Carolina Woods

3401 N O'Henry Blvd, Greensboro NC 27405

$ 4,995,000

Carolina Woods

3401 N O’Henry Blvd, Greensboro NC 27405
ASSET TYPEAffordable to Market Rate
PRICE$ 4,995,000
PER UNIT$ 56,761
TOTAL UNITS88
OCCUPANCY96%
YEAR BUILT1990 & 1994
MARKETTriad
STATUSIn Contract

Financials

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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