Renovated Apartment
For Sale
$1,850,000
4942-4959 Fieldcrest Drive, Fayetteville, NC 28303
Four-building apartment property with updated interiors, replaced roofs, and washer-dryer hookups throughout.
Property Size15,447 SF
Days on Market119
Property Features for 4942-4959 Fieldcrest Drive
General Information
Standard status
Active
Size
15,447 SF
Property subtype
Multifamily
Building Details
Building Size
15,447 SF
Listed By:
Richard L. Fox III, Esq.
(910) 988-4263
Source:
Grantmurrayre
Added: Jun 25
Changed: Oct 15
Last Checked: Oct 20 at 6:19PM
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 Richard L. Fox III, Esq.
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Investment Insights
Based on property information with market context.
Wilson Place Apartments comprises 26 units across four buildings at 4942-4959 Fieldcrest Drive in Fayetteville. The property includes three 8-unit buildings totaling 4,600 SF each, constructed in 1972, plus a 1,647 SF duplex built in 1968.
Recent capital work includes roof replacement on all buildings, completed within the last 24 months, along with replacement of 15 of 26 HVAC systems. Interior improvements are complete in 23 units and include LVP flooring, fresh paint, and updated countertops. Main drain lines have been replaced in two buildings, and washer-dryer hookups are now available in all 26 units.
Tenant water billing provides utility cost recovery, while documented rent growth has followed completed renovations. Interior renovation work is approximately 90% complete, leaving additional units for continued improvement.
Recent capital work includes roof replacement on all buildings, completed within the last 24 months, along with replacement of 15 of 26 HVAC systems. Interior improvements are complete in 23 units and include LVP flooring, fresh paint, and updated countertops. Main drain lines have been replaced in two buildings, and washer-dryer hookups are now available in all 26 units.
Tenant water billing provides utility cost recovery, while documented rent growth has followed completed renovations. Interior renovation work is approximately 90% complete, leaving additional units for continued improvement.
Key Highlights
- 26 apartment units across four buildings
- Three 8‑unit buildings measure 4,600SF each; one duplex measures 1,647SF
- All building roofs replaced within the last 24 months
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$129,650
Cap Rate
7.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,593,000
$2.6M
Cap Rate 7%
$1,852,143
$1.9M
Cap Rate 9%
$1,440,556
$1.4M
Market Conditions
NOI Build-Up for 15,447 SF
Gross rent
$250.2K $16.20/SF
− Vacancy
−$14.5K −$0.94/SF
EGI
$235.7K $15.26/SF
− OpEx
−$106.1K −$6.87/SF
NOI
$129.7K $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%
$2,593,000
Cap Rate 7%
$1,852,143
Cap Rate 9%
$1,440,556
Alternative Uses
Best Use
Apartment 5plus
$1.85M
$1.62M – $2.16M
NOI $129,650 @ 7.0% cap · market cap 7.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.39M
$2.96M – $3.95M
NOI $236,969 @ 7.0% cap · market cap 12.81%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Location Intelligence
Trade Area within ½ mile
438
Businesses Nearby
Explore this area
Business Placement
Demographics for 28303, NC
30,842
Population
15,554
Households
2
Avg Household Size
36
Median Age
30%
College-Educated
94%
High-School Grad
15.4 sq mi
ZIP Area
2,003
Density / Sq Mi
$53,261
Median Household Income
$37,238
Median Earnings
$1,125
Median Rent
$174,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Four-building apartment property with updated interiors, replaced roofs, and washer-dryer hookups throughout.
Where is this apartment building located?
The property is located at 4942-4959 Fieldcrest Drive Fayetteville, NC.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: 26 apartment units across four buildings; Three 8‑unit buildings measure 4,600SF each; one duplex measures 1,647SF; All building roofs replaced within the last 24 months
