This feature is unavailable at the moment.
We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.
Please check back in a few minutes. We apologize for the inconvenience.
- LoopNet Team
1301 King Ave
Spring Lake, NC 28390
Pine Grove Apartments · Multifamily Property For Sale
·
40 Units
Property Facts
| No. Units | 40 | Building Size | 30,400 SF |
| Property Type | Multifamily | Average Occupancy | 52% |
| Property Subtype | Apartment | No. Stories | 1 |
| Apartment Style | Garden | Year Built | 1968 |
| Building Class | C | Parking Ratio | 2.63/1,000 SF |
| Lot Size | 4.01 AC | ||
| Zoning | R6A | ||
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 4.01 AC |
| Building Size | 30,400 SF |
| Average Occupancy | 52% |
| No. Stories | 1 |
| Year Built | 1968 |
| Parking Ratio | 2.63/1,000 SF |
| Zoning | R6A |
Amenities
Unit Amenities
- Air Conditioning
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
- Eat-in Kitchen
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Tub/Shower
- Carpet
- Family Room
- Lawn
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Public Transportation
- Walk-Up
- Smoke Detector
About 1301 KING AVE , SPRING LAKE, NC 28390
40 Unit Multi-Family Complex (Pine Grove Apartments) located at 1301 King Ave., Spring Lake, NC 28390. The property is approximately 5 minutes (2 miles) from FT Bragg and conveniently near a Walmart Supercenter and many other restaurants, retailers, hotels and schools. The property consists of a total of 40 units housed in Nine (9) all brick buildings with lots of parking. There’s “Twenty-Eight (28)”, 2BR/1BA, “Five (5)”, 2BR/1.5BA and “Seven (7)” spacious 1BR/1BA units. As of October 1, 2018, Twenty (25) of the Forty (40) units are currently occupied which brings the current occupancy to 62.5%. This property has gone through a substantial rehab under the direction of the current owner. The owner is completing all rehab needed, increasing rents to true market rate rents and getting the property rented up. Currently, a high percentage of new tenants are coming from section 8. As new tenants fill the complex and rehab work is completed, the listing price will increase by $50,000 per month. Four (4) buildings sustained some roof damage during Hurricane Matthew. The insurance adjuster has already visited the property and the roofs will soon be replaced. Work on the entire complex is progressing to the point that 30 of the 40 units should be ready and rented out by the end of October 2018. The Ten (10) remaining units will be rehabbed for an approximate additional $50,000. Pine Grove Apartments is in a very quiet, peaceful, natural setting, making it a desirable neighborhood to live. It encompasses one complete street; you own the block and control everything relating to its appearance. Additionally, immediate surrounding area properties are being rezoned for new development, including new multi-family properties.
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | $525.00 | - |
| 2+2 | 5 | $612.50 | - |
| 2+1 | 28 | $575.00 | - |
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,367,597 | |
| Land Assessment | $206,800 | Total Assessment | $1,574,397 |
Property Taxes
