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Colony Apartments 48708 Us Highway 52 N 24 Unit Apartment Building $1,800,000 ($75,000/Unit) Richfield, NC 28137
INVESTMENT HIGHLIGHTS
- Great Location
- Single Level Brick Construction
EXECUTIVE SUMMARY
12 All brick buildings with 23 apartment units, approximately 21,900 heated square feet, on 8 acres, zoned Highway Business, average yearly operating income $212,676, average yearly expenses $102,452.58, average net income $110,223. 16 of the 23 units have been renovated with heat pumps, replacement windows, LVP flooring, paint, & fixtures. There's room to build additional buildings & units if desired. Property is serviced by public water supply & on site private sewer treatment system. Great location right on Highway 52 just outside Phifer University & near Hwy 49 with quick commute to Kannapolis, Concord, & Charlotte NC.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$212,676
|
$12.80
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$212,676
|
$12.80
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$102,452
|
$6.17
|
| Net Operating Income |
$110,224
|
$6.64
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $212,676 |
| Annual Per SF | $12.80 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $212,676 |
| Annual Per SF | $12.80 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $102,452 |
| Annual Per SF | $6.17 |
| Net Operating Income | |
|---|---|
| Annual | $110,224 |
| Annual Per SF | $6.64 |
PROPERTY FACTS
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Storage Space
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
- Kitchen
- Tub/Shower
- Double Pane Windows
- Vinyl Flooring
SITE AMENITIES
- Courtyard
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 12 | - | - |
| 2+1 | 12 | - | - |
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Colony Apartments | 48708 Us Highway 52 N
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