We Buy Houses

Buy - Sell - Rent - Invest

 Contact Us

3660 Mcconnell Rd Apt. 3B
Greensboro, NC 27405
 (336) 790-1850
Contact Us


521 Homeland Ave, Greensboro, NC 27405

2 Bedrooms / 1 Baths / Multiple Family

Property Status: Available (Wholesale) |  For Sale: $3,540,380.00



37 Units in Greensboro NC


Property Details:
Property Style:
5+ Units
Year Built:
1968
Basement:
No Basement
Owner/Agent:
Wholesale
The details of the two multifamily properties are below. This deal consists of two separate locations in Greensboro, NC (see below). Our company is under contract with the current owner and we are looking to get a jump on reselling this property before we close on this deal at the end of this month. We have opened title, but the commitment is not back yet (it should be back at the end of this week or next week). We have deposited earnest money with the local title company/attorney's office there in Greensboro. This property is not on the market and you are one of the first to receive this information as we just went under contract last week.

Asking price is $3,540,380
Current NOI (excluding annual maintenance for each unit) = $282,732 (7.98% cap)

NOI factoring a $1,000 annual repair buffer per unit ($37,000 total annual repairs buffer) = $256,752 (7.25% cap)
Fully stabilized, proforma NOI factoring in a $1,000 per unit for repairs buffer = $402,316 (11.36% cap rate)

5 units are currently vacant
Tenants pay their own utilities and are responsible for their own appliances in all units.
All units are section 8 with the majority being veterans.
The property is managed by the current owner, a mother of 3 kids and she explained the management has not been difficult due to Section 8 (rent paid by the government is on time every month)
There is substantial upside due to the fact that many units are paying under market value. The current owner has recently submitted a Fair Market Rent Increase Application to Section 8 to get the approval to increase the rents to market value for all units.

We did not put an annual maintenance budget in the expenses because all 37 units were completely renovated by the end of 2020 and the seller did not have any maintenance repairs in 2021. But she said a safe number would be $750-$1,000 per unit each year as a "maintenance expense". The handyman on call, Tommy, is "very good and reliable" and willing to stay, according to the seller. He is also very inexpensive because he too is a veteran and it is "his way of giving back to the veterans that stay there", so he does good work at a very low cost (according to the seller).

Apartment Details:

521-525 Homeland Ave, Greensboro, NC 27405 Apartments:

- 18 total units
- 16,800 building square footage
- 51,122 lot square footage
- Zoned RM12
- Built in 1968
- Fully renovated in 2020, totalling $246,000 according to the seller. Renovation of all units included flooring, kitchen, windows replaced, paint and fixtures.
- Class C building
- 2 stories
- Central Heat, but central A/C was removed by the current owner because repairs for central A/C for section 8 housing is the landlord's responsibility, so she removed the central A/C units to cut down on annual repair costs.

Units size:

4 total 1 bed 1 bathroom units, each is 730 square feet
11 total 2 bed 1 bathroom units, each is 1,103 square feet
2 total 3 bed 2 bathroom units, each is 1,263 square feet
1 total 3 bed 1 bathroom unit, 1,103 square feet


Second Apartment Property Location & Details:

3818-3820 Overland, Greensboro, NC 27407:

- No current survey
- 19 Units
- 16,184 building square footage
- 110,207 land square footage
- Zoned RS-9
- Built in 1969
- Fully renovated in 2020 with part of the $246,000 renovation budget in 2020 according to the seller.
- Class C building
- 2 stories
- Central Heat, but central A/C was removed by the current owner because repairs for central A/C for section 8 housing is the landlord's responsibility, so she removed the central A/C units to cut down on annual repair costs (same as the Homeland apartment complex)


Units size:

19 total 2 bed 1.5 bathrooms, all units are 862 square feet


The seller has also sent over all lease information and verification of financials, however, we will need to have you sign an NDA before we are able to send that information over. Once you have a moment to review, discuss with your partners, and want to move forward, I'll have my assistant send over the NDA and then the Google Drive with all the due diligence items. At the time of writing this email, there are only two apartment complexes in the Greensboro, NC area for sale on Loopnet, and one of them is already under contract at a 5.56% cap rate (full asking price offer) according to the broker, and it has only been on the market for 16 days.

Lastly, please be respectful of our process and refrain from reaching out to the seller directly. We will be happy to obtain any information you need relating to this transaction. Call or Text (336)313-0339/nchomecashoffers@yahoo.com

Real Estate Promo is not responsible for the properties or the information listed here. Each Property is independently owned.  Click on the link above to contact the Property Owner about this property.