Pamlico Apartments | 1300 Pamlico St
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Pamlico Apartments 1300 Pamlico St
32 Unit Apartment Building $5,900,000 ($184,375/Unit) 5.05% Cap Rate Charlotte, NC 28205
Investment Highlights
- Great neighborhood lined with Million dollars homes on the same block. Excellent location
Executive Summary
FOR SALE BY OWNER: Perfect 1031 Choice... Well-maintained property managed by the owner; it is located in a great area. (LIHTC) property; the restriction will end in 2029. The complex includes a laundry room, community room, and library. Each unit is 1 bedroom and 1 bath; 32 units. Buyers, please conduct your research. I can provide further financial information as needed. Buyer's agent can contact me for their commission. The building is priced at $5,900,000 with the vacant land. The building and lot are on one parcel but have two different addresses: The Building is at 1300 Pamlico Street and the land is at 1248 Louise Avenue. The property is priced below the current market value due to restrictions.
• Great neighborhood lined with Million-dollar homes on the same block. Excellent location.
• Great neighborhood lined with Million-dollar homes on the same block. Excellent location.
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
---|---|---|
Gross Rental Income | $422,784 | $16.42 |
Other Income | - | - |
Vacancy Loss | - | - |
Effective Gross Income | $422,784 | $16.42 |
Net Operating Income | - | - |
Financial Summary (Pro forma - 2024)
Gross Rental Income | |
---|---|
Annual | $422,784 |
Annual Per SF | $16.42 |
Other Income | |
---|---|
Annual | - |
Annual Per SF | - |
Vacancy Loss | |
---|---|
Annual | - |
Annual Per SF | - |
Effective Gross Income | |
---|---|
Annual | $422,784 |
Annual Per SF | $16.42 |
Net Operating Income | |
---|---|
Annual | - |
Annual Per SF | - |
Property Facts
Price | $5,900,000 | Apartment Style | Low Rise |
Price Per Unit | $184,375 | Building Class | C |
Sale Type | Investment | Lot Size | 2.27 AC |
Cap Rate | 5.05% | Building Size | 25,744 SF |
Sale Conditions | 1031 Exchange | Average Occupancy | 100% |
No. Units | 32 | No. Stories | 2 |
Property Type | Multifamily | Year Built | 1999 |
Property Subtype | Apartment | Parking Ratio | 0.62/1,000 SF |
Price | $5,900,000 |
Price Per Unit | $184,375 |
Sale Type | Investment |
Cap Rate | 5.05% |
Sale Conditions | 1031 Exchange |
No. Units | 32 |
Property Type | Multifamily |
Property Subtype | Apartment |
Apartment Style | Low Rise |
Building Class | C |
Lot Size | 2.27 AC |
Building Size | 25,744 SF |
Average Occupancy | 100% |
No. Stories | 2 |
Year Built | 1999 |
Parking Ratio | 0.62/1,000 SF |
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Storage Space
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Carpet
- Pantry
- Patio
- Vinyl Flooring
- Wheelchair Accessible (Rooms)
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Property Manager on Site
- Security System
- Elevator
Unit Mix Information
Description | No. Units | Avg. Rent/Mo | SF |
---|---|---|---|
1+1 | 32 | - | 610 - 630 |
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PROPERTY TAXES
Parcel Number | 081-162-06 | Improvements Assessment | $200 (2023) |
Land Assessment | $2,046,300 (2023) | Total Assessment | $2,046,500 (2023) |
PROPERTY TAXES
Parcel Number
081-162-06
Land Assessment
$2,046,300 (2023)
Improvements Assessment
$200 (2023)
Total Assessment
$2,046,500 (2023)
zoning
Zoning Code | N2-B Multifamily (On the original plan from 1999, 43 units were allowed, but only 32 were built. The water meter is Master. Electric is Individually metered.) |
N2-B Multifamily (On the original plan from 1999, 43 units were allowed, but only 32 were built. The water meter is Master. Electric is Individually metered.) |
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Pamlico Apartments
Pamlico Apartments | 1300 Pamlico St
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