Multifamily

Maple Hall Apartments

239 Maple St, Rutherfordton, NC 28139

Listing Price: $1,450,000

Cap Rate
6.67%
Number of Units
24
GRM
8.52
Occupancy
94.63%
Price/Unit
$60,417
Price/Gross SF
$74.59
Gross SF
19,440

Investment Overview

The Maple Hall Apartments are a 24-unit community in the heart of Rutherfordton, North Carolina. This property consists of 12 one bedroom / one-bathroom units and 12 two bedroom / one-bathroom units. Maple Hall 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 economy in Rutherfordton. Rutherford County 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%). Forest City's growing economy, central location near some of North Carolina's most-visited State Parks, and the immediate opportunity to raise rents, makes this a desirable property for investors.

Investment Highlights

  • Immediate Opportunity to Raise Rent
  • Well-Kept Property with Recently Renovated Interiors
  • Positive Job Growth in Essential Economic Generators: Healthcare and Manufacturing

Exclusively Listed By

Listing Price: $1,450,000

Cap Rate
6.67%
Number of Units
24
GRM
8.52
Occupancy
94.63%
Price/Unit
$60,417
Price/Gross SF
$74.59
Gross SF
19,440

Investment Highlights

  • Immediate Opportunity to Raise Rent
  • Well-Kept Property with Recently Renovated Interiors
  • Positive Job Growth in Essential Economic Generators: Healthcare and Manufacturing

Investment Overview

The Maple Hall Apartments are a 24-unit community in the heart of Rutherfordton, North Carolina. This property consists of 12 one bedroom / one-bathroom units and 12 two bedroom / one-bathroom units. Maple Hall 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 economy in Rutherfordton. Rutherford County 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%). Forest City's growing economy, central location near some of North Carolina's most-visited State Parks, and the immediate opportunity to raise rents, makes this a desirable property for investors.

Exclusively Listed By

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