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.