400 W Meadowview Rd
Greensboro, NC 27406
Spring Manor Apartments · Multifamily Property For Sale · 56 Units

Property Tours Will be offered on Monday, November 13th and Tuesday, November 21st between 10am to 1pm local time. Please contact the listing broker to schedule. Investment Highlights Rare and tremendous upside opportunity for a value-add investor in Greensboro, N.C. Located less than 1 mile from I-40 and within short driving distance to downtown, UNCG and the Greensboro Coliseum Complex Property could generate unleveraged cash on cash in excess of 10% and unleveraged IRR of 15% or more Investment OverviewRare and tremendous opportunity to acquire, Spring Manor Apartments, located in Greensboro, NC. Spring Manor is the hard to find opportunity to create exceptional cash flow and value by re-positioning the property. Due to poor management and underfunding, this complex was foreclosed. Current ownership has overseen the removal of all non-paying/late paying tenants and has addressed all outstanding code issues. Occupancy has recently been increased to 39%. Approximately $10,000 per unit is needed for renovation and upgrade to normal market standard, but at stabilization (estimated at 3 years), the property could generate an unleveraged cash on cash return in excess of 10% and an un Approximately $10,000 per unit is needed for renovation and upgrade to normal market standard, but at stabilization (estimated at 3 years), the property could generate an unleveraged cash on cash return in excess of 10% and an unleveraged IRR of 15%+. Adding appropriate leverage could push these returns measurably higher. Less than « mile from I-40 and less than 10 minutes from downtown, UNC-Greensboro, and the Greensboro Coliseum Complex, Spring Manor Apartments is well positioned to attract tenants who need to close access to the heart of Greensboro. This property also benefits from close proximity to retail and shopping along Randleman Road and South Eugene Street. The property backs up to tranquil neighborhood and park.