Description

The property consists of a portfolio of buildings, most of which are located in the same vicinity, and one of which is in a separate location. With all being completely furnished units, the property is in a unique position to take advantage of the growth drivers in the Area. The numbers included in this package have been constructed on a proforma basis due to the fact that during 2004-2005 the owner vacated the property and performed major rennovations. Property is currently stabilized with 60 out of 66 rentable units occupied. 1 unit serves as leasing officeThe properties are now stable and in great condition for the investor wanting a low maintenance property.There is also an extra lot associated with the sale that will support 12 more units.

What an exciting time to acquire property in Lenoir, NC. The area has been through rough economic times over the previous five years, but with the growth engines coming rapidly, there is substantial pent up rent growth and appreciation value in the market. Some of the dirvers include Laurelmor: With a minimum of 500 to 600 full-time employees, Laurelmor, a Ginn Clubs & Resorts mountain-top project under way in Wilkes and Watauga counties, is expected to add more than $2 billion in property values. Most of these employees are expected to reside outside of the project and Lenoir is the closest community. Tech Company: A yet to be named tech company is supposedly coming to the area bringing 300 jobs.