Multifamily

Steel Creek Apartments

1880 US-64, Rutherfordton, NC 28139

Listing Price: $725,000

Cap Rate
5.81%
Number of Units
13
GRM
8.95
Occupancy
79.8%
Price/Unit
$55,769
Price/Gross SF
$49.57
Gross SF
14,625

Investment Overview

The Steel Creek Apartments, a 13-unit community, is located just on the outside of Rutherfordton, North Carolina. This property consists of (12) 2 Bedroom /1.5 Bathroom units, and (1) 2 Bedroom /1 Bathroom unit. Steel Creek Apartments are located at the foot of the Blue Ridge Mountains, just 45 minutes from Chimney Rock State Park, and 40 minutes from South Mountain State Park. Asheville, North Carolina, one the nations busiest places for tourism is just one hour away from the property. The Tryon International Equestrian Center, which hosted the 2018 FEI World Equestrian Games, is located just 20 miles from the subject property. This event hosted an estimated 400,000 spectators from around the world. This park is also open 364 days a year and will continue to boost the long-term economy in Rutherfordton. About 30 minutes from the property, the Catawba Two Kings Casino is currently under construction, and scheduled to open in 2021. The Casino will bring several jobs and the Catawba tribes business plan projects $72 million in revenue during its first year of business. Rutherfordton is located in Rutherford County which projects 23% job growth in the next ten years. The three main economic drivers in Rutherford County are Manufacturing (20%), Health Care (15%), and Retail Trade (13.8%). Rutherfordton's stable economy, location near some of North Carolina's most-visited State Parks, and an investors immediate opportunity to raise rents, makes this a desirable property for investors to consider.

Investment Highlights

  • Opportunity to Grow Rents Significantly, Especially with Upfront Capital Expenditure
  • Option to Add a New Efficiency Unit
  • New Revenue Stream Available from Renovating Existing Laundry Facilities

Exclusively Listed By

Multifamily

Steel Creek Apartments

Listing Price: $725,000

Cap Rate
5.81%
Number of Units
13
GRM
8.95
Occupancy
79.8%
Price/Unit
$55,769
Price/Gross SF
$49.57
Gross SF
14,625

Investment Highlights

  • Opportunity to Grow Rents Significantly, Especially with Upfront Capital Expenditure
  • Option to Add a New Efficiency Unit
  • New Revenue Stream Available from Renovating Existing Laundry Facilities

Investment Overview

The Steel Creek Apartments, a 13-unit community, is located just on the outside of Rutherfordton, North Carolina. This property consists of (12) 2 Bedroom /1.5 Bathroom units, and (1) 2 Bedroom /1 Bathroom unit. Steel Creek Apartments are located at the foot of the Blue Ridge Mountains, just 45 minutes from Chimney Rock State Park, and 40 minutes from South Mountain State Park. Asheville, North Carolina, one the nations busiest places for tourism is just one hour away from the property. The Tryon International Equestrian Center, which hosted the 2018 FEI World Equestrian Games, is located just 20 miles from the subject property. This event hosted an estimated 400,000 spectators from around the world. This park is also open 364 days a year and will continue to boost the long-term economy in Rutherfordton. About 30 minutes from the property, the Catawba Two Kings Casino is currently under construction, and scheduled to open in 2021. The Casino will bring several jobs and the Catawba tribes business plan projects $72 million in revenue during its first year of business. Rutherfordton is located in Rutherford County which projects 23% job growth in the next ten years. The three main economic drivers in Rutherford County are Manufacturing (20%), Health Care (15%), and Retail Trade (13.8%). Rutherfordton's stable economy, location near some of North Carolina's most-visited State Parks, and an investors immediate opportunity to raise rents, makes this a desirable property for investors to consider.

Exclusively Listed By

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