THE VUE – 140 UNITS IN GREENSBORO, NC

PRICE:
STATUS:
Off Market
ADDRESS:
3200 Trent St, Greensboro, NC 27405, USA
OVERVIEW:

Built in 1968, The Vue features 140, two-bedroom, one-bath, town home-style apartments. Since October of 2021, current ownership has cleaned out bad debt and completed interior renovations of approximately 60 units to push rents above $800 per unit. The property is currently 80% occupied and represents an opportunity to add value through continuing the proven, value-add program and completing the lease-up.

Located just minutes north of Downtown Greensboro, the property is within two miles of numerous retail, dining, entertainment, and employment centers. Over the last year, rents have increased more than 16.1% in Greensboro. Additionally, Greensboro is located in Guilford County, which grew in population by 12.5% from 2010 to 2020. With employment and population growth expected to continue, market rents are projected to increase further. A few recent economic announcements supporting employment growth in Greensboro include the following: $1.3 billion development project for a new Toyota battery plantĀ , Boom Supersonic Airlines choice of the Piedmont International Airport in Greensboro, NC for the site of its first plane manufacturing plant (expected to contribute $32 billion to the NC economy over the next 20 years), and the electric vehicle manufacturer, VinFast’sĀ  decision to locate its first North American automotive assembly and battery manufacturing plant just 30 minutes from Greensboro, NC (expected to create approximately 7,500 additional jobs).

In April of 2022 there was a fire in building 3306. The arson occurred in a vacant unit and caused damage to all eight units in the building. All repairs have been made, including a replacement of the roof. Three units received a full gut and renovation. The other five units got new ceilings and flooring on the second floor. The work was completed in October 2022. Rental income from these units was $0 from April 2022 until November of 2022.

Link To Tax Records
UNIT INFORMATION
Unit Type Size Rent
121 UNITS 2 BD/1 BA 837 SF - 916 SF $825 (CURRENT ASKING RENT)
19 UNITS 2 BD/1.5 BA 916 SF $850 (CURRENT ASKING RENT)
140 UNITS (TOTAL) 123,737 (TOTAL)
PROPERTY INFORMATION
PIN 7876-73-1316, 7876-63-7563
Tax Value $10,312,428
Taxes TBD PER 2022 REVALUATION
Lot Size 8.8 ACRES
Year Built 1968, 1970
Exterior BRICK & SIDING
Floors CARPET, VINYL, LVP
Foundation SLAB
HVAC WINDOW A/C, BASEBOARD HEAT
Utilities INDIVIDUALLY METERED
Legal Description TIMBER HOLLOW APTS LO2 PL35-41, 3.59AC MCKNIGHT MANOR APARTMENTS TR1 PL35-41
Appliances RANGE, REFRIGERATOR, MICROWAVE, W/D CONNECTION
Zoning RM-18

Location Map

THE VUE – 140 UNITS IN GREENSBORO, NC
Address: 3200 Trent St, Greensboro, NC 27405, USA Unit: