The Magnolia House is a charming Southern Colonial 4-plex that was recently restored. Each unit features large kitchens, in-unit laundry, crown moldings, original wood built-ins, and unique design details that bridge old and new. The property includes five brick and tin roof garages for additional income. Located at West Main Street and Magnolia, it's a short walk to historic downtown Forest City and the Thermal Belt Rail Trail. Units A and B (downstairs) are 2 Bedroom and 1 Bathroom Units C and D (upstairs) are 1 Bedroom and 1 Bathroom.
A great multifamily value add opportunity! The sale includes both 144 Nottingham Dr. with a total of five units and 110 Evergreen Ln. with a total of four units. Both properties also include a second parcel with the potential opportunity to expand or build additional structures. Two units at each property have been partially renovated. There is significant potential for rent growth by renovating the five non-updated units or by doing a complete renovation on all units. Additionally, the non-updated units have purposely been rented on a month-to-month basis to allow a new owner an easy transition for renovations. All other units currently have yearly leases. Reach out to the listing brokers for more details on in-place financials and projected pro forma. Buyer responsible for confirming all unit conditions, mechanical details, and other items of importance prior to closing as the ownership is not local and makes no representation.
14 units, 3 building apartment complex. 100% occupied. 8 units are 2 BR/1 bath and 6 units are 1 BR/1BA. Metal roof is approximately 10 years old. Many upgrades which include updated plumbing, electrical, heat pump/central air in the 2 BR units and central heat new in the 1 BR units with window units, hot water heaters. Two community wells on the property and owners say water flow and supply are good. Current rent roll is $8430 per month/ $101,160 per year. Two units are not on the rent roll due to the owner retaining those for her employees and she rents the 2 BR at $650 and the 1 BR for $550 (same as all other tenants). Termite Warranty. Water is supplied by two community wells and owners provide electricity for the water.
Pristine portfolio addition ready; This is an outstanding 8 unit complex (4 Duplexes) practically built from ground up. Brick construction with all new windows, flooring, drywall, electric, cabinets, and plumbing. New roof, quartz counter tops in kitchen. New showers, toilets, vanities, fixtures, refrigerators and ovens in all 8 units. MUST SEE, as everything was brought up to code with proper permitting. Owners spared no expense and it shows. New HVAC in all units and a firewall between rear 4 units and breezeway required by county. With the lack of rental units available in Forest City, these high end units are IN DEMAND. As of May 1st, units will be 100% OCCUPIED. See rent roll attached in MLS. Cap rate is indexed at 9.5% at full occupancy Schedule your tour beginning March 8th. Agents see remarks for disclosures.
Andrea Conner, License #298336, Xome Inc., License #C24582, [email protected], 844-400-9663, 750 State Highway 121 Bypass, Suite 100, Lewisville, TX 75067
Data is obtained from various sources, including the Internet Data Exchange program of Canopy MLS, Inc. and the MLS Grid and may not have been verified. Brokers make an effort to deliver accurate information, but buyers should independently verify any information on which they will rely in a transaction. All properties are subject to prior sale, change or withdrawal. The listing broker, Canopy MLS Inc., MLS Grid, and Xome Inc. shall not be responsible for any typographical errors, misinformation, or misprints, and they shall be held totally harmless from any damages arising from reliance upon this data. Data provided is exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties they may be interested in purchasing. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information and may be listed or sold by various participants in the MLS. Copyright 2024 Canopy MLS, Inc. All rights reserved. The Digital Millennium Copyright Act of 1998, 17 U.S.C. § 512 (the “DMCA”) provides recourse for copyright owners who believe that material appearing on the Internet infringes their rights under U.S. copyright law. If you believe in good faith that any content or material made available in connection with this website or services infringes your copyright, you (or your agent) may send a notice requesting that the content or material be removed, or access to it blocked. Notices must be sent in writing by email to [email protected].
Forest City is located in North Carolina. Forest City, North Carolina has a population of 7,250. Forest City is less family-centric than the surrounding county with 20.63% of the households containing married families with children. The county average for households married with children is 26.52%.
The median household income in Forest City, North Carolina is $24,383. The median household income for the surrounding county is $38,573 compared to the national median of $57,652. The median age of people living in Forest City is 34.7 years.
The average high temperature in July is 88 degrees, with an average low temperature in January of 28.6 degrees. The average rainfall is approximately 50.5 inches per year, with 4.6 inches of snow per year.
