Forest Village Apartments $2,500,000

Multifamily Investment Property For Sale

Forest Village Apartments $2,500,000 2017-02-20T18:59:42+00:00

Project Description

Forest Village Apartments $2,500,000  · 301 Kristin Lane #2  Hudson, NC 28638 ·56 Units · Multifamily For Sale

Complex consists of seven buildings, which are comprised of 12 studios, 8 one bedrooms, and 36 two bedroom townhome style apartments for a total of 56 units. Secluded and wooded site, which also may offer the upside of adding an additional building and moving rents up to the market rate. Tenants pay for their own electric and water, which is separately metered for each unit. Property has been upgraded to include several apartment renovations, new appliances, and roofs which have all been replaced within the last five years. Amenities include a pool and an outdoor space available for picnicking. The center has historically operated at near full capacity.

Located in the town of Hudson, north of Hickory North Carolina. Located off of Mt Herman Rd, about a mile from Highway 321. Close proximity to food and entertainment.

Price $2,500,000 Property Use Type Investment
No. Units 56 Cap Rate 9.08%
Building Size 45,592 SF Occupancy 95%
Price/Unit $44,642.86 No. Stories 2
Property Type Multifamily Year Built 1989
Property Sub-type Garden/Low-Rise Lot Size 7.81 AC

 

Unit Mix Information

Description No. Units Avg. Mo. Rent Sq. Ft.
Studio 12 $360 480
One Bedroom 8 $425 560
Two Bedroom 36 $525 980

Financial Summary (Proforma)

Scheduled Gross Income $309,756 Net Operating Income $226,933
Effective Gross Income $309,756 Pre-Tax Cash Flow $226,933
Operating Expenses $67,335


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