West 5th Ave Apartments | 907 W 5th Ave
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West 5th Ave Apartments 907 W 5th Ave
5 Unit Apartment Building $615,000 ($123,000/Unit) 5.64% Cap Rate Gastonia, NC 28052
Investment Highlights
- Recently Renovated Property with a Proven Value-Add Strategy in Place
- Conveniently Located near major highway I-85 with Easy Accessibility to Major Employers, Economic Drives, Major Retail Centers, and Entertainment
- Located in the Historic Downtown Gastonia in the Greater Charlotte
- Solid Market Fundamentals Combined with Strong Demographics in the Surrounding Area
Executive Summary
Marcus & Millichap is pleased to present this exceptional multifamily investment opportunity in Gastonia, NC. This property is located at 907 W 5th Ave, in the Historic Downtown Gastonia. Consisting of 5-units, featuring four One-Bedroom and One-Bathroom Units, and one Three-Bedroom and One-Bathroom Unit, situated on 0.2 +/- Acres. Located in the thriving Gastonia community, this investment benefits from the rapid growth and development of the area, making it an ideal choice for investors looking to capitalize on the dynamic economic landscape of the Charlotte MSA.
Prime Location with High Growth Potential: Gaston County, home to Gastonia, is experiencing significant growth, fueled by its strategic proximity to Charlotte. As more residents seek economic alternatives to Charlotte’s higher living costs, Gastonia has emerged as a highly attractive option. This migration is driving substantial increases in rent and property values, reflecting the area's expanding desirability. The region’s population boom is supported by enhanced employment opportunities and amenities linked to the Charlotte metropolitan area. This influx is not only boosting housing demand but also fostering local business growth and service expansion, making Gastonia a prime destination for real estate investors.
Robust Economic Drivers: Gaston County boasts a thriving and diverse economy, driven by key industries such as healthcare, retail, finance, and manufacturing. Major employers like CaroMont Health, American & Efird, and Gaston College form the backbone of the local economy, offering abundant job opportunities and supporting robust community growth. Additionally, the county has attracted several Fortune 500 companies, including Newell Brands and Sonic Automotive, as well as Fortune 1000 companies such as Domtar and CommScope. These corporations enhance the region's economic
activity and create a dynamic business environment.
Economic Development Initiatives: A major economic driver for Gaston County is the planned extension of the Lynx Silver Line into Gastonia, which will significantly boost the area's connectivity and economic development by linking Gastonia with Uptown Charlotte and other key regional hubs. This extension is expected to attract substantial investment and stimulate growth in various sectors, including transportation, housing, retail, and commercial development. The project is anticipated to bring increased job opportunities, enhanced mobility, and greater access to services and amenities. The improved connectivity will likely attract new businesses and residents, fostering economic integration within the region.
Prime Location with High Growth Potential: Gaston County, home to Gastonia, is experiencing significant growth, fueled by its strategic proximity to Charlotte. As more residents seek economic alternatives to Charlotte’s higher living costs, Gastonia has emerged as a highly attractive option. This migration is driving substantial increases in rent and property values, reflecting the area's expanding desirability. The region’s population boom is supported by enhanced employment opportunities and amenities linked to the Charlotte metropolitan area. This influx is not only boosting housing demand but also fostering local business growth and service expansion, making Gastonia a prime destination for real estate investors.
Robust Economic Drivers: Gaston County boasts a thriving and diverse economy, driven by key industries such as healthcare, retail, finance, and manufacturing. Major employers like CaroMont Health, American & Efird, and Gaston College form the backbone of the local economy, offering abundant job opportunities and supporting robust community growth. Additionally, the county has attracted several Fortune 500 companies, including Newell Brands and Sonic Automotive, as well as Fortune 1000 companies such as Domtar and CommScope. These corporations enhance the region's economic
activity and create a dynamic business environment.
Economic Development Initiatives: A major economic driver for Gaston County is the planned extension of the Lynx Silver Line into Gastonia, which will significantly boost the area's connectivity and economic development by linking Gastonia with Uptown Charlotte and other key regional hubs. This extension is expected to attract substantial investment and stimulate growth in various sectors, including transportation, housing, retail, and commercial development. The project is anticipated to bring increased job opportunities, enhanced mobility, and greater access to services and amenities. The improved connectivity will likely attract new businesses and residents, fostering economic integration within the region.
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- Operating and Financials
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Property Facts
| Price | $615,000 | Apartment Style | Single Family Home |
| Price Per Unit | $123,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.20 AC |
| Cap Rate | 5.64% | Building Size | 3,700 SF |
| No. Units | 5 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1920/2022 |
| Price | $615,000 |
| Price Per Unit | $123,000 |
| Sale Type | Investment |
| Cap Rate | 5.64% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Single Family Home |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 3,700 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1920/2022 |
Unit Amenities
- Kitchen
- Refrigerator
- Oven
- Stainless Steel Appliances
- Tub/Shower
- Yard
- Freezer
- Porch
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | 650 |
| 3+2 | 1 | - | 1,100 |
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PROPERTY TAXES
| Parcel Number | 107766 | Improvements Assessment | $348,710 |
| Land Assessment | $0 | Total Assessment | $348,710 |
PROPERTY TAXES
Parcel Number
107766
Land Assessment
$0
Improvements Assessment
$348,710
Total Assessment
$348,710
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West 5th Ave Apartments | 907 W 5th Ave
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