107 Calloway Ct - Apartments FOR SALE


Rocky Mount, NC 27804
$6,500,000 USD
864-430-1750
107 Calloway Ct, Rocky Mount, NC for Sale
$6,500,000 USD
Apartments - FOR SALE
1/9
null | 6.49% Cap Rate

107 Calloway Ct
Rocky Mount, NC 27804


HIGHLIGHTS

  • 16 units master leased by NCWU with minimal expenses paid by ownership
  • New construction opportunity requires minimal CapEx
  • Stable cash flow with seven years remaining on the master lease
  • Market rents on six ownership controlled units are 27% higher than master leased rents. University charged rent is 47% higher than ownership rent.
  • Well located in Rocky Mount within 15 minutes of Rocky Mount Mills and future Commons at Sunset mixed-use development

OVERVIEW

Villas at Wesleyan presents investors with a stable, cash flowing, new construction student housing asset sitting adjacent to North Carolina Wesleyan University (NCWU) who has a master lease on 16 of the 22 units for another seven years. Given the close proximity to the University and newer vintage compared to on-campus offerings, the asset is highly attractive to students with the University having a stringent, GPA based selection process for students who want to live in the master leased units. The master lease also presents highly favorable terms with the University covering all costs except for taxes, insurance, and replacement of building systems. Beyond the proximity to NCWU, the asset is less than 10 minutes from Rocky Mount Mills, an adaptive reuse mixed-use project completed in 2019 and still seeing great new openings with three retailers opening since 2025. Rocky Mount is experiencing continued growth nearby Villas at Wesleyan with the city leading the charge with infrastructure investments already underway for a mixed-use mega site development at the corner of I-95 and US 64 less than 15 minutes away from Villas at Wesleyan. The site sits on 336 acres and is generating strong interest from regional developers especially considering the 90 million vehicles that drive by the site annually. Villas at Wesleyan offers strong, stable cash-flow as well as optionality in exit strategy with strong nearby home prices and recent developments further bolstering the desirability of the location.

FOR SALE DETAILS

PRICE

$6,500,000 USD

PRICE/SF

$191 USD /SF

# OF UNITS

22

PRICE/UNIT

$295,455

CAP RATE

6.49%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Villas at Wesleyan

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

2020

PARKING SPACES

88

LAND DETAILS

LAND ACRES

3.56 AC

LAND SF

155,097 SF

ZONING

R10

APN/PARCEL ID

3862-09-05-6809,3862-09-05-6859,3862-09-05-7722,3862-09-05-7771,3862-09-05-7828,3862-09-05-7869,3862-09-05-7939,3862-09-05-9825,3862-09-05-9910,3862-09-05-9914,3862-09-06-5054,3862-09-06-5223,3862-09-06-5262,3862-09-06-6002,3862-09-06-6052,3862-09-06-6199,3862-09-06-6201,3862-09-06-6250,3862-09-06-7148,3862-09-06-8191,3862-09-06-9010,3862-09-06-9015

ASK ABOUT THIS PROPERTY

864-430-1750

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864-430-1750

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