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Fleming Street Apartments 526 Fleming St 9 Unit Apartment Building $1,150,000 ($127,778/Unit) 6.24% Cap Rate Hendersonville, NC 28739
Investment Highlights
- $200K+ Capex Investment: Comprehensive 2023 renovation addressing every major building system across the property.
- Updated Building Systems: New roofs, electric panels on all units, commercial water heater, PEX plumbing, and structural stabilization.
- Prime Downtown Location: Located in downtown Hendersonville with walking access to shops, dining, and entertainment.
- Fully Renovated Interiors: New flooring, tile showers, kitchen cabinets, appliances, paint, and fixtures throughout all 9 units.
- All-New Mini-Split HVAC: New mini-split systems installed in every unit across both duplexes and the single-family home.
- Diverse Asset Composition: Four distinct buildings (a cottage, two duplexes, and a quadplex) on a single site.
Executive Summary
Marcus & Millichap is pleased to present Fleming Street Apartments, a 9-unit multifamily community located in Hendersonville, North Carolina. Originally built in 1960 and comprehensively renovated in 2023, the property comprises four distinct buildings (a cottage, two duplexes, and a quadplex), offering a rare combination of asset diversity, scale efficiency, and turnkey condition.
Approximately $200,000 in capital improvements have been completed throughout the property, addressing virtually every major building system. Recent upgrades include new roofs and gutters, new windows, full electrical panel replacement on every unit, upgraded plumbing throughout, a new commercial water heater on the quadplex, structural stabilization with steel piers and beams, and all-new mini-split HVAC systems serving the duplexes and cottage. Interior renovations span new flooring, fully updated bathrooms with tile showers, modern kitchen cabinets and appliances, and updated paint and lighting throughout.
Fleming Street Apartments presents a true turnkey investment opportunity, allowing a new owner to acquire a fully repositioned asset with minimal deferred maintenance and immediate cash-flow stability, supported by Hendersonville’s steady demand from a diverse tenant base of working professionals, retirees, and seasonal residents. STR furniture is available for sale for buyers who wish to continue operating the existing short-term rental units.
Approximately $200,000 in capital improvements have been completed throughout the property, addressing virtually every major building system. Recent upgrades include new roofs and gutters, new windows, full electrical panel replacement on every unit, upgraded plumbing throughout, a new commercial water heater on the quadplex, structural stabilization with steel piers and beams, and all-new mini-split HVAC systems serving the duplexes and cottage. Interior renovations span new flooring, fully updated bathrooms with tile showers, modern kitchen cabinets and appliances, and updated paint and lighting throughout.
Fleming Street Apartments presents a true turnkey investment opportunity, allowing a new owner to acquire a fully repositioned asset with minimal deferred maintenance and immediate cash-flow stability, supported by Hendersonville’s steady demand from a diverse tenant base of working professionals, retirees, and seasonal residents. STR furniture is available for sale for buyers who wish to continue operating the existing short-term rental units.
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- Offering Memorandum
Property Facts
| Price | $1,150,000 | Building Class | B |
| Price Per Unit | $127,778 | Lot Size | 0.72 AC |
| Sale Type | Investment | Building Size | 5,825 SF |
| Cap Rate | 6.24% | Average Occupancy | 100% |
| No. Units | 9 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1960/2023 |
| Property Subtype | Apartment | ||
| Zoning | MIC | ||
| Price | $1,150,000 |
| Price Per Unit | $127,778 |
| Sale Type | Investment |
| Cap Rate | 6.24% |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | B |
| Lot Size | 0.72 AC |
| Building Size | 5,825 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1960/2023 |
| Zoning | MIC |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | - | 500 |
| 3+1 | 1 | - | 1,100 |
1 1
Moderately walkable
60/100
Very drivable
80/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 0107559 | Improvements Assessment | $233,700 |
| Land Assessment | $351,300 | Total Assessment | $585,000 |
Property Taxes
Parcel Number
0107559
Land Assessment
$351,300
Improvements Assessment
$233,700
Total Assessment
$585,000
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Fleming Street Apartments | 526 Fleming St
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