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Wilson Place 4942-4959 Fieldcrest Dr 26 Unit Apartment Building $1,995,000 ($76,731/Unit) 6.85% Cap Rate Fayetteville, NC 28303
Investment Highlights
- Capital improvements recently completed including full roof replacements and updated HVAC systems across most units.
- Demonstrated rent growth with more than $325 increases achieved on renovated apartments.
- Reduced deferred maintenance exposure providing long-term investment security.
- Interior renovations completed in the majority of units with modern finishes and improved durability.
- Added income stability through tenant water billing that offsets operating expenses.
- Remaining value-add potential available through completion of final unit upgrades.
Executive Summary
The Wilson Place Apartments consist of twenty-six (26) stabilized apartment units located in the West Fayetteville Submarket.
There are four buildings in total—three 8-unit buildings (4,600SF) constructed in 1972, and one duplex (1,647SF) constructed in 1968.
Property upgrades during the past 5 years include the following:
• All building roofs replaced (completed within the last 24 months);
• 15 of 26 HVAC systems replaced;
• 23 of 26 units fully updated, including:
o LVP flooring throughout
o Fresh interior paint
o Updated countertops
• Market rents increased by $325+ per unit as renovations were completed;
• Main drain lines replaced in 2 of the 4 buildings;
• Washer and dryer hookups added in all 26 units.
As a result, deferred maintenance is significantly reduced, lowering future capital risk for buyers, and creating a strong value-add opportunity with proven rent growth already in place.
In addition, tenants are billed $50 per month for water usage, creating an additional income stream and helping offset operating expenses.
From a positioning standpoint, this asset offers:
• Major capital items already addressed (roofs, HVAC, plumbing);
• Interior renovations 90% completed;
• Proven rent increases with additional upside remaining on the remaining units;
• Utility cost recovery through tenant water billing.
Currently annual gross operating income is $209,784 with value-add opportunities. The T-12 net operating income for the property is $136,704 (6.85% cap rate).
Wilson Place Apartments are located off Bragg Blvd in the West Fayetteville Submarket just 0.50 miles from the All-American Expressway and 1.75 miles from I-295 Outer Loop, providing the property convenient access to the major roads in and around Fayetteville and to Fort Bragg
There are four buildings in total—three 8-unit buildings (4,600SF) constructed in 1972, and one duplex (1,647SF) constructed in 1968.
Property upgrades during the past 5 years include the following:
• All building roofs replaced (completed within the last 24 months);
• 15 of 26 HVAC systems replaced;
• 23 of 26 units fully updated, including:
o LVP flooring throughout
o Fresh interior paint
o Updated countertops
• Market rents increased by $325+ per unit as renovations were completed;
• Main drain lines replaced in 2 of the 4 buildings;
• Washer and dryer hookups added in all 26 units.
As a result, deferred maintenance is significantly reduced, lowering future capital risk for buyers, and creating a strong value-add opportunity with proven rent growth already in place.
In addition, tenants are billed $50 per month for water usage, creating an additional income stream and helping offset operating expenses.
From a positioning standpoint, this asset offers:
• Major capital items already addressed (roofs, HVAC, plumbing);
• Interior renovations 90% completed;
• Proven rent increases with additional upside remaining on the remaining units;
• Utility cost recovery through tenant water billing.
Currently annual gross operating income is $209,784 with value-add opportunities. The T-12 net operating income for the property is $136,704 (6.85% cap rate).
Wilson Place Apartments are located off Bragg Blvd in the West Fayetteville Submarket just 0.50 miles from the All-American Expressway and 1.75 miles from I-295 Outer Loop, providing the property convenient access to the major roads in and around Fayetteville and to Fort Bragg
Property Facts
| Price | $1,995,000 | Building Class | C |
| Price Per Unit | $76,731 | Lot Size | 2.41 AC |
| Sale Type | Investment | Building Size | 15,447 SF |
| Cap Rate | 6.85% | Average Occupancy | 100% |
| No. Units | 26 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1972 |
| Property Subtype | Apartment | Parking Ratio | 2.08/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | R5A - Residential | ||
| Price | $1,995,000 |
| Price Per Unit | $76,731 |
| Sale Type | Investment |
| Cap Rate | 6.85% |
| No. Units | 26 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.41 AC |
| Building Size | 15,447 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1972 |
| Parking Ratio | 2.08/1,000 SF |
| Zoning | R5A - Residential |
Amenities
Unit Amenities
- Air Conditioning
- Heating
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 26 | - | 600 |
1 1
Fairly walkable
40/100
Exceptionally drivable
90/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $486,974 | |
| Land Assessment | $26,510 | Total Assessment | $513,484 |
Property Taxes
Parcel Numbers
Land Assessment
$26,510
Improvements Assessment
$486,974
Total Assessment
$513,484
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Wilson Place | 4942-4959 Fieldcrest Dr
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