1,208 SqFt
1,208 SqFt
Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 1,208 sqft
Price per Sqft $625
Subdivision Not In Subdivision
MLS Listing ID 100494648
Style Wood Frame
HOA Y/N No
Year Built 1985
Annual Tax Amount $1,391
Lot Size 0.700 Acres
Acres 0.7
Lot Dimensions 255.83X191.38X248X40
Property Sub-Type Multi Family
Source Hive MLS
Property Description
- 6-Unit Apartment Complex
For those looking to expand their portfolio, this property offers both stability and growth potential:
Property Breakdown
• (5) Units - 3 Bedrooms / 2 Bathrooms
• (1) Unit - 2 Bedrooms / 1 Bathroom with Private Garage
Spacious floor plans
• Current Rents: Existing rents are intentionally below market due to owner preference. All units will convert to month-to-month at transfer, providing immediate flexibility for the new owner to reposition rents.
• Current Gross Income (2 Vacant Units): Approximately $79,200/year, offering clear upside.
• Market Rent Potential: Comparable properties in the area support $1,150-$1,450 per month per unit, translating to a pro forma gross income of $82,800-$104,400 annually.
• Value-Add Opportunity: With light cosmetic updates and rent adjustments to market levels, investors can expect an additional $3,600-$25,200 in annual income, significantly improving cash flow and overall return.
Message me for rent roll, financials, or to schedule a walk-through.
Location
State NC
County Wayne
Community Not In Subdivision
Zoning R-9
Direction US-70 W / NC-111 / US Highway 70 E Turn left onto Wayne Memorial Dr Turn right onto 4th st Turn left onto Clingman St The apartments will be on the left.
Interior
Heating Heat Pump, Natural Gas
Cooling Central Air
Flooring See Remarks
Exterior
Utilities Available Natural Gas Connected, Water Available
Building
Lot Description Corner Lot
Sewer Community Sewer
Water Community Water
New Construction No
Others
Tax ID 12000083002001
Acceptable Financing 1031 Exchange, Cash, Conventional
Listing Terms 1031 Exchange, Cash, Conventional
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Realtors | Lic# #289408 | 309950