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Pineland Express 6069-6095 Lunar Dr 12 Unit Apartment Building $2,735,060 CAD ($227,922 CAD/Unit) 7.18% Cap Rate Fayetteville, NC 28304
Investment Highlights
- 12-Unit, Fully Renovated Short-Term and Mid-Term Rental Community
- Located on 1.92 Acres Within the Highly Desirable Arran Lakes Neighborhood of Fayetteville
- Turnkey Asset With Fully Furnished Units in a Gated Community
- Approximately $1.4M in Capital Improvements Since 2019
- Mix of One-Bedroom and Studio Units With Luxury Finishes Throughout
- Directly Positioned Off Raeford Road, One of Fayetteville’s Primary Commercial Corridors
Executive Summary
Marcus & Millichap is pleased to present Pineland Express, a 12-unit short-term and mid-term rental community located in the highly desirable Arran Lakes neighborhood of Fayetteville, North Carolina. The property consists of six fully renovated duplexes situated on 1.92 acres, originally built in 1961. Since acquisition in 2019, ownership has invested approximately $1.4 million in comprehensive capital improvements, including but not limited to full down-to-the-studs unit renovations, all new HVAC systems, complete electrical and plumbing replacement, new underground utilities, sewer and lift station installation, upgraded 200-amp service per unit, new windows, fiber infrastructure, security fencing and gated access, extensive grading, and major site work. The unit mix includes eight one-bedroom layouts and four studios, with each unit being fully furnished and equipped with custom rainfall showers, in suite washers and dryers, dedicated fiber optic internet connections, kitchens with full size appliances, and much more. The gated community layout and turnkey operating structure make this an attractive opportunity for investors seeking immediate income with minimal operational lift.
The asset is positioned directly off Raeford Road, one of Fayetteville’s busiest corridors, providing strong connectivity and convenient access to retail, dining, and many major employers. Located within Arran Lakes, one of Fayetteville’s most established residential neighborhoods, the property benefits from proximity to Fort Bragg, regional medical centers, and key commuter routes connecting to the broader Fayetteville MSA. The combination of a proven short-term and mid-term rental model, a fully renovated offering, and a high barrier location positions this property as a compelling opportunity for investors seeking both immediate income and long-term upside in the Fayetteville rental market.
The asset is positioned directly off Raeford Road, one of Fayetteville’s busiest corridors, providing strong connectivity and convenient access to retail, dining, and many major employers. Located within Arran Lakes, one of Fayetteville’s most established residential neighborhoods, the property benefits from proximity to Fort Bragg, regional medical centers, and key commuter routes connecting to the broader Fayetteville MSA. The combination of a proven short-term and mid-term rental model, a fully renovated offering, and a high barrier location positions this property as a compelling opportunity for investors seeking both immediate income and long-term upside in the Fayetteville rental market.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $2,735,060 CAD | Building Class | C |
| Price Per Unit | $227,922 CAD | Lot Size | 1.94 AC |
| Sale Type | Investment | Building Size | 7,100 SF |
| Cap Rate | 7.18% | No. Stories | 1 |
| No. Units | 12 | Year Built | 1965 |
| Property Type | Multifamily | Parking Ratio | 2.54/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Single-Family Home | ||
| Zoning | MR-5 - Single Family Residential | ||
| Price | $2,735,060 CAD |
| Price Per Unit | $227,922 CAD |
| Sale Type | Investment |
| Cap Rate | 7.18% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Single-Family Home |
| Building Class | C |
| Lot Size | 1.94 AC |
| Building Size | 7,100 SF |
| No. Stories | 1 |
| Year Built | 1965 |
| Parking Ratio | 2.54/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | MR-5 - Single Family Residential |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 4 | - | 600 |
| 1+1 | 8 | - | 650 |
1 1
Property Taxes
| Parcel Number | 0407-60-0663 | Improvements Assessment | $484,995 CAD |
| Land Assessment | $136,723 CAD | Total Assessment | $621,718 CAD |
Property Taxes
Parcel Number
0407-60-0663
Land Assessment
$136,723 CAD
Improvements Assessment
$484,995 CAD
Total Assessment
$621,718 CAD
Contacts
-
Matthew Rice -
Ryan Lipomi -
William Graves -
James Davis -
Ryan Parrish -
Marcus & Millichap
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Pineland Express | 6069-6095 Lunar Dr
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