351 Porter St
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351 Porter St
6 Unit Apartment Building $649,000 ($108,167/Unit) Franklin, NC 28734
Investment Highlights
- Well maintained building.
Executive Summary
This is a premium, approximately one-acre commercial site in the Town of Franklin, just across from the entrance to Franklin High
School. The property is improved with a building with six apartment units. These units have been managed with low turnover in mind. These
units are typically leased to long-term tenants, with the majority of the leases on month-to-month terms. This allows a new owner to increase
the rental rates to market levels, which are $850 and up for similar units in this area. Typical units feature painted sheetrock walls, carpeted
flooring, average quality appliances, bathrooms and kitchens. There is adequate paved parking available for each unit with two separate
driveways and access points from Porter Street. The rental market in Franklin is incredible with very little vacancy and rents which have risen
significantly over the past several years. The property is available for sale at the price of $649,000.
The property consists of two buildings that house 6 apartments. Two - 3 bedroom/1 bathroom units. Three - 2 bedroom/1
bathroom units. One - 2 bedroom/ 2 bathrooms unit. *PLEASE MAKE EARNEST MONEY DEPOSIT CHECK TO BUYERS ATTORNEY** Apartments
are occupied, must give 24hr notice to view some apartments. All units will be available to view with an accepted contract during due diligence
School. The property is improved with a building with six apartment units. These units have been managed with low turnover in mind. These
units are typically leased to long-term tenants, with the majority of the leases on month-to-month terms. This allows a new owner to increase
the rental rates to market levels, which are $850 and up for similar units in this area. Typical units feature painted sheetrock walls, carpeted
flooring, average quality appliances, bathrooms and kitchens. There is adequate paved parking available for each unit with two separate
driveways and access points from Porter Street. The rental market in Franklin is incredible with very little vacancy and rents which have risen
significantly over the past several years. The property is available for sale at the price of $649,000.
The property consists of two buildings that house 6 apartments. Two - 3 bedroom/1 bathroom units. Three - 2 bedroom/1
bathroom units. One - 2 bedroom/ 2 bathrooms unit. *PLEASE MAKE EARNEST MONEY DEPOSIT CHECK TO BUYERS ATTORNEY** Apartments
are occupied, must give 24hr notice to view some apartments. All units will be available to view with an accepted contract during due diligence
Property Facts
| Price | $649,000 | Apartment Style | Low Rise |
| Price Per Unit | $108,167 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.97 AC |
| No. Units | 6 | Building Size | 5,800 SF |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Apartment | Year Built | 1980 |
| Price | $649,000 |
| Price Per Unit | $108,167 |
| Sale Type | Investment |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.97 AC |
| Building Size | 5,800 SF |
| No. Stories | 1 |
| Year Built | 1980 |
Unit Amenities
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | - | 550 |
| 2+1.5 | 2 | - | 900 |
| 2+2 | 2 | - | 1,100 |
PROPERTY TAXES
| Parcel Number | 6594074911 | Improvements Assessment | $275,780 |
| Land Assessment | $122,460 | Total Assessment | $398,240 |
PROPERTY TAXES
Parcel Number
6594074911
Land Assessment
$122,460
Improvements Assessment
$275,780
Total Assessment
$398,240
zoning
| Zoning Code | FNMU |
| FNMU |
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351 Porter St
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