Summertime Apartments

05-16-2022
06-29-2022

6535 Jefferey Dr, Fayetteville, NC 28314

  • 144-Unit
  • 6.22% Pro Forma Cap
  • 100% Occupancy
  • Fayetteville, NC

Property Description

The Waller Group is proud to present the 100% occupied, 144- unit value-add property in Fayetteville, NC. The property is available because current ownership is looking to reinvest proceeds. Current ownership repainted all of the buildings in January. All of the roofs were replaced in 2014 except for one which was last replaced in 2005. There are 2 storage buildings on site. 2 of the storage units are 24x40 and one is 8x15. The property has 6 community washer and dryers on site that are coin operated. This is a value-add investment, offering new ownership the opportunity to complete minor exterior renovations and modernize interior units. The current owners manage the property with 4 full time employees and has not completed any extensive renovations other than routine repairs & maintenance. Current ownership is achieving $119,826 in annual NOI. New ownership, based upon area rent comps, can raise rents up to $296 / unit, which is a $0.32 / sqft bump. With this bump, new ownership can achieve an annual NOI of $1,058,054. Additionally, there is the opportunity to implement additional income fees through implementing a ratio utility billing system, lease violation fees, and parking fees. Another cost saving opportunity would be utilizing water conservation opportunities such as updates on faucets, showers, and low flow toilets, which can save up to 20% on water bills.

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multifamily type
Garden Style
Price
$ 17,000,000
No. of Units
144
Year Built
1978
Building Size
132,800 Sq ft
No. of Stories
2
Opportunity Zone
Off
Price per unit
$ 118,056
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