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Multifamily

Level Cross Community Apartments

11021 Randleman Rd, Randleman, NC 27317

Listing Price: $1,600,000

Cap Rate
9.91%
Number of Units
31
Occupancy
95.0%
Price/Unit
$51,613

Investment Overview

The McDaniel Team of Marcus & Millichap is pleased to present this Market Positioning and Valuation for Level Cross Community Apartments. Conveniently located off Interstate 73 and just 17-minutes from Downtown Greensboro, this 31-unit property provides residents with modern interiors combined with vintage appeal. This extended-stay hotel features 25 hotel units, 5-Mobile Home units, one Duplex, and an onsite retail space. The upside potential of this property can be realized by converting all units to long-term leases and maximizing rents by bringing all units to property rental highs. Additionally, optimization can be achieved by adding kitchenettes to the hotel units, converting the office space into another rentable apartment, and leasing up the retail space. All residential units are currently on month-to-month leases, and many have been long-term tenants, converting to long-term leases is also a great option to stabilize this asset. A quote by Ted Ogawa, CEO of Toyota Motor North America sums up the value of this asset. "The future of mobility is electrification, and the Greensboro-Randolph Megasite is the ideal location to make that future a reality," Residents of Level Cross Community Apartments are only 19 minutes away from this major area employer, and with this plant coming online in 2025, this is likely to become very valuable as development increases around the Megasite. Level Cross Community enjoys the benefits of being nestled in between Downtown Asheboro and Downtown Greensboro, and only a few minutes drive to High Point, Winston-Salem, Charlotte, and Durham. The continued development of this the secondary market makes Randleman a highly desired area due to quick access to several major metropolitan areas and the positioning to leverage the organic rent growth potential as an economic alternative to the Greensboro market, which provides attractive returns potential for the life cycle of this investment opportunity.

Investment Highlights

  • Conveniently located 17 minutes from Downtown Greensboro
  • Well-Positioned to be an Economic Alternative for residents looking to commute to Greensboro or Asheboro
  • Significant Value adds opportunities to increase the NOI starting as soon as year one
  • Continued Organic Rent Growth due to increasing demand

Exclusively Listed By

Multifamily

Level Cross Community Apartments

Listing Price: $1,600,000

Cap Rate
9.91%
Number of Units
31
Occupancy
95.0%
Price/Unit
$51,613

Investment Highlights

  • Conveniently located 17 minutes from Downtown Greensboro
  • Well-Positioned to be an Economic Alternative for residents looking to commute to Greensboro or Asheboro
  • Significant Value adds opportunities to increase the NOI starting as soon as year one
  • Continued Organic Rent Growth due to increasing demand

Investment Overview

The McDaniel Team of Marcus & Millichap is pleased to present this Market Positioning and Valuation for Level Cross Community Apartments. Conveniently located off Interstate 73 and just 17-minutes from Downtown Greensboro, this 31-unit property provides residents with modern interiors combined with vintage appeal. This extended-stay hotel features 25 hotel units, 5-Mobile Home units, one Duplex, and an onsite retail space. The upside potential of this property can be realized by converting all units to long-term leases and maximizing rents by bringing all units to property rental highs. Additionally, optimization can be achieved by adding kitchenettes to the hotel units, converting the office space into another rentable apartment, and leasing up the retail space. All residential units are currently on month-to-month leases, and many have been long-term tenants, converting to long-term leases is also a great option to stabilize this asset. A quote by Ted Ogawa, CEO of Toyota Motor North America sums up the value of this asset. "The future of mobility is electrification, and the Greensboro-Randolph Megasite is the ideal location to make that future a reality," Residents of Level Cross Community Apartments are only 19 minutes away from this major area employer, and with this plant coming online in 2025, this is likely to become very valuable as development increases around the Megasite. Level Cross Community enjoys the benefits of being nestled in between Downtown Asheboro and Downtown Greensboro, and only a few minutes drive to High Point, Winston-Salem, Charlotte, and Durham. The continued development of this the secondary market makes Randleman a highly desired area due to quick access to several major metropolitan areas and the positioning to leverage the organic rent growth potential as an economic alternative to the Greensboro market, which provides attractive returns potential for the life cycle of this investment opportunity.

Exclusively Listed By

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