OAKMONT – 48 UNITS IN REIDSVILLE, NC
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.
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 |
Agent Information Thomas T Furlow
Location Map
OAKMONT – 48 UNITS IN REIDSVILLE, NC