223 S Morrow Ave - Apartments FOR SALE


Albemarle, NC 28001
$6,200,000 USD
760-929-9977
223 S Morrow Ave, Albemarle, NC for Sale
$6,200,000 USD
Apartments - FOR SALE
1/18
null | 7.48% Cap Rate

223 S Morrow Ave
Albemarle, NC 28001


HIGHLIGHTS

  • 80-unit apartment community totaling 50,000 SF on ±6.22 acres
  • 100% occupancy with NOI of $463,456 & 7.48% cap rate at asking price of $6.2M
  • 60–65 units already renovated with modern finishes / Average rents of $701/month
  • Potential to Increase Rents Organically, and/or increase rents $50-100/unit
  • Located 50 miles northeast of Charlotte in a 1.8% vacancy market
  • Low Cost Operations

OVERVIEW

Offered individually or as a portfolio in conjunction with Little Creek Apartments located at 203 S Jonesville Blvd, Jonesville, NC 28642. The property is offered for sale at $6,200,000, representing a 7.48% cap rate on in-place NOI of $463,456. Occupancy is 100% across 80 units, with average effective rents of $701/month still below market comps of $850–$950/month. With 60–65 units already renovated and the balance offering upgrade potential, Heathfield provides immediate yield plus scalable upside through a mark-to-market rent growth strategy. Single bedroom units can command a $25-50/mo increase, while Two bedroom units can be increased by $50-100/mo. ~50 units are month to month. No seller financing offered.

FOR SALE DETAILS

PRICE

$6,200,000 USD

PRICE/SF

$124 USD /SF

# OF UNITS

80

PRICE/UNIT

$77,500

CAP RATE

7.48%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Heathfield Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1989

PARKING SPACES

-

LAND DETAILS

LAND ACRES

6.22 AC

LAND SF

270,943 SF

ZONING

R-8A

APN/PARCEL ID

6548-04-73-7923,6548-04-74-6677

ASK ABOUT THIS PROPERTY

Greg PierattLee & AssociatesMore Info
760-929-9977

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Greg PierattLee & AssociatesMore Info
760-929-9977

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.