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..
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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
Listing courtesy of NorthGroup Real Estate, Inc..
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