM agreements and as leases turn through 2026–2027, along with additional NOI growth through remaining renovations and the potential to own the washers and dryers in the common laundry. Located just 18 miles northwest of Uptown Charlotte with easy access to I-485 and I-85, Stanley continues to benefit from strong renter demand driven by its affordability and proximity to major employment hubs.

Home Facts

Multi-Family

24 Baths

24 Bedrooms

Built in 1973

Price Summary

1,500,000

$150 per Sq. Ft.

MLS #:

4365281

Last Updated:

April 30, 2026, 01:17 PM

Rooms & Interior

Bedrooms

Total Bedrooms:

24

Bathrooms

Total Bathrooms:

24

Full Bathrooms:

12

Interior

Living Area:

9,947 Sq. Ft.

Structure

Structure

Building Area:

9,947 Sq. Ft.

Year Built:

1973

Lot

Lot Size (Sq. Ft):

33,976

Finances & Disclosures

Finances

Price:

$1,500,000

Price per Sq. Ft:

$150 per Sq. Ft.

MLS Logo
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Contact an Agent

Yes, I would like more information. Please use and/or share my information with a Coldwell Banker ® affiliated agent to contact me about my real estate needs. By clicking Contact, I request to be contacted by phone or text message and consent to being contacted by automated means. I understand that my consent to receive calls or texts is not a condition of purchasing any property, goods, or services. Alternatively, I understand that I can access real estate services by email or I can contact the agent myself.

If a Coldwell Banker affiliated agent is not available in the area where I need assistance, I agree to be contacted by a real estate agent affiliated with another brand owned or licensed by Anywhere Real Estate (BHGRE®, CENTURY 21®, Corcoran®, ERA®, or Sotheby's International Realty®). I acknowledge that I have read and agree to the terms of use and privacy notice.