601 Main St Lillington, NC 27546

Property Details for 601 Main St

Year built

1999

Lot size

7.10 lot acres

Property size

45,004 SF

Property type

Apartment buildings

Description

This exceptional 36-unit apartment building in Lillington, NC, presents a lucrative investment opportunity. Situated on a 7.1-acre lot at 601 Main St, this property boasts a prime location, just a short walk from Campbell University and 10 minutes from the growing town of Lillington. Built in 1999 and renovated in 2000, the complex comprises seven two-story buildings, offering a mix of 1-bedroom, 1-bathroom; 2-bedroom, 2.5-bathroom; and 3-bedroom, 3-bathroom units. All units feature ground-level entrances, vinyl and brick exteriors, and are equipped with a refrigerator, stove, washer, and dryer. Ample parking is available with individually metered spaces. The property benefits from consistently high occupancy rates, with annual rent increases and a diverse tenant base including students, faculty, and the general public. A current property management company, owned by the sellers, is in place and willing to continue management. Tenants utilize an online system for rent payments and work orders. Recent improvements include new roofs (2016) and ongoing appliance and AC unit replacements. Approximately 50% of units feature updated LVP flooring. A significant expansion opportunity exists with 2.85 acres of cleared land approved for an additional 24 units (plans available). All utilities are readily accessible at the roadside. The asking price is $6,000,000. The property is zoned RA-30 and has an APN of 0670-86-7395.000RA-30. This property offers substantial potential for increased revenue and return on investment.

Location Insight

City

Lillington

County

Harnett

State

North Carolina

Longitude

-78.7359

Latitude

35.4157