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Pamlico Apartments 1300 Pamlico St 32 Unit Apartment Building $7,000,000 ($218,750/Unit) 4.29% Cap Rate Charlotte, NC 28205
Investment Highlights
- Great neighborhood lined with Million dollars homes on the same block. Excellent location - Come Visit the Property
Executive Summary
FOR SALE BY OWNER: Perfect 1031 Choice... Well-maintained property managed by the owner; it is located in a great area. (LIHTC) property; the restriction will end in 2029. The current maximum rent is $1265 per unit, which increases yearly. The complex includes a laundry room, community room, and library. Each unit is 1 bedroom and 1 bath; 32 units. Buyers, please conduct your research. I can provide further financial information as needed. Buyer's agent can contact me for their commission. The building is priced at $5,900,000 with the vacant land. The building and lot are on one parcel but have two different addresses: The Building is at 1300 Pamlico Street, and the vacant land is at 1248 Louise Avenue. The property is priced below the current market value due to restrictions. Come visit me and you are welcome to ask anything; my books are open to new buyers.
• Great neighborhood lined with Million-dollar homes on the same block. Excellent location.
• Great neighborhood lined with Million-dollar homes on the same block. Excellent location.
Financial Summary (Pro Forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$458,496
|
$17.81
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$458,496
|
$17.81
|
| Net Operating Income |
-
|
-
|
Financial Summary (Pro Forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $458,496 |
| Annual Per SF | $17.81 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $458,496 |
| Annual Per SF | $17.81 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
| Price | $7,000,000 | Apartment Style | Low-Rise |
| Price Per Unit | $218,750 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.27 AC |
| Cap Rate | 4.29% | Building Size | 25,744 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| No. Units | 32 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1999 |
| Property Subtype | Apartment | Parking Ratio | 0.62/1,000 SF |
| Zoning | N2-B Multifamily - UDO- Zoning- The original plan from 1999, 43 units were allowed, but only 32 were built. The water meter is Master. Electric is Individually metered. | ||
| Price | $7,000,000 |
| Price Per Unit | $218,750 |
| Sale Type | Investment |
| Cap Rate | 4.29% |
| Sale Condition | 1031 Exchange |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 2.27 AC |
| Building Size | 25,744 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1999 |
| Parking Ratio | 0.62/1,000 SF |
| Zoning | N2-B Multifamily - UDO- Zoning- The original plan from 1999, 43 units were allowed, but only 32 were built. The water meter is Master. Electric is Individually metered. |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Storage Space
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Carpet
- Pantry
- Patio
- Vinyl Flooring
- Wheelchair Accessible (Rooms)
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Property Manager on Site
- Security System
- Elevator
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 32 | - | 610 - 630 |
1 1
Property Taxes
| Parcel Number | 081-162-06 | Improvements Assessment | $200 (2025) |
| Land Assessment | $2,046,300 (2025) | Total Assessment | $2,046,500 (2025) |
Property Taxes
Parcel Number
081-162-06
Land Assessment
$2,046,300 (2025)
Improvements Assessment
$200 (2025)
Total Assessment
$2,046,500 (2025)
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Pamlico Apartments
Pamlico Apartments | 1300 Pamlico St
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