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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.

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
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

PROPERTY TAXES

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.)
  • Listing ID: 29293773

  • Date on Market: 8/16/2023

  • Last Updated:

  • Address: 1300 Pamlico St, Charlotte, NC 28205

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