6043 Charles Ave Fayetteville, NC 28311
- Residential income homes
- 75,904 SF
- 17.64 lot acres
Current Use by Public Records
- Residential income homes
Property Details for 6043 Charles Ave
- Year built
- 1954
- Lot size
- 17.64 lot acres
- Property size
- 75,904 SF
- Property type
- Residential income homes
Description
This exceptional multifamily investment opportunity presents a portfolio of 102 apartment units situated on 17.64 acres in Fayetteville, North Carolina. The property comprises 46 buildings – 35 duplexes, 7 quadplexes, and 4 single-family dwellings – totaling 75,904 square feet of rentable space. Units range from 660 to 776 square feet, with a mix of 28 one-bedroom/one-bathroom and 74 two-bedroom/one-bathroom units. The property boasts a 95% occupancy rate and an average in-place rent of $770 per month, with a proven market rent of $910 per month. Significant renovations have been completed between 2022 and 2024, including upgrades to approximately 40 units, encompassing fresh paint, new flooring, cabinets, tile, vanities, appliances, and the installation of mini-split systems. The property features 204 parking spaces and is conveniently located near I-95, Exit 25B, offering easy access to Fort Bragg and nearby amenities. The property sits on 23 separately deeded parcels and is served by a shared well system with individually metered electricity. A value-add strategy projects a substantial increase in gross rental income by raising average rents to $800 for one-bedroom units and $950 for two-bedroom units, resulting in a projected annual increase of $168,960. The asking price for this fee-simple ownership opportunity is $7,775,000. The property is zoned R6A, R6 & R5A. Built between 1954 and 2001.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Fayetteville
- County
- Cumberland
- State
- North Carolina
- Longitude
- -78.9131408
- Latitude
- 35.1425064
