300 S 1st Street, Albemarle, NC 28001

$2,300,000
112
BD
53,000
SqFt
List Price
$2,300,000
MLS#
CAR3644634
Status
ACTIVE UNDER CONTRACT
Days on Market
136
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

Vacant but risk management strategies in place: Prop can be Section 8 or not. City needs open market apartments (new grad college 5 blocks, 420+ jobs added, new PD across street, COVID pushing people out of Charlotte, etc), but there are also 90+ approved tenants, on waiting list for housing to come available, that could more than fill up the apartments. 100 small, studio style units or easily combine them into a bigger unit. 53 units at $750 per month would gross $477,000. Exp: $143,100 = NOI $333900. $1.5m const + $2.3 purch = $3.8m outlay. 9% cap. 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 5,000+ square feet of commercial space, including a full restaurant kitchen..

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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