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    300 S 1st Street

    Albemarle, NC 28001
    • $2,300,000
    • STATUS: Active Under Contract
    • ON SITE: 222 days
    • ID#: 3644634
    Under Contract
    $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 2021-03-04T23:59:01.593 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 Debra Kasey at Berkshire Hathaway Home Services Carolinas Realty 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
    www.debrasellscarolinas.com/homes/108239199
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    300 S 1st Street Albemarle, NC 28001

    • Price: $2,300,000
    • Status: Active Under Contract
    • 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 MaintenancePool-In-GroundStorageOther Lot Features City ViewCorner LotPavedSee Remarks Parking Features Parking Space - 4+Other Parking Total 100 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 Listing Terms Other New Construction YN No Property Sub Type Multi-Family Sewer Public Sewer Special Listing Conditions None Structure Type Apartments Tax Assessed Value 182642 Water Source PublicOther



    Based on information submitted to the MLS GRID as of 2021-03-04T23:59:01.593 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 Debra Kasey at Berkshire Hathaway Home Services Carolinas Realty 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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    Debra Kasey at Berkshire Hathaway Home Services Carolinas Realty
    3420 Toringdon Way, Suite 200
    Charlotte NC, 28277
    Offered by Northgroup Real Estate, Inc.. Copyright 2021 Canopy MLS. All rights reserved.