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1424 E Commerce Ave 47 Unit Apartment Building $5,000,000 ($106,383/Unit) 5.89% Cap Rate High Point, NC 27260
Investment Highlights
- 47-unit multifamily community comprised of both townhouse-style and single-story apartment units
- Strong occupancy history with significant value-add potential through continued rental growth and unit upgrades
- Convenient access to downtown High Point, major employers, retail amenities, and regional transportation routes
- Situated on approximately 2.64 acres in an established High Point residential corridor.
- Recent capital improvements include newer roofs and replacement windows in many units.
- Well-positioned to benefit from continued demand for affordable workforce housing in the Triad market.
Executive Summary
47-unit multifamily investment opportunity in High Point. Mix of 19 single story apartments and 28 townhouse style units, strong value-add potential. Many capital improvements including newer roofs and replacement windows in many units, with ongoing rental upside.
Property Facts
| Price | $5,000,000 | Apartment Style | Garden |
| Price Per Unit | $106,383 | Building Class | B |
| Sale Type | Investment | Lot Size | 2.64 AC |
| Cap Rate | 5.89% | Building Size | 37,363 SF |
| Gross Rent Multiplier | 12.54 | Average Occupancy | 96% |
| No. Units | 47 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1968/2019 |
| Property Subtype | Apartment | ||
| Zoning | R26 - Multifamily Residential District | ||
| Price | $5,000,000 |
| Price Per Unit | $106,383 |
| Sale Type | Investment |
| Cap Rate | 5.89% |
| Gross Rent Multiplier | 12.54 |
| No. Units | 47 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 2.64 AC |
| Building Size | 37,363 SF |
| Average Occupancy | 96% |
| No. Stories | 2 |
| Year Built/Renovated | 1968/2019 |
| Zoning | R26 - Multifamily Residential District |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 47 | $825.00 | 725 |
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Fairly walkable
50/100
Exceptionally drivable
90/100
Minimal public transit
10/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 0175208 | Improvements Assessment | $935,800 |
| Land Assessment | $116,200 | Total Assessment | $1,052,000 |
Property Taxes
Parcel Number
0175208
Land Assessment
$116,200
Improvements Assessment
$935,800
Total Assessment
$1,052,000
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1424 E Commerce Ave