DEVONWOOD – 22 UNITS IN FAYETTEVILLE, NC

Price:

$1,525,000

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. The current owner has maintained the asset well, but current rents are below-market at an average of $663. There is a great opportunity to add value and capture income upside with strategic improvements.

The West Cumberland County Submarket has seen the vacancy rate fall to 4.1% while rents have increased by an impressive 7.4% in the past year. The average two-bedroom rent in the submarket is over $900 and there is only one multifamily development in the pipeline for Fayetteville. This 1.8% expansion to the overall inventory will keep supply-side pressure at a minimum (source: CoStar).

Unit Information

UnitTypeSizeRent
22 UNITS2 BD/2 BA950 SF APPROX.$663 AVG.

Property Information

PIN SEE EXHIBIT Tax Value $923,200
Taxes $18,961.79 Lot Size 5.15 ACRES COMBINED
Year Built 1980-1981 Exterior VINYL, BRICK
Floors CARPET, VINYL Foundation SLAB
HVAC CENTRAL A/C, HEAT PUMP Owner Financing NONE
Utilities PAID BY TENANTS Appliances RANGE, REFRIGERATOR, DISHWASHER, WASHER & DRYER CONNECTIONS
Legal Description SEE EXHIBIT Zoning TBD