24-Unit Multifamily
For Sale
$1,650,000
210 Colonial Dr, Fayetteville, NC 28301
Two adjacent parcels offer a balanced mix of renovated one- and two-bedroom apartments in Fayetteville.
Property Size14,000 SF
Price / SF$117.86
Days on Market60
Property Features for 210 Colonial Dr
General Information
Standard status
Active
Size
14,000 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
requires a new roof soon
Units
Unit Mix
12 x 1BR, 12 x 2BR
Multifamily Units
24
Additional Details
Public Transit
Yes
Building Details
Year Built
1970
Construction
colonial-style
Listing Agency:
Highgarden Real Estate NC
Listed By:
Ashley Hum · License #285338
(919) 616-5492
Source:
Tcrnc
Added: Aug 17
Changed: Oct 3
Last Checked: Oct 7 at 3:04PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Highgarden Real Estate NC
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Investment Insights
Based on property information with market context.
This 24-unit multifamily property consists of two adjacent parcels at 210 Colonial Dr in Fayetteville, North Carolina. The unit mix includes 12 one-bedroom apartments and 12 two-bedroom apartments. Built in 1970, the property has undergone substantial interior renovation, with 22 of the 24 units fully remodeled. Units 15 and 16 remain in original condition and provide defined renovation scope as they become available.
Four units are currently vacant and available for viewing, including two at Colonial and two at Fayette. The property requires a new roof soon, adding a significant capital project to the remaining unit updates. Its Fayetteville setting is described as near major employers, retail, and transit.
Four units are currently vacant and available for viewing, including two at Colonial and two at Fayette. The property requires a new roof soon, adding a significant capital project to the remaining unit updates. Its Fayetteville setting is described as near major employers, retail, and transit.
Key Highlights
- 24 total apartment units across two adjacent parcels
- Balanced mix of 12 one‑bedroom and 12 two‑bedroom units
- 22 of 24 units have been fully renovated
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$117,505
Cap Rate
7.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,350,100
$2.4M
Cap Rate 7%
$1,678,643
$1.7M
Cap Rate 9%
$1,305,611
$1.3M
Market Conditions
NOI Build-Up for 14,000 SF
Gross rent
$226.8K $16.20/SF
− Vacancy
−$13.2K −$0.94/SF
EGI
$213.6K $15.26/SF
− OpEx
−$96.1K −$6.87/SF
NOI
$117.5K $8.39/SF
Area
Fayetteville, NC
Vacancy
5.80%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,350,100
Cap Rate 7%
$1,678,643
Cap Rate 9%
$1,305,611
Alternative Uses
Best Use
Apartment 5plus
$1.68M
$1.47M – $1.96M
NOI $117,505 @ 7.0% cap · market cap 7.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.07M
$2.68M – $3.58M
NOI $214,771 @ 7.0% cap · market cap 13.02%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
24
Residential units
Location Intelligence
Trade Area within ½ mile
393
Businesses Nearby
Explore this area
Business Placement
Demographics for 28301, NC
17,670
Population
8,590
Households
2.1
Avg Household Size
35
Median Age
17%
College-Educated
88%
High-School Grad
12.4 sq mi
ZIP Area
1,425
Density / Sq Mi
$36,955
Median Household Income
$28,350
Median Earnings
$926
Median Rent
$109,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Two adjacent parcels offer a balanced mix of renovated one- and two-bedroom apartments in Fayetteville.
Where is this apartment building located?
The property is located at 210 Colonial Dr Fayetteville, NC.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: 24 total apartment units across two adjacent parcels; Balanced mix of 12 one‑bedroom and 12 two‑bedroom units; 22 of 24 units have been fully renovated
