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Spring Valley Apartments 100 S Kirkland Ave 126 Unit Apartment Building $15,500,000 ($123,016/Unit) Elkin, NC 28621
Executive Summary
Rare find with high income and higher yet potential, 126 -units apartment community located in Elkin, NC. Spring Valley Apartments is close to key amenities including shopping, restaurants and coveted beaches, this building will attract high-income tenants looking for a vibrant downtown lifestyle. The property offers drought tolerant landscaping, as well as energy efficient building materials, appliances and fixtures presenting the buyer with a low maintenance, environmentally friendly property.
83% of the units have new HVACs. 86% of the units have been renovated, and the other units are being renovated on turn. Current ownership has invested $3,000,000 in capital improvements in the last 3 years. Capital improvements include new counter tops, appliances, cabinets, flooring - LVP / carpet, paint, vanities, faucets, toilets, blinds, light fixtures, water heaters, 1/3 of the windows, front doors, subpanel, all exterior Zinsco panels have been changed (50% of total exterior panels), resurfacing the parking lot, all new roofs, new remodeled laundry room, and a new office remodel.
Currently the 2 BD / 1 BA units that are upgraded are receiving $100 more than the 2 BD / 1 BA units that are not upgraded. Current ownership estimates that there is still over $12,000 / month in rent growth opportunity based on the proven and tested move-in rates of the upgraded units. Very Clean community with a stable tenant population.
83% of the units have new HVACs. 86% of the units have been renovated, and the other units are being renovated on turn. Current ownership has invested $3,000,000 in capital improvements in the last 3 years. Capital improvements include new counter tops, appliances, cabinets, flooring - LVP / carpet, paint, vanities, faucets, toilets, blinds, light fixtures, water heaters, 1/3 of the windows, front doors, subpanel, all exterior Zinsco panels have been changed (50% of total exterior panels), resurfacing the parking lot, all new roofs, new remodeled laundry room, and a new office remodel.
Currently the 2 BD / 1 BA units that are upgraded are receiving $100 more than the 2 BD / 1 BA units that are not upgraded. Current ownership estimates that there is still over $12,000 / month in rent growth opportunity based on the proven and tested move-in rates of the upgraded units. Very Clean community with a stable tenant population.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $15,500,000 | Building Class | C |
| Price Per Unit | $123,016 | Lot Size | 13.71 AC |
| Sale Type | Investment | Building Size | 100,296 SF |
| No. Units | 126 | Average Occupancy | 96% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1985 |
| Apartment Style | Garden | ||
| Zoning | R12 | ||
| Price | $15,500,000 |
| Price Per Unit | $123,016 |
| Sale Type | Investment |
| No. Units | 126 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 13.71 AC |
| Building Size | 100,296 SF |
| Average Occupancy | 96% |
| No. Stories | 2 |
| Year Built | 1985 |
| Zoning | R12 |
Amenities
Unit Amenities
- Balcony
- Dishwasher
- Microwave
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Range
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 36 | $810.00 | 700 |
| 2+1 | 73 | $975.00 | 800 |
| 2+2 | 16 | $1,056 | 850 |
| 3+1.5 | 1 | $1,315 | 1,050 |
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Property Taxes
| Parcel Number | 4952-17-20-3767 | Improvements Assessment | $4,210,300 |
| Land Assessment | $143,960 | Total Assessment | $4,354,260 |
Property Taxes
Parcel Number
4952-17-20-3767
Land Assessment
$143,960
Improvements Assessment
$4,210,300
Total Assessment
$4,354,260
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Spring Valley Apartments | 100 S Kirkland Ave
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