FARADAY- 19 UNITS IN FAYETTEVILLE, N.C.

Price:

$995,000

Status:

Under Contract

Address:

7569 Faraday Pl, Fayetteville, NC 28303, USA

Overview:

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.

Unit Information

UnitTypeSizeRent
19 UNITS1 BD/1 BA575 SF$645 ASKING

Property Information

PIN 0948-49-2680, -1467, -1642, -1743 Tax Value $463,600
Taxes $7,099.83 Lot Size 2.12 ACRES
Year Built 1971 & 1972 Exterior BRICK, WOOD
Floors CARPET, VINYL Foundation CRAWL
HVAC WINDOW A/C, BASEBOARD HEAT Owner Financing NONE
Utilities OWNER PAYS WATER AND TRASH Appliances RANGE, REFRIGERATOR, MICROWAVE, DISHWASHER, STACK WASHER & DRYER CONNECTIONS
Legal Description SEE TAX RECORDS Zoning SF-10