DEVONWOOD – 22 UNITS IN FAYETTEVILLE, NC

PRICE:
$ 2,375,000
STATUS:
Sold
ADDRESS:
6501 Pinedale Ct, Fayetteville, NC 28314, USA
OVERVIEW:

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)

Link To Tax Records
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

Location Map

DEVONWOOD – 22 UNITS IN FAYETTEVILLE, NC
Address: 6501 Pinedale Ct, Fayetteville, NC 28314, USA Price: $ 2,375,000 Unit: