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Thursday, February 28, 2008
Income Producing Property For Sale In Burke County, NC.
Eight Unit Apartment Building located at 305 Park Avenue, Drexel, North Carolina.
There are 8 condominium units in this one building all of which are family owned by one husband-wife team who rent or lease them as apartments. Four units are on the ground floor, and four units are on the 2nd floor. Tenants enjoy a quiet atmosphere because this is the only apartment building in the neighborhood. It is located near the city police station, a local church, an elementary school, and a coin operated laundry. Each unit has a Living Room, Dining area combined with kitchen, two Bedrooms, and one Bath. A Range, Dish-Washer, and Refrigerator are furnished appliances. Each unit has a washer - dryer hook-up, water meter, and electric meter.
The building is currently 100% occupied with 4 of the units renting for $425 per month & 4 units renting for $395 per month. That is $3280 gross income per month, or $39,360 income per year. Burke County property taxes are $2027 per year and the town of Drexel property taxes are $1247 per year. Insurance costs $1653 per year. That figures approximately $34,433 net annual income, not including Maintenance, Management, & Miscellaneous.
The cost of the three "M's" vary depending on whether you plan to perform these services yourself or employ others to do the work. However, either way you do it, maintenance costs are minimal because the property is in very good condition and is currently very well maintained.
The building has a new Firestone rolled rubber flat roof, and also a new mansard shingle roof. Both roofs were installed new in 2007. The present owners closely manage the leasing keeping all units occupied with well qualified tenants. Miscellaneous costs are minimal because there is little grass to mow, and few leaves to rake. There has been very little snow removal required in recent years.
This is a great investment opportunity! The property is offered for sale at $365,000, which is below the appraised tax value of $389,888.
For more information, or to see Morganton, North Carolina or Burke County real estate, you may contact me at C. Ervin & Associates Realty in Morganton. I will arrange an appointment for you with the owner and tenants so that you may view inside these apartments. If you like, I will also work up various financial scenarios for you depending on how much cash you want to put into the investment combined with how much you plan on borrowing. I can also help you arrange financing with local banks.
See Listing Details
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Doug Wright
North Carolina Real Estate Broker
Office 828-438-0800
Toll free 888-278-2383
Cell 828-443-1846
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