GEORGETOWN APARTMENTS – 110 UNITS IN TARBORO

Price:

$6,000,000

Status:

Off Market

Address:

405 Speight Ave, Tarboro, NC 27886, USA

Overview:

Georgetowne Apartments is a 110 unit apartment community constructed in two distinct phases. Phase I, built between 1968-1972, includes 60 units. Phase II, built 1999-2000, has 50 units. The property has historically operated above 98% occupancy with rental rates below market. One of only two market rate communities in Tarboro, the asset is professionally managed and is in immaculate condition.

Georgetowne is conveniently located just off Western Blvd. in Tarboro. The property is within walking distance to Tarboro High School and adjacent to Riverside Plaza, a retail center offering multiple dining, entertainment and retail conveniences. Approximately six miles west, Triangle Tire and Corning are building new facilities that will add nearly 1000 jobs by 2020.

Unit Information

UnitTypeSizeRent
8 UNITS - PHASE I1 BD/1 BA650 SF$450 MARKET
36 UNITS - PHASE I1 BD/1 BA750 SF$475 MARKET
16 UNITS - PHASE I 2 BD/1.5 BA (TWO-STORY)1100 SF$600 MARKET
50 UNITS - PHASE II2 BD/1 BA850 SF$575 MARKET
110 UNITS $59,050 GROSS POTENTIAL

Property Information

PIN 4728-57-4147 Tax Value $4,178,651
Taxes $57,236 Lot Size 9.63 ACRES
Year Built PAHSE I, 1968-1972 - PHASE II, 1999-2000 Exterior BRICK, VINYL
Floors CARPET, VINYL, TILE, LVT Foundation SLAB
HVAC CENTRAL AIR, HEAT PUMPS Owner Financing ASSUMABLE DEBT AVAILABLE
Utilities WATER AND ELECTRIC ARE INDIVIDUALLY METERED Appliances RANGE, REFRIGERATOR IN ALL UNITS. PHASE II UNITS HAVE DISHWASHER & WASHER/DRYER CONNECTIONS
Legal Description GEORGETOWNE APTS Zoning SEE COUNTY