DEVONWOOD – 22 UNITS IN FAYETTEVILLE, NC (2022)
SOLD 12/7/22 FOR $2,100,000
$95,545 per unit – on assumption of in-place debt
Deaton Investment Real Estate was the exclusive listing agent and the sole broker in this transaction. Devonwood Apartments, located in the Westover neighborhood of Fayetteville, represent a portfolio of eleven, contiguous duplexes and one vacant lot. Built between 1980 and 1981, these 22 units are all one-story, two-bedroom and two-bathroom floorplans with ranges, refrigerators, dishwashers, and washer and dryer connections. Proven rents are north of $1,000 per month, while average rents of $869 are below-market. This represents more than $35,000 in organic upside annually.
The property is located in the West Cumberland County Submarket where the vacancy rate is only 4.4% as of June 2022. Additionally, rents in the area have increased by an impressive 11% in the past year. (source: Costar)
UNIT INFORMATION
| Unit | Type | Size | Rent |
|---|---|---|---|
| 22 UNITS | 2 BD/2 BA | 960 SF APPROX. | $1,200 MARKET |
PROPERTY INFORMATION
| PIN | SEE EXHIBIT |
| Tax Value | $923,200 |
| Taxes | $18,961.79 |
| Lot Size | 5.15 ACRES |
| Year Built | 1980-1981 |
| Exterior | BRICK, VINYL |
| Floors | CARPET, VINYL, LVP |
| Foundation | SLAB |
| HVAC | CENTRAL A/C, HEAT PUMP |
| Utilities | TENANTS PAY UTILITIES |
| Legal Description | SEE EXHIBIT |
| Appliances | RANGE, REFRIGERATOR, DISHWASHER, W/D CONNECTIONS |
| Sold Date | 2022-12-07 |
| Zoning | TBD |
Agent Information Thomas T Furlow
Location Map
DEVONWOOD – 22 UNITS IN FAYETTEVILLE, NC (2022)