87 Court St
Welch, WV 24801
Buckingham Apartments · Multifamily Property For Sale · 32 Units

Welch WV 24801 – 32 Apartments building in a great location with housing shortage Great Rehab/ Redevelopment opportunity in an area with housing shortage: Welch West Virginia 24801 – Mid-Rise Masonry Multi- Family Apartment building Gross Income potential of over $210,000 / year (when rehabbed) Great potential and located in an area of strong demand and low supply of housing. Large mid-rise masonry residential 32 apartments building in the middle of a beautiful historic city nestled among the green hills of West Virginia, with scenic views overlooking beautiful forest and green hills and forests, the City of Welch and the Tug Fork River in Downtown Welch. Description The property is a 6-story masonry (brick and stone) residential apartment building of a total area of about: 24,264 sq ft located on a lot of about 5,000 sq ft. It contains 32 One Bedroom, 1 bathroom apartments of an average of 727 sq ft each. The property features restorable hardwood floors and spacious rooms. Each apartment consists of a small entrance hall, a living room, a kitchen, bedroom, a bathroom and built in closet. Great income potential: Great rental demand with shortage of supply. Suitable for luxurious housing or for section 8 Housing with very strong demand and real shortage in supply which will ensure very low or no vacancies once rehabbed. Estimated Gross Income potential with current layout: $ 210,000 / year Property condition The property needs a full rehab. The property is masonry brick and stone and is structurally sound and has been cleared out of hazardous waste and trash and is ready for a rehab. The roof needs to repaired or a new roof laid, and the plumbing and electrics are to be redone. There is strong support for the project because of a real shortage in housing. Location: Welch is a historic city with a lot of character, nestled among the beautiful green forested hills of West Virginia on the Tug Fork River. Incorporated as a city in 1893, it is the county seat of McDowell County. The masonry Built historic building is located in Downtown Welch, between the McDowell County Court House, Sheriff’s Office, and County Utility Department. It is within walking distance of a movie cinema, shops, restaurants, stores and the public library. The property has two entrances one off Howard St and the other one off Court St. The property is close to many excellent schools and comprehensive local facilities and amenities: Once rehabbed, the apartments are expected to rent out quickly and offer excellent income potential with low vacancy due to high demand and real housing shortage.