FARADAY- 19 UNITS IN FAYETTEVILLE, N.C.

SOLD 10/5/2021  FOR $1,000,000
$52,632 per unit
Deaton Investment Real Estate was the exclusive listing agent and the sole broker in this transaction.

Built in 1971 and 1972, Farady Apartments is a 19-unit, professionally managed community with upside featuring five, one-story brick buildings. Located just two miles from Ft. Bragg in the West Cumberland County submarket of Fayetteville, N.C., the property is nestled in the quiet setting of a neighborhood with mostly single-family homes. All units are identical one-bedroom floorplans that include range, refrigerator, dishwasher, microwave, and stack washer and dryer connections.

With many long-term tenants, current lease charges average $579 which is $66 below the current asking rate of $645. This represents organic, lagging income upside of $1,254 monthly or $15,048 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).

The property consists of four tax parcels located at 7569, 7572, 7571, and 7570 Faraday Place. In 2003, all kitchen and bathroom cabinets, countertops and plumbing fixtures set in the countertops were replaced. The same owner is also offering 32 units nearby for purchase.