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.
Andrea Conner, License #298336, Xome Inc., License #C24582, [email protected], 844-400-9663, 750 State Highway 121 Bypass, Suite 100, Lewisville, TX 75067
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Forest City is located in North Carolina. Forest City, North Carolina has a population of 7,330. Forest City is less family-centric than the surrounding county with 17.63% of the households containing married families with children. The county average for households married with children is 22.97%.
The median household income in Forest City, North Carolina is $31,573. The median household income for the surrounding county is $45,500 compared to the national median of $69,021. The median age of people living in Forest City is 33.8 years.
The average high temperature in July is 88.8 degrees, with an average low temperature in January of 26.6 degrees. The average rainfall is approximately 49.6 inches per year, with 3.2 inches of snow per year.
