427 B Arbor Drive
Property Description
An excellent downtown Waxhaw investment opportunity offering the combination of current rental income and immediate lease-up flexibility. Built in 2022, this duplex contains approximately 2,624 total square feet, with each residence offering three bedrooms, two-and-a-half baths and approximately 1,320 square feet. Both units feature open-concept main-level living, modern finishes, granite countertops, shaker-style cabinetry, durable laminate flooring on the main level, carpeted bedrooms upstairs, washer/dryer connections and driveway parking. The property is convenient to downtown Waxhaw shopping, dining and community amenities, with the Waxhaw Library located nearby. Unit C is currently leased at $1,750 per month. Unit D is vacant and is currently being marketed for lease at $1,800 per month, giving the next owner the flexibility to select the next tenant, establish the new lease terms or potentially occupy one side, subject to applicable lease and financing requirements. Based on the current $1,750 rent and the vacant unit's $1,800 advertised rent, projected stabilized gross income is $3,550 per month, or $42,600 annually. At the $575,000 asking price, that represents an approximate 7.41% stabilized gross yield before operating expenses. Projected income is based on the vacant unit being leased at its current advertised rental rate and is not guaranteed. Gross yield is not a cap rate and does not deduct taxes, insurance, utilities, maintenance, vacancy, management or capital reserves. This property offers an appealing balance for an investor: income already in place from one unit, combined with immediate control over the second unit. Lease documentation, rental history and available financial information may be reviewed during due diligence. A companion fully occupied duplex containing two additional three-bedroom rental units is also being offered separately, creating the opportunity to acquire both buildings as a four-unit portfolio, subject to availability. See companion MLS 4415402. Buyer is always encouraged to verify all property information, square footage, leases, projected income and expenses. ****virtual staging used! There are mounted sconces represented in the primary bedroom that are not present! that is virtual staging only****
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | 2-4 Units |
| Price: | $575,000 |
| No. of Units: | 2 |
| Year Built: | 2021 |
| Opportunity Zone: | No |
| Price per unit: | $287,500 |
| Property Website | Click Here |
| Number of Bedrooms: | 6 |
| Number of Bathrooms: | 6 |
ID: 3yd-CMLSNC-4415435
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Rick Recckio
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Lenders
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Essex Property Trust, Inc.
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Josh A
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Bob Tuteur
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Andrew Schildcrout