NORTHUMBERLAND – 32 UNITS IN FAYETTEVILLE, N.C.

Price:

$2,100,000

Status:

Available

Address:

4414 Blanton Rd, Fayetteville, NC 28303, USA

Overview:

Built in 1975, Northumberland Apartments is a 32-unit professionally managed, garden built, two-story community with upside located in the West Cumberland submarket of Fayetteville, N.C. All units are identical two-bedroom floorplans that include range, refrigerator, dishwasher, microwave, and washer and dryer connections.

With many long-term tenants, current lease charges average $658 which is $92 below the current asking rate of $750. This represents organic, lagging income upside of $2,944 monthly or $35,328 annually. Furthermore, the location is one of the best performing multifamily markets in North Carolina. The West Cumberland County submarket has a vacancy rate less than 3% and experienced rent growth of more than 12% over the previous twelve months (Source CoStar, 05/2021).

Northumberland Apartments are very well-maintained by current ownership. In 2003 all the windows were replaced. Also in 2003, all kitchen and bathroom cabinets, countertops and plumbing fixtures set in the countertops were replaced. In addition, in 2013 the central air HVAC units were upgraded to R410A systems. The same owner is also offering 19 units nearby for purchase.

Unit Information

UnitTypeSizeRent
32 UNITS2 BD/1.5 BA900 SF$735 ASKING

Property Information

PIN 0418-77-3856 Tax Value $1,235,400
Taxes $17,049.67 Lot Size 1.98 ACRES
Year Built 1975 Exterior WOOD
Floors CARPET, VINYL Foundation SLAB
HVAC CENTRAL A/C, HEAT PUMP Owner Financing NONE
Utilities OWNER PAYS TRASH AND AREA LIGHTS Appliances RANGE, REFRIGERATOR, MICROWAVE, DISHWASHER, WASHER & DRYER CONNECTIONS
Legal Description VANCE & LATTIE C BLANTON LOPT LT 8 SE01 PL0013-0029 Zoning MR-5