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107 Calloway Ct
Rocky Mount, NC 27804
Villas at Wesleyan · Multifamily Property For Sale
·
22 Units
Investment Highlights
- 16 units master leased by NCWU with minimal expenses paid by ownership
- Stable cash flow with seven years remaining on the master lease
- Well located in Rocky Mount within 15 minutes of Rocky Mount Mills and future Commons at Sunset mixed-use development
- New construction opportunity requires minimal CapEx
- Market rents on six ownership controlled units are 27% higher than master leased rents. University charged rent is 47% higher than ownership rent.
Executive Summary
Villas at Wesleyan presents investors with a stable, cash flowing, new construction student housing asset sitting adjacent to North Carolina Wesleyan
University (NCWU) who has a master lease on 16 of the 22 units for another seven years.
Given the close proximity to the University and newer vintage compared to on-campus offerings, the asset is highly attractive to students with the
University having a stringent, GPA based selection process for students who want to live in the master leased units. The master lease also presents
highly favorable terms with the University covering all costs except for taxes, insurance, and replacement of building systems.
Beyond the proximity to NCWU, the asset is less than 10 minutes from Rocky Mount Mills, an adaptive reuse mixed-use project completed in 2019 and
still seeing great new openings with three retailers opening since 2025. Rocky Mount is experiencing continued growth nearby Villas at Wesleyan with
the city leading the charge with infrastructure investments already underway for a mixed-use mega site development at the corner of I-95 and US 64
less than 15 minutes away from Villas at Wesleyan. The site sits on 336 acres and is generating strong interest from regional developers especially
considering the 90 million vehicles that drive by the site annually.
Villas at Wesleyan offers strong, stable cash-flow as well as optionality in exit strategy with strong nearby home prices and recent developments further
bolstering the desirability of the location.
University (NCWU) who has a master lease on 16 of the 22 units for another seven years.
Given the close proximity to the University and newer vintage compared to on-campus offerings, the asset is highly attractive to students with the
University having a stringent, GPA based selection process for students who want to live in the master leased units. The master lease also presents
highly favorable terms with the University covering all costs except for taxes, insurance, and replacement of building systems.
Beyond the proximity to NCWU, the asset is less than 10 minutes from Rocky Mount Mills, an adaptive reuse mixed-use project completed in 2019 and
still seeing great new openings with three retailers opening since 2025. Rocky Mount is experiencing continued growth nearby Villas at Wesleyan with
the city leading the charge with infrastructure investments already underway for a mixed-use mega site development at the corner of I-95 and US 64
less than 15 minutes away from Villas at Wesleyan. The site sits on 336 acres and is generating strong interest from regional developers especially
considering the 90 million vehicles that drive by the site annually.
Villas at Wesleyan offers strong, stable cash-flow as well as optionality in exit strategy with strong nearby home prices and recent developments further
bolstering the desirability of the location.
Property Facts
| Price Per Unit | $295,455 | Building Class | C |
| Sale Type | Investment | Lot Size | 3.56 AC |
| Cap Rate | 6.49% | Building Size | 33,946 SF |
| No. Units | 22 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 2020 |
| Apartment Style | Townhome | Parking Ratio | 2.59/1,000 SF |
| Zoning | R10 - Residential | ||
| Price Per Unit | $295,455 |
| Sale Type | Investment |
| Cap Rate | 6.49% |
| No. Units | 22 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | C |
| Lot Size | 3.56 AC |
| Building Size | 33,946 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 2020 |
| Parking Ratio | 2.59/1,000 SF |
| Zoning | R10 - Residential |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 4+2.5 | 22 | $650.00 | 1,543 |
Property Taxes
| Parcel Numbers | Improvements Assessment | $5,341,230 | |
| Land Assessment | $280,000 | Total Assessment | $5,621,230 |
Property Taxes
Parcel Numbers
Land Assessment
$280,000
Improvements Assessment
$5,341,230
Total Assessment
$5,621,230
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