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24 Units Apartments In Western North Carolina

Updated: May 20




ONE OF THE PRETTIEST PARTS OF THE COUNTRY

WESTERN NORTH CAROLINA


HERE'S A DEAL

24 UNITS

MULTI-FAMILY

ALMOST ALWAYS FULL

THREE UNITS ARE USED FOR AIRBNB


OUTSTANDING RETURN ON INVESTMENT

IN NORTH CAROLINA WHERE THE CAP RATE IS IN THE 7's

OCCUPANCY IN THE HIGH 90's PURCHASE PRICE IS FIRM PER THE SELLER AT


Asking Price: $1,575,000 plus buyer's fee

REDUCED! (Was $1,870,000)

SELLER TO PAY SELLER'S BROKER & BUYER TO PAY BUYER'S AGENT, SEPARATELY (DELIVERABLE WHILE AVAILABLE)

THIS PORTFOLIO SALE IS OFF MARKET MUST STAY OFF MARKET

PLEASE DO NOT LET THIS PORTFOLIO GO VIRAL

VALUE ADDED.....VALUE ADDED.....VALUE ADDED.....VALUE ADDED....VALUE ADDED The apartments have been very well maintained and has great management in place. See financials and additional income information below.


Let me know if you’d like to move forward on this property after your preliminary due diligence, I will request an LOI and proof of funds from you and then we will set up a time to speak with me directly. Please no door knocking, the tenants do not know this property is for sale. 24 Unit Apartment Building

These apartments are 39 miles from Henderson, NC and 73 miles from Charlotte. Building Size 26,697 SF

Average Occupancy 100%

3 Stories

Multifamily

Built 1966

Parking Ratio 1.12/1,000 SqFt

Zoning Description: R2

Building Class C

Lot Size 1.25 AC

Approximate Cap Rate 7.5%


DESCRIPTION

  • (2) Buildings on 1.25 acres consisting of 24 units

  • (12) 1BR/1BA 725 SF ea. and (12) 2BR/1BA 845 SF ea.

  • Units have all been renovated in 2015

  • Asphalt paved parking

  • laundry room

  • exterior patios or balconies.

HIGHLIGHTS

  • These units stay full with a waiting list

  • 3 VRBO units with additional income stream (Vacation/corporate rental units)

  • Low maintenance property.

  • Close to shopping, restaurants and local hospital.


SALE NOTES (2) Buildings on 1.25 acres consisting of 24 units - (12) 1BR/1BA 725 SF ea. and (12) 2BR/1BA 845 SF ea. Three apartments are fully furnished and can be leased as Corporate Apartments for a great value add. Units have all been renovated in 2015, asphalt paved parking, laundry room, exterior patios or balconies.  Excellent location in a growing area, just 11 miles from the Tryon International Equestrian Center.

UNIT MIX INFORMATION

DESCRIPTION NO. UNITS AVG. RENT/MO SQFT

1+1 12 $547.50 725

2+2 12 $647.50 845


AMENITIES

UNIT AMENITIES

  • Air Conditioning

  • Range

  • Balcony

  • Tub/Shower

  • Ceiling Fans

  • Carpet

  • Oven

  • Patio


SITE AMENITIES

  • Laundry Facilities

  • Trash Pickup - Curbside

  • Picnic Area


VALUE ADDED....VALUE ADDED.....VALUE ADDED.....VALUE ADDED.....VALUE ADDED

DEAR BUYER, THIS IS AN OFF THE MARKET (NOW) AND THIS IS A PRE-DUE DILIGENCE PACKAGE AND NOT A FORMAL DUE DILIGENCE PACKAGE.


PLEASE NOTE: THE SELLER MAY HAVE PROVIDED HISTORICAL FINANCIALS UPFRONT. THE SELLER "IS NOT" ASKING THE POTENTIAL BUYER TO PROVIDE A PSA AND ESCROW DEPOSIT UPON THE RECEIPT OF THIS OFFERING MEMORANDUM, JUST AN LOI SHOWING THE BUYER'S INTEREST, BUYER'S INVESTMENT BIO, BUYER SIGNED MASTER FEE AGREEMENT AND THE FACT THAT THE BUYER IS FINANCIALLY CAPABLE. GIVEN THAT IF THE BUYER CHOOSES TO DO THE PREVIOUS PROTOCOL AND PROOF UP ATTORNEY TO ATTORNEY, THAT IS THE BUYER'S OPTION. ONCE PROOFED UP, THE SELLER WILL PROVIDE SOME OF THE UPDATED AND THEN THE SELLER WILL PROVIDE ABSOLUTELY EVERYTHING IN FORMAL DUE DILIGENCE. BUYER & SELLER PARTICIPATION MUST BE A TWO STREET. TO MOVE FORWARD, THE BUYER AND OR THE SELLER TO SIGN THE ASSET SPECIFIC MASTER FEE AGREEMENT (DEPENDING ON THE EXECUTED PURCHASE PRICE), THE BUYER TO PROVIDE AN ASSET SPECIFIC LETTER OF INTENT TO INCLUDE THE PURCHASE PRICE, DUE DILIGENCE PERIOD, CLOSE OF ESCROW OF DATE AND THE AMOUNT OF THE EARNEST MONEY DEPOSIT THAT WILL BE ESCROWED ONCE THE BUYER AND THE SELLER EXECUTE THE PURCHASE AND SALE AGREEMENT. THE BUYER TO PROVIDE A BUYER'S COMMERCIAL BIO OF COMMERCIAL ASSET HELD IN THEIR INVESTMENT PORTFOLIO. THE BUYER TO PROVIDE A BUYER'S VERIFIABLE PROOF OF FUNDS IN THE FORM OF A BANK OR FUND STATEMENT OF ACCOUNT.


PLEASE NO TRANSACTIONAL FUNDING

2018 Profit/Loss Report


2019 Yearly Report

Management Summary Report


Additional Income Report


Rent Roll April 4 2019


Rent Roll 2020


Yearly Report 2017


Yearly Report 2018


Yearly Report 2019






AP


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