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11% Cap Rate Fully Occupied 8-Unit Property 309 W Morgan St 8 Unit Apartment Building $499,000 ($62,375/Unit) 11.82% Cap Rate Wadesboro, NC 28170
Investment Highlights
- Fully occupied rental property in an underserved market. There is a waiting list to get into this property.
- Located right off US-74 halfway between Charlotte and Wilmington. Walkable to downtown Wadesboro shops and dining.
- 11% Cap Rate consistent cashflow netting over $50k+/yr. Coin operated laundry room is additional cashflow.
- See financials below for more information about this amazing opportunity.
Executive Summary
Beautiful historic home that has been converted to 8 apartments within walking distance to downtown Wadesboro. Currently generating over $50k in net cash flow. This building has maintained much of it's charm over the years with original hardwood floors and other classic accents throughout the building. Currently 8 of the apartments are occupied and many have been painted and refurbished. Most of the tenets have lived at this property for over a year. This property is a great opportunity for a savvy investor or anyone who loves big historic homes.
Data Room Click Here to Access
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $499,000 | Building Class | C |
| Price Per Unit | $62,375 | Lot Size | 0.50 AC |
| Sale Type | Investment | Building Size | 5,093 SF |
| Cap Rate | 11.82% | Average Occupancy | 100% |
| Sale Condition | 1031 Exchange | No. Stories | 2 |
| No. Units | 8 | Year Built | 1890 |
| Property Type | Multifamily | Parking Ratio | 1.57/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | $499,000 |
| Price Per Unit | $62,375 |
| Sale Type | Investment |
| Cap Rate | 11.82% |
| Sale Condition | 1031 Exchange |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.50 AC |
| Building Size | 5,093 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1890 |
| Parking Ratio | 1.57/1,000 SF |
| Opportunity Zone |
Yes |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+0 | 8 | - | - |
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Number | 6474-15-63-4927-00 | Total Assessment | $215,700 (2024) |
| Land Assessment | $0 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $0 (2024) | Tax Year | 2025 |
Property Taxes
Parcel Number
6474-15-63-4927-00
Land Assessment
$0 (2024)
Improvements Assessment
$0 (2024)
Total Assessment
$215,700 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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11% Cap Rate Fully Occupied 8-Unit Property | 309 W Morgan St
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