This Multifamily Property is Off-Market.

231 D Avenue
Salisbury, NC 28144 ·

98 Units · Multifamily For Sale

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Colonial Village Apartments

Price N/A Cap Rate 8.81%
No. Units 98 Occupancy 98%
Building Size 94,624 SF No. Stories 2
Property Type Multifamily Year Built 1975
Property Sub-type Garden/Low-Rise Lot Size 9.45 AC
Property Use Type Investment
Listing ID: 16772804 Date Created: 07/26/2010 Last Updated: 08/21/2010

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.

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

Research

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

Property Record Data - Historical Listings, current tax, mortgage, owners & tenant info for this property

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