OAKMONT – 48 UNITS IN REIDSVILLE, NC

PRICE:
$ 5,100,000
STATUS:
Sold
ADDRESS:
1502 Sherwood Dr, Reidsville, NC 27320, USA
OVERVIEW:

SOLD 11/21/22 FOR $5,000,000
$104,167 per unit

Deaton Investment Real Estate was the exclusive listing agent and the sole broker of Oakmont Apartments, a 48-unit apartment community in Reidsville, N.C. The asset is located off Sherwood Drive in western Reidsville and borders the northern Greensboro MSA. The property is situated on 4.85 acres and features 48 classic two-bedroom, one and a half bath units. Oakmont offers investors the opportunity to acquire a property with significant value-add potential and organic upside. Average rents are currently $809, while new leases are being signed at $900.

Rockingham county has experienced an impressive county-wide rent growth of 9% over the past 12 months and has a current vacancy rate of 1.4% (Costar).

With no apartment units currently in the construction pipeline and only 2,763 units of existing supply, Oakmont Apartments is well positioned for future income growth given these strong fundamentals coupled with the rapid growth of the Greensboro economy.

Video tour of a unit – click here

Link To Tax Records
UNIT INFORMATION
Unit Type Size Rent
48 UNITS 2BD/1.5BA 980 SF $1,175
PROPERTY INFORMATION
PIN 7994 12 76 5483 00
Tax Value $2,137,704
Taxes $30,654.67
Lot Size 4.85 ACRES
Year Built 1997
Exterior BRICK, VINYL
Floors CARPET, VINYL
Foundation SLAB
HVAC HEAT PUMP
Utilities TENANTS PAY UTILITIES
Legal Description 4.85 AC LOT 1-10 BLK A OAKMONT PHASE TWO
Appliances RANGE, REFRIGERATOR, DISHWASHER, MICROWAVE, W/D CONNECTIONS
Sold Date 2022-11-21
Zoning R12

Location Map

OAKMONT – 48 UNITS IN REIDSVILLE, NC
Address: 1502 Sherwood Dr, Reidsville, NC 27320, USA Price: $ 5,100,000 Unit: 48