401 Summit Street
401 Summit Street Madison NC 27025
- Price$797,000
Opportunity to own a solid, performing, brick construction multifamily value-add property: 6 Duplexes located on one block in Madison, NC (30 minutes north of Greensboro, NC). 2BR/1BA units all leased significantly below market rents, yet still cash flowing well. 4 of the 12 units have been updated as proof of concept that rents are still $115-$230/month below market. Current NOI ±$50,574. Close proximity to Dan River access and Belews Lake.
Details
Property Information
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Property Type
Multi-family
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Total Number of Units
12
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Buildings
6
Pricing & Terms
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Price
$797,000
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NOI
+$50,574
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Cap Rate (Actual)
6.35%
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Cap Rate (Proforma)
7.60%
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Comments
Opportunity to own a solid, performing, brick construction multi-family value-add property: 6 Duplexes located on one block in Madison, NC (30 minutes north of Greensboro, NC). 2BR/1BA units all leased significantly below market rents, yet still cash flowing well. 4 of the 12 units have been updated as proof of concept that rents are still $115-$230/month below market. Current NOI ±$50,574. Close proximity to Dan River access and Belews Lake.