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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.

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Details

Property Information

  • Property Type
    Multi-family
  • Total Number of Units
    12
  • Buildings
    6

Pricing & Terms

  • Price
    $797,000
  • NOI
    +$50,574
  • Cap Rate (Actual)
    6.35%
  • Cap Rate (Proforma)
    7.60%
  • 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.

Property Documents

Aerial Map