AMELIA DRIVE – 18 UNITS IN FAYETTEVILLE, NC

Price:

$3,800,000

Status:

Under Contract

Address:

2800 Amelia Dr, Fayetteville, NC 28304, USA

Overview:

Deaton Investment Real Estate is pleased to offer the exclusive listing of Amelia Drive apartments, a boutique, 18-unit, class-A apartment community in Fayetteville, N.C. Originally built to be sold as condos, the property features covered parking on the ground floor, an elevator, huge floorplans (1,350 and 1,750 SF), and high-quality finishes. The site is also large enough to accommodate the construction of additional units.

The boutique, luxury asset is in the core of Fayetteville, just two miles west of downtown and two miles east of Cape Fear Valley Medical center. The well-connected location is conveniently surrounded by multiple dining, retail, entertainment, and employment centers, including Fort Bragg.

Surging rents in Fayetteville coupled with conservative rent policies from prior ownership place current rents well below market and create tremendous organic income-upside of more than 30%. The submarket boasted 14.4% rent growth over the last year and a vacancy rate of only 3.4% at the end of Q1 2022. With limited supply in the construction pipeline, these strong fundamentals will continue to support Amelia’s increasing income trend.

Unit Information

UnitTypeSizeRent
6 UNITS 2BD/2BA1,350 SF$1,625 (MARKET)
12 UNITS 3BD/2BA1,750 SF$1,725 (MARKET)

Property Information

PIN 0426-79-4390 Tax Value $1,845,700
Taxes $24,974 Lot Size 2.91 ACRES
Year Built 2007 Exterior HARDBOARD, BRICK
Floors CARPET, VINYL, LVT Foundation SLAB
HVAC CENTRAL A/C, HEAT PUMP Owner Financing NONE
Utilities OWNER PAYS WATER Appliances RANGE, REFRIGERATOR, DISHWASHER, MICROWAVE, W/D CONNECTIONS
Legal Description 2.91 ACS HORNE LD Zoning MR5