223 S Morrow Ave Albemarle, NC 28001

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.