UNDER-CONTRACT: 300 S 1st Street , Albemarle, NC, Albemarle NC

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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..

Price: $2,300,000

Status: Active Under Contract

Address: 300 S 1st Street , Albemarle, NC

County: Stanly

Subdivision: Downtown

Bedrooms: 112 Baths: 109/

Living Area: 53,000 sqft (estimated)

Architecture: Other

Property Type: Residential Income Multi-Family

ConstructionT: Site Built

Foundation: Basement, Block, Brick/Mortar, Slab, Slab

Lot Size: 1.7000 acres 300, 273, 275, 206.63 per tax records

Lot Features: City View, Corner Lot, Paved, See Remarks

Zoning Desc.: CBD

Appliances: Other

Flooring: Concrete, Tile

Heating: See Remarks

Laundry: Other

Exterior:

Parking: Parking Space - 4+, Other

Year Built: 1961

Driveway: Asphalt,Concrete

Community: Business Center, Outdoor Pool, Sidewalks, Street Lights, Walking Trails

Schools

Elementary School: Central Albemarle

Middle School: Albemarle

High School: Albemarle

Water Source: Public,Other

Sewer: Public Sewer

Water Heater: Other

SpecialListingConditions: None

Deed Reference: 1406/460

Geocode Source: Manual

Table: Listing - Multifamily

Pets Allowed: Yes

Canopy MLS Info

MLS#: CAR3644634

Listing Data Date: 2020-10-27 12:51:10.405

Photos Changed: 2020-09-02 10:27:48

Pending: 2020-09-30 04:00:00

Status Change: 2020-09-30 13:47:55

Broker: NorthGroup Real Estate, Inc.

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