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402 Beta St

Address: 402 Beta St, Laurinburg, NC 28352, USA

Atlanta & Southeast + Apartment Buildings

Created date: October 25, 2024

Date last updated: November 4, 2024

Property Description

The Williamsburg Apartments consist of 48 units located on 4.23 acres in Laurinburg NC. There are sixteen 1-bedroom/1-bath units (552 sq. ft.), sixteen 2-bedroom/1-bath units (720 sq. ft.), and sixteen 3-bedroom/1-bath units (891 sq. ft.). Rental rates at the property range from $480 for 1-bedroom/1-bath to $895 for 3-bedroom/1-bath. Due to a tenant overhaul during the last two years, vacancy currently stands at 52 % (25 units) and gross income is $16,656. During this period, however, more than 80% of the units have been completely remodeled; including new flooring, electrical, plumbing, and more. (exceeding $300,000 in costs). For that reason, the property is in excellant condition. Average rental rates in the North Carolina Southeast Submarket are $708 for 1-bedroom units and $800 for 2-bedroom units. There is insufficient data on average rental rates for 3-bedroom units in the submarket. The average rental rates at the property for 1-bedroom, 2-bedroom, and 3-bedroom are $608, $740, and $814, respectfully; therefore, providing a value-add opportunity. The average market cap rate in the submarket is 7.8%. Proforma market cap rate for the property is 11.3%. The Williamsburg Apartments are located in a quiet residential neighborhood of Laurinburg NC in the North Carolina Southeast Submarket. The property is also located 1.5 miles from US Hwy 401, 1.6 miles from NC Hwy 15, and 2.6 miles from I-74, providing tenants convenient access to nearby shopping and major roads in and around Scottland County.

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Key Property Information

Listing Status:	Unavailable
Listing Type:	Call for offers
Property Types:	Apartment Buildings
Price:	$2,550,000
No. of Units:	48
Year Built:	1968
Lot Size:	4.20 Sq ft
Opportunity Zone:	No
Price per unit:	$53,125
Property Website	Click Here