AMELIA – 18 UNITS IN FAYETTEVILLE, NC

Price:

$2,500,000

Status:

Sold

Address:

2800 Amelia Dr, Fayetteville, NC 28304, USA

Overview:

SOLD 9/8/21 FOR $2,400,000
$133,333 per unit

Deaton Investment Real Estate was the exclusive listing firm and the sole broker in this transaction.

Amelia Drive Apartments feature eighteen, beautiful, condo-quality apartments plus a building pad for additional units.  Originally constructed to be sold as individual condos in 2007, the building features covered parking on the ground floor, an elevator, sprinkler system, high-end unit finishes with a full appliance package and large floorplans. There are twelve, 3-bedroom units of approximately 1,645 to 1,750 square feet and six, 2-bedroom units of approximately 1,045 to 1,300 square feet.

Located two miles southwest of Downtown Fayetteville, across the street from Ashley Elementary School, Amelia Drive Apartments are in the thriving North Cumberland County Submarket. Multifamily properties in this submarket have seen the vacancy rates fall to 2.6% while rents have increased by an impressive 9.9% in the past year. With no new supply delivered in the last year, or planned for the coming year, the submarket should continue to see strong growth as the population and economy expand (source: CoStar).

Current ownership operates three units as Airbnb, short-term rentals. The buyer would have the option of continuing this operation or converting those units to market-rate apartments. The current owner has preliminary designs to fit up to 32 additional units on the site, but zoning may allow for as many as 48 additional units.

 

Unit Information

UnitTypeSizeRent
12 UNITS3 BD/2 BA1,645 SF APPROX.$1,200
6 UNITS2 BD/2 BA1,045 SF APPROX.$1,000

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 LVT, CARPET, VINYL Foundation SLAB
HVAC CENTRAL A/C, HEAT PUMP Owner Financing NONE
Utilities UNITS ARE SUBMETERED, SEE EXPENSES Appliances RANGE, REFRIGERATOR, MICROWAVE, DISHWASHER, WASHER & DRYER
Legal Description 2.91 ACS HORNE LD Zoning MR5
Sold Date 09/08/2021