1010 Laurel St
Property Description
Grant-Murray Real Estate is pleased to present for sale the newly constructed, gated community, Cliffs at Laurel (Phase 1) located in the North Fayetteville Submarket. An option to purchase the approved Phase 2-3 (7 additional townhomes) may be negotiated with the purchase of Phase 1. Owner is considering a Phase 4 with 4 additional units. The 4-unit townhome building will be subdivided from the 1.45-acre parent parcel to allow the individual purchases of Phase 2-4. Currently, there is no HOA in place, although one is planned. Each unit measures 1,770 SF and consists of 3 bedrooms/2 ½ bath including a 1-car garage. The units have 9ft ceilings downstairs with tile backlash and granite counter tops in the kitchen. One HVAC zone system runs each unit, thereby saving money on long term maintenance. The master bedroom features tile showers and large walk-in closets. Also featured, an upstairs computer/desk area for kids’ homework or for business professionals. The building is fully leased with a total gross income of $91,000 ($1,900 monthly rent per unit). 2-units have one-year leases and 2-units have two-year leases. Considering its new construction requiring minimal upkeep/repairs, the conservative proforma NOI using a 30% expense ratio is $63,700. Per CoStar analytics, multi-family rent per square foot is $1.22, providing a built-in value-add opportunity to the current $1.07 rent per square foot. The property is located in a quiet area just a minute away from Eutaw Shopping Center, a well-established commercial destination serving the surrounding community. Nearby retail, restaurants, grocery options, and service-oriented businesses provide residents with convenient access to everyday necessities and enhance the overall appeal and marketability of the property. In addition, the property benefits from convenient access to major roadways in and around Cumberland County.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | 2-4 Units |
| Price: | $1,160,000 |
| No. of Units: | 4 |
| Year Built: | 2025 |
| Lot Size: | 1.45 Acres |
| Opportunity Zone: | No |
| Price per unit: | $290,000 |
| Property Website | Click Here |
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