MCPHERSON VILLAGE – 22 UNITS IN MEBANE, NC
SOLD 2/7/2023 FOR $2,950,000
$134,090 per unit
Deaton Investment Real Estate represented the seller as the exclusive listing agent for this transaction. McPherson Village is conveniently located in Mebane, N.C., a rapidly-growing suburban market along the I-85/I-40 corridor, which links the Triangle (Raleigh, Durham, Chapel Hill) and Triad (Greensboro, Winston-Salem, High Point) regions. These 22 units are identical two-bedroom, townhome-style floorplans situated less than one mile from the Tanger Outlets and multiple dining, retail, and employment centers along Mebane Oaks Road. This highly-desired neighborhood features newer construction homes selling for $175 to $200 PSF within one block of McPherson Village.
Current ownership proved a value-add programs by renovating five units with new flooring, fixtures, appliances, counter tops and more. Proven rents for renovated units reached $1,325 in September of 2022. The average in-place rent of unrenovated units is $870. This represents more than $87,000 in annual revenue upside to the investor seeking a value-add opportunity in a growing market.
UNIT INFORMATION
| Unit | Type | Size | Rent |
|---|---|---|---|
| 16 UNITS | 2 BD/1.5 BA CLASSIC | 890 SF | $870 (AVG.) |
| 6 UNITS | 2 BD/1.5 BA RENOVATED | 890 SF | $1,295 - $1,325 |
PROPERTY INFORMATION
| PIN | 9824092720 |
| Tax Value | $877,430 (2023 REVALUATION) |
| Taxes | $9,914.96 |
| Lot Size | 1.54 ACRES |
| Year Built | 1968 |
| Exterior | BRICK, WOOD |
| Floors | LVP, CARPET, VINYL |
| Foundation | SLAB |
| HVAC | CENTRAL A/C, HEAT PUMP |
| Utilities | OWNER PAYS WATER |
| Legal Description | HICKORY GROVE SUBD LTS 8-23 |
| Appliances | RANGE, REFRIGERATOR, DISHWASHER, WASHER & DRYER CONNECTIONS |
| Sold Date | 2023-02-07 |
| Zoning | MF |
Agent Information Thomas T Furlow
Location Map
MCPHERSON VILLAGE – 22 UNITS IN MEBANE, NC