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Archived over 3 years ago

$410

rooms 1 ba 4275 sqft

3421 Gardner St, Fayetteville, NC 28311

Commercial Commercial Occupied Needs Repairs

Current Rent **

$1,800

Projected Rent **

$8,600

Estimated Cap Rate *

Pro Only

Estimated Cash on Cash ROI *

Pro Only

Posted By:

Jason Lewis

10 unit Apartment Complex

This property will move very fast. A 10 unit apartment complex, all 2bed/1bath, 15 minutes away from Fort Bragg. 6 units are occupied, with tenants on month to month leases and rents are $425 a month. The 4 vacant units need complete renovations. Seller pays trash and landscaping which equal $500 a month and tenants pay utilities. Taxes are $3800 a year and insurance is $371 a month. The seller purchased the property as a long term rental and began having health complications and now he wants to unload. Renovations are mainly cosmetic and there are a few water heaters that need to be replaced. By my research, i estimate repairs to range from 70k-80k. Newly renovated 2/1s in this part of Fayetteville are renting for over $900. Pro forma, i estimate a NOI of over 64k a year with a 13% cash on cash return once property is stabilized. Fayetteville reports a 11% growth in population over the last 2 years and property values continue to rise. Purchase price is 410k cash. Seller would like to close in 30 days. For more details, pictures and more information contact Jason Lewis via email. [email protected]. This property is under contract and will be assigned to an end buyer.

Location:

3421 Gardner St, Fayetteville, NC 28311

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* The cap rate and cash on cash return calculations found on BiggerPockets Listings are estimated and designed to be used for informational and educational purposes only, and when used alone, do not constitute investment advice. They assume 3 months worth of expenses and estimate taxes and insurance. BiggerPockets recommends that you seek the advice of a real estate professional before making any type of investment. The results presented may not reflect the actual return of your own investments. BiggerPockets is not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by these tools. Furthermore, BiggerPockets is not responsible for any human or mechanical errors or omissions.

** Current rent and projected rent are provided by the lister.

† Rental comps are pulled by looking at property characteristics (beds, baths, structure type), date the rent listing was captured, and proximity to the searched location.

‡ Confidence levels range from low to very high. Confidence is determined by the number of recent and relevant comparable properties for any given search. A very high confidence level indicates a high number of recent and similar rental listings.