On 20th Apartments
Property Description
Stabilized, Consistent Performing Asset with In-Place Cash Flow: Built between 1983 and 1999, On 20th has maintained an average occupancy of 93% over the past 5 years, with current occupancy at 95%. Consistently strong occupancy, minimal bad debt, and positive rent momentum demonstrate stable operating performance and position a new investor for reliable in-place cash flow from day one, with attractive leverage potential and continued revenue growth. Attractive, Assumable Agency Loan: The asset offers an attractive, high-leverage, assumable Freddie Mac loan at 75%–80% LTV, with a below-market fixed interest rate of 5.38% and interest-only payments through June 2027. These favorable financing terms provide a new investor with enhanced near-term cash flow and the benefit of assuming attractive, below-market debt. Opportunity to Increase Rents Organically: With the subject 96% physically occupied and 94% economically occupied, the property is well positioned to increase market rents given the robust demand. Nearby similar vintage rent competitors are achieving $220-$340 above the subjects in-place average rent. Property Fundamentals with Economies of Scale: On 20th is a garden-style community comprising 415 units built in five phases, offering economies of scale for a new investor. The community features a mix of one-, two-, and three-bedroom floorplans, averaging 1,001 square feet, and consistently maintains high occupancy, low delinquency, and minimal turnover. Additionally, all units include washer/dryer connections, except for those at Eastside. Diverse Unit Mix: Each phase within the community offers its own unique appeal. Cedar Rock features spacious floorplans averaging 1,400 SF with vaulted ceilings. 58 units include sunrooms, while 34 units offer two-car garages. Catawba Place provides 80 desirable roommate-style floorplans designed for shared living. Waterside offers one-bedroom units with open kitchen layouts, expansive exterior patios, and abundant natural light. Hickory East consists predominantly of townhomes, each with a two-car carport and additional outdoor storage. Eastside is comprised exclusively of one-bedroom units, making it an ideal option for singles. Interior Value-Add Opportunity: Majority of the interiors are currently in “Classic” or “Classic +” condition. This presents a new owner with an opportunity to implement a value-add program, increase rents, and still remain competitively priced below nearby renovated properties. Rapidly Growing Economic Base: The city’s growth was driven by the furniture and textile industries, earning it the title “Furniture Capital of the World,” but recent investments — including Microsoft and Apple data centers, Prysmian’s $1 billion expansion, and Corning’s Meta-backed buildout of the world’s largest optical cable plant at a new Class-A business park — reflect its evolving economic landscape.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Highest & best offer |
| Property Types: | Apartment Buildings |
| No. of Units: | 415 |
| Year Built: | 1991 |
| Building Size: | 415,375 Sq ft |
| Lot Size: | 33.79 Acres |
| Opportunity Zone: | No |
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