Carolina Woods
3401 N O’Henry Blvd, Greensboro NC 27405
| ASSET TYPE | Affordable to Market Rate |
|---|---|
| PRICE | $ 4,995,000 |
| PER UNIT | $ 56,761 |
| TOTAL UNITS | 88 |
| OCCUPANCY | 96% |
| YEAR BUILT | 1990 & 1994 |
| MARKET | Triad |
| STATUS | In Contract |
Financials
Highlights
➤ RARE VALUE-ADD OPPORTUNITY to reposition this 88-unit multifamily asset from Affordable Housing to Market Rate
➤ Originally built using Section 42 Low Income Housing Tax Credits -- Phase I (48 units) will have no rent restrictions after closing; Phase II (40 units) will have no rent restrictions after 2023
➤ Phase I (48 Townhome units) can be pushed to market rate rents post closing (as existing leases burn off), and ALL rents can be pushed to market rate after 2023
➤ Current rents are approximately $650 for 2-BR units and $750 for 3-BR units, allowing for significant upside based on projected market rents of $795 for 2-BR and $895 for 3-BR
➤ ONLY $56K PER UNIT with additional upside opportunities including remodeling the units for premium rent and sub-metering water for tenant reimbursement
Photos
Location
Contact
Mike Siciliano
919.861.9730 x2
Mike@ApartmentCore.com