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Providence Square 1311 N Main St 30 Unit Apartment Building $2,100,000 ($70,000/Unit) Winston-Salem, NC 27105
INVESTMENT HIGHLIGHTS
- The area is home to over 167,000 jobs within a short drive, further reinforcing renter demand and long-term growth fundamentals.
EXECUTIVE SUMMARY
Northmarq is pleased to present the exclusive offering of Providence Square Apartments, a 30-unit community located in Winston-Salem, NC. Built in 1959, the property sits just north of downtown with direct access to US-52 via Northwest Boulevard, offering residents convenient access to major employment hubs, lifestyle amenities, and Winston-Salem’s vibrant city core—ranked among the Top 10 Downtowns in the U.S. and part of a Top 100 Best Places to Live metro.
In addition to its strategic location, Providence Square presents incoming ownership with an enticing value-add opportunity. A targeted renovation scope of approximately $9,000 per unit is projected to drive rent premiums of $250 to $360 above current in-place levels—closing the gap to competing properties and enhancing investor returns. Moreover, current rents fall $450 to $580 below the 80% AMI thresholds (inclusive of utility allowances), positioning the asset for North Carolina’s Affordable Housing Tax Abatement Program. Ownership may qualify for more than $16,000 in annual tax savings while continuing to push rents within program compliance.
In addition to its strategic location, Providence Square presents incoming ownership with an enticing value-add opportunity. A targeted renovation scope of approximately $9,000 per unit is projected to drive rent premiums of $250 to $360 above current in-place levels—closing the gap to competing properties and enhancing investor returns. Moreover, current rents fall $450 to $580 below the 80% AMI thresholds (inclusive of utility allowances), positioning the asset for North Carolina’s Affordable Housing Tax Abatement Program. Ownership may qualify for more than $16,000 in annual tax savings while continuing to push rents within program compliance.
PROPERTY FACTS
| Price | $2,100,000 | Building Class | C |
| Price Per Unit | $70,000 | Lot Size | 1.33 AC |
| Sale Type | Investment | Building Size | 22,016 SF |
| No. Units | 30 | Average Occupancy | 93% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1959 |
| Apartment Style | Garden | Parking Ratio | 1/1,000 SF |
| Zoning | RM18 - Residential | ||
| Price | $2,100,000 |
| Price Per Unit | $70,000 |
| Sale Type | Investment |
| No. Units | 30 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.33 AC |
| Building Size | 22,016 SF |
| Average Occupancy | 93% |
| No. Stories | 2 |
| Year Built | 1959 |
| Parking Ratio | 1/1,000 SF |
| Zoning | RM18 - Residential |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 14 | - | 640 - 896 |
| 2+1 | 16 | - | 800 |
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PROPERTY TAXES
| Parcel Number | 6836-21-3752 | Improvements Assessment | $1,693,300 |
| Land Assessment | $152,900 | Total Assessment | $1,846,200 |
PROPERTY TAXES
Parcel Number
6836-21-3752
Land Assessment
$152,900
Improvements Assessment
$1,693,300
Total Assessment
$1,846,200
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Providence Square | 1311 N Main St
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