Individually Owned Property summary
This 18-unit apartment building, Eden Place Apartments, presents a compelling investment opportunity in Gibsonville, North Carolina. Situated on a 1.63-acre lot, the property boasts a total of 71,002 square feet, with 14,750 square feet of net rentable space. Built in 1972, the property currently enjoys a 94.4% occupancy rate, demonstrating strong demand. The average unit size is 819 square feet, and the average scheduled rent is $944 per month. Fourteen of the eighteen units have recently undergone interior updates, showcasing the potential for rent growth through renovations. The property's location offers convenient access to both the Piedmont Triad and Research Triangle, benefiting from the rapid job growth and escalating housing costs in these areas. Further value-add potential exists through completing upgrades to the remaining units and exploring the possibility of constructing additional units on the existing land. This well-maintained property offers a proven value-add strategy and is ideally positioned for attractive returns.
Property profile
VerifiedCap rate & NOI
Current use
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General Contractor
Location
Value estimations
Owner & transaction history
Zoning & alternative use
typical overall density of 4.0 units per acre. (C) Multi-Family Residential: In the following districts the number refers to dwelling units per gross acre. Public water and sewer service is required in all districts. 1)…
Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Value estimation
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from $99/month
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
from $99/month
Price sensitivity
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Property tax & assessments
Tax year 2023Property description
Physical attributes from public recordsZoning & alternative use
RM-5 · Gibsonville, NCtypical overall density of 4.0 units per acre. (C) Multi-Family Residential: In the following districts the number refers to dwelling units per gross acre. Public water and sewer service is required in all districts. 1)…
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
Official district profile
typical overall density of 4.0 units per acre. (C) Multi-Family Residential: In the following districts the number refers to dwelling units per gross acre. Public water and sewer service is required in all districts. 1)…
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for RM-5 in Gibsonville, NC.
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