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.
Listing courtesy of NorthGroup Real Estate, Inc..
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