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300 S 1st Street

Albemarle, NC 28001
  • $2,300,000
  • STATUS: Active Under Contract
  • ON SITE: 363 days
  • ID#: 3644634
Under Contract
UPDATED: 238 min ago
$2,300,000
  • 112
    BEDS
  • 1.7
    ACRES
  • 109
    BATHS
  • 0
    1/2 BATHS
  • 53,000
    SQFT
  • $43
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1961
County:
Area:

School Information

Elementary School:
Middle School:
High School:
Offered by Northgroup Real Estate, Inc.. Copyright 2021 Canopy MLS. All rights reserved.

Description

Vacant but risk management strategies in place: Prop can be Section 8 or not. City needs open market apartments (new grad college 5 blocks, 420+ jobs added, new PD across street, COVID pushing people out of Charlotte, etc), but there are also 90+ approved tenants, on waiting list for housing to come available, that could more than fill up the apartments. 100 small, studio style units or easily combine them into a bigger unit. 53 units at $750 per month would gross $477,000. Exp: $143,100 = NOI $333900. $1.5m const + $2.3 purch = $3.8m outlay. 9% cap. Water and electric is not individually metered. Most rooms are efficiency style apartments, and the website above shows suggested plans. Some prospects are also interested in cutting walls and making into multi bedroom apartments. There are a couple 3 bed 3 bath and 2 bed 2 bath apartments. There is about 5,000+ square feet of commercial space, including a full restaurant kitchen..

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Based on information submitted to the MLS GRID as of 2021-07-23T23:59:01.967 UTC. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.The data relating to real estate on this Web site derive in part from the Canopy MLS IDX program. Brokers make an effort to deliver accurate information, but buyers should independently verify any information on which they will rely in a transaction. All properties are subject to prior sale, change or withdrawal. Neither Burton Real Estate Group | Coldwell Bank Residential Brokerage nor any listing broker shall be responsible for any typographical errors, misinformation, or misprints, and they shall be held totally harmless from any damages arising from reliance upon this data. This data is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties they may be interested in purchasing. © 2021 Canopy MLS.

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300 S 1st Street Albemarle, NC 28001

  • Price: $2,300,000
  • Status: Active Under Contract
  • Updated: 238 min ago
  • ID#: 3644634
112
Beds
109
Baths
0
½ Baths
1.7
Acres
53,000
SQFT
$43
$/SQFT
1961
Built
Neighborhood:
Downtown
County:
Stanly
Area:
Albemarle
Elementary School:
Central Albemarle
Middle School:
Albemarle
High School:
Albemarle
Property Description
Vacant but risk management strategies in place: Prop can be Section 8 or not. City needs open market apartments (new grad college 5 blocks, 420+ jobs added, new PD across street, COVID pushing people out of Charlotte, etc), but there are also 90+ approved tenants, on waiting list for housing to come available, that could more than fill up the apartments. 100 small, studio style units or easily combine them into a bigger unit. 53 units at $750 per month would gross $477,000. Exp: $143,100 = NOI $333900. $1.5m const + $2.3 purch = $3.8m outlay. 9% cap. Water and electric is not individually metered. Most rooms are efficiency style apartments, and the website above shows suggested plans. Some prospects are also interested in cutting walls and making into multi bedroom apartments. There are a couple 3 bed 3 bath and 2 bed 2 bath apartments. There is about 5,000+ square feet of commercial space, including a full restaurant kitchen..
Exterior Features

Architectural Style Other Construction Materials Brick PartialConcreteStuccoSynthetic Stucco Elevation 1000 Exterior Features Auto ShopLawn MaintenanceIn Ground PoolStorageOther Lot Features City ViewCorner LotPavedSee Remarks Parking Features Parking Space - 4+Other Parking Total 100 Porch BalconyCovered Road Surface Type AsphaltConcrete

Interior Features

Accessibility Features 2 Or More Access Exits Appliances Other Below Grade Finished Area 0 Building Area Total 53000 Flooring ConcreteTile Foundation Details BasementBlockBrick/MortarSlabSlab Heating See Remarks Laundry Features Other

Property Features

Community Features Business CenterOutdoor PoolSidewalksStreet LightsWalking Trails HOASubject To None Listing Terms Other New Construction YN No Pets Allowed Yes Property Sub Type Multi-Family Rent Includes All UtilitiesGarbage Pick-UpManagement Road Responsibility Public Maintained Road Sewer Public Sewer Special Listing Conditions None Structure Type Apartments Tax Assessed Value 182642 Tenant Pays Other Unit Count 0 Water Heater Other Water Source PublicOther Zoning Description Cbd



Based on information submitted to the MLS GRID as of 2021-07-23T23:59:01.967 UTC. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.The data relating to real estate on this Web site derive in part from the Canopy MLS IDX program. Brokers make an effort to deliver accurate information, but buyers should independently verify any information on which they will rely in a transaction. All properties are subject to prior sale, change or withdrawal. Neither Burton Real Estate Group | Coldwell Bank Residential Brokerage nor any listing broker shall be responsible for any typographical errors, misinformation, or misprints, and they shall be held totally harmless from any damages arising from reliance upon this data. This data is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties they may be interested in purchasing. © 2021 Canopy MLS.

Digital Millennium Copyright Act
 
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Burton Real Estate Group | Coldwell Bank Residential Brokerage
2166 Mana Court
Rock Hill SC, 29730
Offered by Northgroup Real Estate, Inc.. Copyright 2021 Canopy MLS. All rights reserved.