907 5Th Ave Gastonia, NC 28052

Property Details for 907 5Th Ave

Year built

1920

Lot size

0.20 lot acres

Property type

Commercial real estate

Description

This exceptional 5-unit apartment building presents a compelling investment opportunity in the heart of Gastonia, NC. Located at 907 W 5th Ave, this property boasts a prime downtown location within the thriving Greater Charlotte MSA, offering easy access to I-85 and major employers. The building, constructed in 1920 and extensively renovated in 2023, comprises four one-bedroom/one-bathroom units and one three-bedroom/one-bathroom unit, totaling 3,700 square feet of net rentable space. Recent renovations included a new roof, plumbing, electrical systems, siding, gutters, flooring, cabinets, and countertops. Approximately 75% of the HVAC systems are less than five years old, and the property features new windows and PEX pipes. The 0.2-acre lot offers public street parking and two driveway spaces. The property currently generates a Net Operating Income (NOI) of $36,013, representing a 5.86% capitalization rate. The asking price is $615,000, or $123,000 per unit, and the land value is $166.22 per square foot. Gaston County's robust economy, fueled by major employers and significant growth, makes this a highly attractive investment with strong potential for future appreciation. The planned extension of the Lynx Silver Line into Gastonia further enhances the area's connectivity and economic prospects, promising continued growth and increased property values. This is a rare opportunity to acquire a recently renovated, high-performing multifamily asset in a rapidly developing market.

Location Insight

City

Gastonia

County

Gaston

State

North Carolina

Longitude

-81.19599617252

Latitude

35.25678895036