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16 Tenants / 8 Baths Side-by-Side Duplexes 591 Margo Rd 4 Unit Apartment Building $1,475,000 ($368,750/Unit) 8.25% Cap Rate Boone, NC 28607
INVESTMENT HIGHLIGHTS
- Student Rental Fully Leased through July 2026
EXECUTIVE SUMMARY
TWO DUPLEXES, 4 TOTAL UNITS, 16 TENANTS WITH THEIR OWN SLEEPING SPACE / 8 BATHS - WITH PARKING minutes from downtown Boone and the campuses of App State and CCC&TI. Fully leased through July 2026 with new leases grossing $148,800 annually. With a new roof on 573 and some with recently updated kitchens, counter tops, flooring and fixtures these duplexes are a tremendous turn-key opportunity for any investor in the strong Boone rental market. These units offer ample on-site parking and are close to college campuses, shopping, restaurants, and all Boone has to offer. Floor plans in photos with unit square footage provided by the seller. Current gross rent is $144,000, increasing to $148,800 for Aug '25 - July '26. Tenants are responsible all utilities and trash pickup. 24-hour notice is required for showing. Photos were taken previously, when units were unoccupied. Unit finishes vary. Total square footage represented is from appraiser measurements provided by the seller.
PROPERTY FACTS
| Price | $1,475,000 | Building Class | C |
| Price Per Unit | $368,750 | Lot Size | 0.63 AC |
| Sale Type | Investment | Building Size | 4,130 SF |
| Cap Rate | 8.25% | Average Occupancy | 100% |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1989 |
| Property Subtype | Apartment |
| Price | $1,475,000 |
| Price Per Unit | $368,750 |
| Sale Type | Investment |
| Cap Rate | 8.25% |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.63 AC |
| Building Size | 4,130 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1989 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 4+2 | 4 | - | - |
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PROPERTY TAXES
| Parcel Number | 2920-56-1607-000 | Improvements Assessment | $183,600 |
| Land Assessment | $37,700 | Total Assessment | $221,300 |
PROPERTY TAXES
Parcel Number
2920-56-1607-000
Land Assessment
$37,700
Improvements Assessment
$183,600
Total Assessment
$221,300
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Baxter Mountain Properties
16 Tenants / 8 Baths Side-by-Side Duplexes | 591 Margo Rd
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