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Karen Lake Apartments 3605 Sapphire Rd 64 Unit Apartment Building For Sale Fayetteville, NC 28303
Executive Summary
Karen Lake Apartments is a 64-unit multifamily community located at 3605 Sapphire Road in Fayetteville, North Carolina, within the Bonnie Doone submarket. Built in 2005, the property consists exclusively of two-bedroom / two-bath units averaging approximately 1,200 square feet, offering larger floor plans than much of the surrounding competitive inventory. The asset is currently operating at approximately 95% occupancy, reflecting stable operations and consistent renter demand.
Karen Lake presents investors with the opportunity to acquire a well-maintained, newer-vintage community in one of Fayetteville’s more established residential corridors. The property operates as a clean, stabilized asset with limited day-one execution risk, making it well-suited for investors seeking durable in-place cash flow with measurable rental upside rather than a heavy repositioning strategy.
Current average in-place rent is approximately $1,187 per unit against average market rents of approximately $1,228 on the current rent roll, providing embedded mark-to-market opportunity as leases naturally roll. In addition, real estate taxes were reset in Cumberland County’s 2025 revaluation and are not scheduled for reassessment until 2031 — and North Carolina does not reassess upon sale — giving a buyer an entire hold period of tax certainty. Preliminary agency financing quotes are in hand, supporting attractive non-recourse, day-one leverage.
Karen Lake Apartments is being offered individually or as part of a three-property Fayetteville portfolio alongside Village Chase and Rim Creek, providing investors flexibility to acquire either a standalone stabilized asset or scale within the Fayetteville market.
SITE TOURS: September 22, 2026 & September 23, 2026
CALL FOR OFFERS: September 30th, 2026
Karen Lake presents investors with the opportunity to acquire a well-maintained, newer-vintage community in one of Fayetteville’s more established residential corridors. The property operates as a clean, stabilized asset with limited day-one execution risk, making it well-suited for investors seeking durable in-place cash flow with measurable rental upside rather than a heavy repositioning strategy.
Current average in-place rent is approximately $1,187 per unit against average market rents of approximately $1,228 on the current rent roll, providing embedded mark-to-market opportunity as leases naturally roll. In addition, real estate taxes were reset in Cumberland County’s 2025 revaluation and are not scheduled for reassessment until 2031 — and North Carolina does not reassess upon sale — giving a buyer an entire hold period of tax certainty. Preliminary agency financing quotes are in hand, supporting attractive non-recourse, day-one leverage.
Karen Lake Apartments is being offered individually or as part of a three-property Fayetteville portfolio alongside Village Chase and Rim Creek, providing investors flexibility to acquire either a standalone stabilized asset or scale within the Fayetteville market.
SITE TOURS: September 22, 2026 & September 23, 2026
CALL FOR OFFERS: September 30th, 2026
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Portfolio Financials
Property Facts
| Sale Type | Investment | Lot Size | 6.29 AC |
| No. Units | 64 | Building Size | 99,280 SF |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 2005 |
| Apartment Style | Garden | Parking Ratio | 1.45/1,000 SF |
| Building Class | B | ||
| Zoning | R6 | ||
| Sale Type | Investment |
| No. Units | 64 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 6.29 AC |
| Building Size | 99,280 SF |
| No. Stories | 2 |
| Year Built | 2005 |
| Parking Ratio | 1.45/1,000 SF |
| Zoning | R6 |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Washer/Dryer Hookup
- High Speed Internet Access
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
- Wheelchair Accessible (Rooms)
Site Amenities
- 24 Hour Access
- Clubhouse
- Pool
- Tenant Controlled HVAC
- Gated
- Grill
- Trash Pickup - Door to Door
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 64 | - | 1,200 |
1 1
Fairly walkable
40/100
Exceptionally drivable
90/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Number | 0418-58-1204 | Improvements Assessment | $10,403,267 CAD |
| Land Assessment | $94,782 CAD | Total Assessment | $10,498,049 CAD |
Property Taxes
Parcel Number
0418-58-1204
Land Assessment
$94,782 CAD
Improvements Assessment
$10,403,267 CAD
Total Assessment
$10,498,049 CAD
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Karen Lake Apartments | 3605 Sapphire Rd
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