DEVONWOOD – 22 UNITS IN FAYETTEVILLE, NC

Price:

$2,375,000

Status:

Under Contract

Address:

6501 Pinedale Ct, Fayetteville, NC 28314, USA

Overview:

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

UnitTypeSizeRent
22 UNITS2 BD/2 BA960 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 Owner Financing NONE
Utilities TENANTS PAY UTILITIES Appliances RANGE, REFRIGERATOR, DISHWASHER, W/D CONNECTIONS
Legal Description SEE EXHIBIT Zoning TBD