Schmidt Street 16 4902 Schmidt St 23 Unit Apartment Building For Sale Fayetteville, NC 28303

HEAVY VALUE-ADD OPPORTUNITY
With 9 of 23 units in down condition and in need of heavy renovation, there is a unique opportunity for a buyer to create tremendous value through strategic renovations. Our Year 1 Pro Forma places this at over a 9% cap rate at pricing guidance.
PROVEN BUSINESS PLAN
Current ownership has extensively renovated 14 units down to the studs, with new HVACs, electrical, plumbing, windows, and interior finishes. Interior finishes include new LVP flooring, cabinets, countertops, sinks, toilets, bathtubs, fixtures, appliances, and Washer/Dryer hookups. With strong in-place rents on these 14 units, next ownership can continue the business plan with conviction and drive massive NOI growth.
CONVENIENT LOCATION
Schmidt Street offers a proximate location to higher education, employment hubs, popular restaurants and shopping (CAVA, Starbucks and more 5 minutes drive), and major transportation corridors. Fayetteville State University (7,000+ students) is an 8-minute drive and Fayetteville Technical Community College (10,000+ students) is within 6 minutes’ drive. Fort Bragg (fka Fort Liberty) is one of the largest military bases in the world and only a 5-minute drive, while Downtown Fayetteville is only 10 minutes away from the Property. Schmidt Street is also situated just off of Hwy 24 and offers easy access to 401 and I-295.
INDIVIDUALLY METERED UTILITIES
Each unit of the property is individually metered for all utilities, meaning tenants are responsible for direct payment of their utilities. With little to no utility expense, this property should operate at lower operating expense costs.