Project Description
Forest Village Apartments $3,250,000 · 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 | $3,250,000 | 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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