1578 Ashland Dr Greenville, NC 27834

Property Details for 1578 Ashland Dr

Year built

1987

Property size

31,524 SF

Property type

Commercial real estate

Description

This exceptional 40-unit apartment building in Greenville, NC, presents a compelling value-add investment opportunity. Located at 1578 Ashland Dr, Greenville, NC 27834, this Class C property boasts 31,524 square feet of net rentable space, spread across eleven buildings. Constructed in 1987 and renovated in 2022, the property currently enjoys 77% occupancy. The asking price is $3,300,000, translating to $104.68 per square foot and $80,487.80 per unit. Significant capital improvements have already been implemented, creating a solid foundation for future growth. The current vacancy rate presents a clear path to increased revenue, with potential for approximately $150,000 in additional annual income through lease-up and rent increases. This prime location within a thriving rental market ensures strong potential for rapid occupancy and consistent cash flow. The property's strong fundamentals and value-add potential make it an attractive investment for those seeking significant returns in the multifamily sector. This is a rare opportunity to acquire a well-positioned asset in a growing market, offering immediate income generation and substantial upside potential. The property is situated in Pitt County, North Carolina.