130 Fairway AveSouthern Pines, NC 28387

Property Details for 130 Fairway Ave

Year built

1980

Lot size

0.18 AC

Zone code

PPC

Property type

Office properties

Property subtype

Office buildings

APN

39506

APU

39506

Description

This exceptional investment opportunity presents a portfolio of 38 fully occupied studio residences situated on a 4.88-acre lot in Southern Pines, North Carolina. Located at 130 Fairway Ave, this property offers a compelling 7.00% cap rate and boasts a 100% occupancy rate. The portfolio, priced at $3,650,000 ($96,052.63 per unit), comprises a controlling interest in the Hyland Hills Motor Lodge Homeowners Association. The 13,300 square foot property, built in 1973, is zoned RM-1 (Residential Single & Multi-Family), with a portion situated in the Urban Transition Highway Corridor, providing significant development potential. Each studio residence features a private outdoor patio, enhancing rental appeal. The property's prime location, just off US Highway 1 and adjacent to the prestigious Hyland Hills Golf Club (designed by Michael Gleason and Tom Jackson), ensures high demand and strong rental income. Minutes from downtown Southern Pines, residents enjoy convenient access to local amenities. This single-story complex represents a rare chance to acquire a well-performing, high-occupancy multifamily investment in a thriving market with strong demand for affordable rental housing. The property's history as short-term rentals, later converted to studio residences, adds to its unique investment appeal. This is a turnkey investment ready to generate immediate income. The property's multiple APNs reflect its unique ownership structure within the larger community.

• CAP approach

  CAP return

  Valuation

  6%

  $2,029,294

  6.5%

  $1,873,195

  7%

  $1,739,395

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,791,750

  Geo Method

  $1,799,823

• Alternative Use

  Use

  Valuation

  Residential

  $2,322,762

  Hospitality

  $2,127,637

  Educational

  $1,770,169

  Medical

  $1,831,048

  Retail

  $2,753,596

Location Insight

City

Southern Pines

County

Moore

State

North Carolina

Latitude

35.2055

Longitude

-79.3429

CBSA code

38240

CBSA name

PINEHURST-SOUTHERN PINES, NC MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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