920 Highland Avenue Greensboro, NC 27403
24 Beds
24 Baths
10,860 SqFt
UPDATED:
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Pending
Purchase Type For Sale
Square Footage 10,860 sqft
Price per Sqft $127
Subdivision Not In A Subdivision
MLS Listing ID 10135461
Style Multi Family
Bedrooms 24
Full Baths 24
HOA Y/N No
Abv Grd Liv Area 10,860
Year Built 1991
Annual Tax Amount $10,654
Lot Size 0.840 Acres
Acres 0.84
Property Sub-Type Apartment
Source Triangle MLS
Property Description
The property features identical 2-bed and 2-bath units with large patios or porches. All units were previously renovated in 2017 and current ownership recently completed another round of improvements including; cosmetic interior updates and renovations to nine units, landscaping enhancements, and the addition of an exterior owner/manager storage area. Additionally, the property operations were converted from by-the-bed leases, to by-the-unit leases for nine of the units. The property is now 92% leased with an average rent of $1,158 per unit with additional charges being implemented on new leases. (see notes below)
With most units now leased by-the-unit, a buyer will benefit from simplified operations on a go-forward basis and has the opportunity to push rents and capture utility income. The offering represents a great opportunity to acquire a stabilized asset, with income upside, in one of North Carolina's growing markets.
Utilities notes and additional charges - The current owner pays $29 per unit, per month, for cable and internet. An amenity charge of $50 per unit is being phased in on new leases to offset this expense. Residents can also rent a washer and dryer for $50 per month. Water is currently paid by the owner but the owner is working to have submeters installed. Pending completion of submetering installation and the NCUC approval process, water bill back can begin. The property has polybutelene plumbing.
Location
State NC
County Guilford
Zoning [
Interior
Heating Central, Heat Pump
Cooling Central Air
Flooring Carpet, Concrete, Vinyl
Exterior
View Y/N Yes
Roof Type Asphalt,Shingle
Private Pool No
Building
Story 1
Foundation Slab
Sewer Public Sewer
Water Public
Level or Stories 1
Structure Type Vinyl Siding
New Construction No
Others
Senior Community No
Tax ID 0006023
Special Listing Condition Standard
