300 S 1st Street, Albemarle, NC 28001

$2,300,000
112
BD
53,000
SqFt
List Price
$2,300,000
MLS#
CAR3644634
Status
ACTIVE
Days on Market
14
Property Type
Residential Income
Architectural Style
Other
Stories
Apartments
Year Built
1961
Bedrooms
112
Full Baths
109
Lot Size
74,052
Lot Size Area
1.7
Living Area
53,000
Sq Ft Total
53000
County
Stanly
Subdivision
Downtown
Special Conditions
None

Property Description

W/ rent being $534, and if there were only 90 units, this property has a capitalization rate of 13.79% and an a NOI of $317,196.00, pro forma. Property was a hotel, better use is prob apts, Sec 8 approved (you don't have to go that route, or you can designate part of it), new college campus 4-5 blocks away, 200+ applications pending with public housing for section 8, hundreds of jobs entering Stanly county, new alleyway rezoned for foot traffic and outdoor dining rather than motor vehicle, national and local need for affordable multifamily housing. Water and electric is not individually metered. Most rooms are efficiency style apartments, and the website above shows suggested plans. Some prospects are also interested in cutting walls and making into multi bedroom apartments. There are a couple 3 bed 3 bath and 2 bed 2 bath apartments. There is about 4,000+ square feet of commercial space, including a full restaurant kitchen. There is a conference room and 10k of storage space.

Additional Information

Community Features
Business Center, Outdoor Pool, Sidewalks, Street Lights, Walking Trails
Floor Coverings
Concrete, Tile
Equipment
Other
Foundation
Basement, Block, Brick/Mortar, Slab, Slab
Laundry Location
Other
Heating
See Remarks
Water Heater
Other
Water
Public, Other
Sewer
Public Sewer
Exterior Features
Auto Shop, Lawn Maintenance, Pool-In-Ground, Storage, Other
Exterior Construction
Brick Partial, Concrete, Stucco, Synthetic Stucco
Parking
Parking Space - 4+, Other
Driveway
Asphalt, Concrete
Lot Description
City View, Corner Lot, Paved, See Remarks
Elementary School
Central Albemarle
Middle School
Albemarle
High School
Albemarle
Porch
Balcony, Covered

Mortgage Calculator

Amount of Loan
Annual Interest Rate
%
Term of Loan
Years

Does not include any taxes or fees.
Please consult a financial professional.
Calculator source: Real Geeks

Listing courtesy of NorthGroup Real Estate, Inc..

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