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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
Take the Virtual Tour
Doug Wright
North Carolina Real Estate Broker
Office 828-438-0800
Toll free 888-278-2383
Cell 828-443-1846
Saturday, February 23, 2008
February 23rd in Morganton, NC
It was 65 degrees today in Morganton, North Carolina. My girls and I had lunch at one of our favorite spots on the river. Then we joined the walkers, runners, roller bladers, bikers, baby strollers, ducks, and even a dog pulling a cart full of snacks, all enjoying nature and this beautiful warm Saturday afternoon in late February. We took a stroll on one of Morganton's real gems, the Catawba River Greenway. The Greenway has several access points, canoe launches, fishing decks, and a foot bridge over the river. This afternoon it was very clear why so many people want to call North Carolina home. In fact, the Greenway is always the hightlight of real estate tours for newcomers to the Morganton and Burke County area.
To learn more about our great city, go to
Morganton and the Greenway
Bobbie McCombs Morganton, NC Real Estate Broker bobbie@cervin.com
Monday, February 18, 2008
Winter Activities Near Lake James
If you don't live in this part of North Carolina, you
may not know that abundant snow skiing exists just 40
miles and 5000 feet higher than the 1200 foot elevation
of Lake James.
Beech Mountain, Sugar Mountain, Hawksnest and
Appalachian Ski Mountains are close by in North
Carolina's High Country. Their season started this year
in Mid November and hopefully will continue until the
end of March. I have skied in the Morning and played
golf later that afternoon back down in Morganton.
Lake James is home to the Marion Lake Club that has
great views of the lake and surrounding mountains. We
are fortunate to have many golf courses in the area and
with a break in the winter weather, one can usually get
in a round every month of the year.
Phil Howerton
North Carolina Real Estate Broker at Lake James
Friday, February 15, 2008
Historic Morganton Real Estate for Sale
A piece of historic real estate in downtown Morganton, North Carolina is for sale. "The Elms," built in 1920, was originally housing for the hospital staff at the old Grace Hospital. It is located at 306 S. King Street adjacent to the City of Morganton Municipal Auditorium. At one point it was home to the Children's School, which is now known as Morganton Day School.
The stately L-shaped, two story brick structure has two connecting wings and is distinguished by an octagonal portico with Tuscan columns.
Most recently used as office space, there are 11 offices and 2 baths on both the 1st and 2nd floors with an additional 3 offices and 1 half hath in the basement. The property boasts good parking with block to block frontage on S. King Street and College Street. See MLS # 16639 for complete information.
Bobbie McCombs
bobbie@cervin.com
Thursday, February 7, 2008
Art Factory Update
New website for Nikki Brant's Art Factory in downtown Morganton: The Art Factory
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