Historical Multifamily Sale Listing - Colonial Village Apartments

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Colonial Village Apartments

231 D Avenue, Salisbury, NC 28144

N/A

98 Units | Multifamily

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Multifamily Property - Off Market

Price:
N/A
No. Units:
98
Building Size:
94,624 SF
Property Type:
Multifamily
Property Sub-type:
Garden/Low-Rise
Property Use Type:
Investment
Cap Rate:
8.81%
Occupancy:
98%
No. Stories:
2
Year Built:
1975
Lot Size:
9.45 AC
Listing ID
16772804
Last Updated
over 1 year ago

Highlights

  • Low Price Per Unit ($32,143)
  • Excellent Value-add Opportunity (Short and Long-Term)
  • Under-Market Rents In-Place
  • Significant Annual Increase in Collected Income
  • 37 HAP Units with Annual Increases

Description

Currently offered at $3,150,000 ($32,143/unit) - the Colonial Village
Apartments represent an excellent stabilized (and future value-add)
investment. At a consistent occupancy level of 95%+, the Colonial
Village Apartments should continue to see marginal rent increases,
reflected in increased annual income. Other options, such as submetering
water or repositioning the asset, offer the investor a value-add
opportunity in the longer-term.
With easy access to both downtown Salisbury and I-85, the Colonial
Apartments is positioned strongly, in terms of location and future
performance.

Salisbury is the county seat of Rowan County, North Carolina. Situated off of I-85, between Charlotte and
Greensboro, Salisbury is a transportation hub that connects Amtrak's Crescent, Carolinian, and Piedmont
trains to New York, Philadelphia, Baltimore, Washington, Richmond, Raleigh, Charlotte, Atlanta,
Birmingham, and New Orleans. Salisbury is home to three (3) regional colleges, and is also home to the
notable grocery store retailer, Food Lion.
The Colonial Village Apartments are conveniently located, with easy access to both downtown Salisbury,
and I-85, which provides direct access to both Charlotte and Greensboro. Colonial Village is also convenient
to both retail and dining options, making it a desirable spot for potential renters.

Map of 231 D Avenue, Salisbury, NC 28144 (Rowan County)

Research for 231 D Avenue, Salisbury, NC 28144 (Rowan County)

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