THE OAKS AT LINCOLNTON APARTMENTS – 111 UNITS IN LINCOLNTON, NC
SOLD 6/16/2022 FOR $17,750,000
$159,910 per unitÂ
Deaton Investment Real Estate represented the seller and was the sole broker in this off-market transaction. Conveniently located within the Charlotte MSA, The Oaks at Lincolnton is positioned to benefit significantly from the rapid job growth in the surrounding area. Given the current supply constraints for residential housing options in this market, coupled with increasing population, this asset has very low risk pertaining to vacancy. The asset boasted 100% occupancy at the time of sale.
Built in 2002, the property features one-, two, and three-bedroom floorplans. Amenities include a clubhouse, fitness center, laundry facilities, basketball court and picnic areas. The Oaks at Lincolnton presents the opportunity to increase income through organic upside and strategic value-add improvements.
UNIT INFORMATION
| Unit | Type | Size | Rent |
|---|---|---|---|
| 20 UNITS | 1BD/1BA | 725 SF | $870 (AVG.) |
| 79 UNITS | 2BD/2BA | 975 SF | $964 (AVG.) |
| 12 UNITS | 3BD/2BA | 1,185 SF | $1,129 (AVG.) |
PROPERTY INFORMATION
| PIN | 3632299570 |
| Tax Value | $6,365,058 |
| Taxes | $89,719.74 |
| Lot Size | 10.65 ACRES |
| Year Built | 2002 |
| Exterior | BRICK, VINYL |
| Floors | CARPET, VINYL, LVP |
| Foundation | SLAB |
| HVAC | CENTRAL A/C, HEAT PUMPS |
| Utilities | OWNER PAYS WATER |
| Legal Description | GEORGETOWN LD HWY321 |
| Appliances | RANGE, REFRIGERATOR, DISHWASHER, MICROWAVE, W/D CONNECTIONS |
| Sold Date | 2022-06-16 |
| Zoning | O-I CU |
Agent Information Michael Deaton
Location Map
THE OAKS AT LINCOLNTON APARTMENTS – 111 UNITS IN LINCOLNTON, NC