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Multifamily

Avenue Station Lofts

632 Roanoke Ave, Roanoke Rapids, NC 27870

Listing Price: $950,000

Cap Rate
7.54%
Number of Units
10
GRM
8.44
Occupancy
95.0%
Price/Unit
$95,000
Price/Gross SF
$127.47
Gross SF
7,453

Investment Overview

Marcus and Millichap is pleased to present this exclusive opportunity, The Avenue Station Lofts, located at 632 Roanoke Ave in Downtown Roanoke Rapids, North Carolina. This 10-unit renovated in 2021 consists of four, one-bedroom units, five, two-bedroom one-bathroom units, and one three bedrooms and one and a half bathroom unit. The Avenue Station Lofts is well located in the heart of Downtown Roanoke Rapids, just off of Interstate I-95, strategically positioned in between two Capital Cities, Richmond, VA and Raleigh, NC, just 90 miles from Raleigh, North Carolina, and 84 miles to Richmond, Virginia.

This adaptive reuse of the former Roanoke Rapids Municipal Building that once served as a fire and police station for the town of Roanoke Rapids. Each unit blends some history of the old station with items such as original brick walls, jailhouse doors, the firehouse kitchen, along with new appliances in the kitchens and refreshed bathrooms with new vanities and fixtures. This is a value-add opportunity for an investor to purchase a turn-key asset in a growing market with low maintenance cost. This property also offers new ownership the benefit of the rehabilitation tax credits that may be passed on from current ownership.

The property is located in a great area of Downtown Roanoke Rapids with excellent walkability to schools like Roanoke Rapids High School (850 Students, 5 minute walk) and Chaloner Middle School (725 Students). Along with close proximity to nearby businesses including Halifax Regional Medical Center, a 44-acre campus that serves residents throughout I-95, Kennametal Inc (International manufacturer with over $3 Billion in sales), Roanoke Valley Energy Facility (owned by Westmoreland Coal Company a publicly traded company), Patch Rubber Company, Chockoyotte Country Club, and national retailers in the area including Food Lion, Tractor Supply, Walmart, Advanced Auto Parts, McDonalds, AutoZone, Walgreens, Cook Out, Logan’s Roadhouse, Lowe’s, Home Improvements, Ruby Tuesday, Chick Fil-A, Cracker Barrel, and Starbucks.

Investment Highlights

  • Newly Renovated Complex
  • Value-Add Opportunity
  • Located in the heart of Downtown Roanoke Rapids, just off of Interstate I-95

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Vice President/Regional Manager

    (704) 831-4600

    License(s) NC: 303785

    North Carolina

Financing By

Multifamily

Avenue Station Lofts

Listing Price: $950,000

Cap Rate
7.54%
Number of Units
10
GRM
8.44
Occupancy
95.0%
Price/Unit
$95,000
Price/Gross SF
$127.47
Gross SF
7,453

Investment Highlights

  • Newly Renovated Complex
  • Value-Add Opportunity
  • Located in the heart of Downtown Roanoke Rapids, just off of Interstate I-95

Investment Overview

Marcus and Millichap is pleased to present this exclusive opportunity, The Avenue Station Lofts, located at 632 Roanoke Ave in Downtown Roanoke Rapids, North Carolina. This 10-unit renovated in 2021 consists of four, one-bedroom units, five, two-bedroom one-bathroom units, and one three bedrooms and one and a half bathroom unit. The Avenue Station Lofts is well located in the heart of Downtown Roanoke Rapids, just off of Interstate I-95, strategically positioned in between two Capital Cities, Richmond, VA and Raleigh, NC, just 90 miles from Raleigh, North Carolina, and 84 miles to Richmond, Virginia. This adaptive reuse of the former Roanoke Rapids Municipal Building that once served as a fire and police station for the town of Roanoke Rapids. Each unit blends some history of the old station with items such as original brick walls, jailhouse doors, the firehouse kitchen, along with new appliances in the kitchens and refreshed bathrooms with new vanities and fixtures. This is a value-add opportunity for an investor to purchase a turn-key asset in a growing market with low maintenance cost. This property also offers new ownership the benefit of the rehabilitation tax credits that may be passed on from current ownership. The property is located in a great area of Downtown Roanoke Rapids with excellent walkability to schools like Roanoke Rapids High School (850 Students, 5 minute walk) and Chaloner Middle School (725 Students). Along with close proximity to nearby businesses including Halifax Regional Medical Center, a 44-acre campus that serves residents throughout I-95, Kennametal Inc (International manufacturer with over $3 Billion in sales), Roanoke Valley Energy Facility (owned by Westmoreland Coal Company a publicly traded company), Patch Rubber Company, Chockoyotte Country Club, and national retailers in the area including Food Lion, Tractor Supply, Walmart, Advanced Auto Parts, McDonalds, AutoZone, Walgreens, Cook Out, Logan’s Roadhouse, Lowe’s, Home Improvements, Ruby Tuesday, Chick Fil-A, Cracker Barrel, and Starbucks.

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Vice President/Regional Manager

    (704) 831-4600

    License(s): NC: 303785

    North Carolina

Financing By

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