223 S Morrow Ave Albemarle, NC 28001
80-unit apartment complex with value-add potential near Charlotte.
Property size:
50,000 SFProperty Features for 223 S Morrow Ave
General Information
- Size
- 50,000 SF
Building Details
- Year built
- 1989
Source:
Lee-associates
Listing Agent: Jack Mcdermott
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
Albemarle Multifamily Investment Opportunity
This 80-unit apartment community, totaling 50,000 square feet, is situated on approximately 6.22 acres. The property is offered for sale at a price that represents a 7.48% capitalization rate, based on the in-place net operating income of $463,456. Currently operating at 100% occupancy, the property has average effective rents of $701 per month, which are below market comparables of $850 to $950 per month. Between 60 and 65 units have already been renovated, with the remaining units offering upgrade potential. The property provides immediate yield and the opportunity for rent growth. Located 50 miles northeast of Charlotte, Albemarle provides residents with small-town affordability and regional connectivity. The property benefits from access to NC-24/27 and US-52, connecting tenants to Charlotte’s job centers. The local economy is supported by over 27,000 daytime employees within a 3-mile radius. The Albemarle Business Center, Bakers Creek Greenway expansion, and downtown revitalization are creating new demand drivers. With multifamily vacancy at just 1.8% and no recent new deliveries, the submarket shows rent growth momentum. The property is walkable to Walmart, Lowe’s, and Albemarle Greenway amenities. Municipal incentives and infrastructure upgrades are supporting continued growth. The debt service coverage ratio ranges from 1.24x to 1.38x at 75% loan-to-value financing.
Location Intelligence
Current Use by Public Records
Heathfield Apartments
Apartment Building
Location Insight
- Map
- Local Demand
- City
- Albemarle
- County
- Stanly
- State
- North Carolina
- Longitude
- -80.182576
- Latitude
- 35.349428
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - 80-unit apartment complex with value-add potential near Charlotte.
Where is this apartment building located?
The property is located at 223 S Morrow Ave Albemarle, NC.
What is the asking price?
The asking price for this property is $6,200,000.
What are key features of this property?
This property features: - Immediate **7.48% cap rate** on in-place NOI of $463,456 at a price of $6.2M.; - **Significant rent growth potential** by increasing average rents from $701/month to market comps of $850–$950/month.; - 100% occupancy in a submarket with only 1.8% vacancy and no recent new deliveries.