300 S 1st Street $2,300,000

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    300 S 1st Street Albemarle, NC 28001

    Active Under Contract
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    • 112 Beds
    • 0 Baths
    • 53,000 sq. ft.
    • Multi-Family
    • MLS# 3644634
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    Views: 47 Days On Site: 177

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    Property Details

    Vacant but risk management strategies in place: Prop can be Section 8 or not. City needs open market apartments (new grad college 5 blocks, 420+ jobs added, new PD across street, COVID pushing people out of Charlotte, etc), but there are also 90+ approved tenants, on waiting list for housing to come available, that could more than fill up the apartments. 100 small, studio style units or easily combine them into a bigger unit. 53 units at $750 per month would gross $477,000. Exp: $143,100 = NOI $333900. $1.5m const + $2.3 purch = $3.8m outlay. 9% cap. Water and electric is not individually metered. Most rooms are efficiency style apartments, and the website above shows suggested plans. Some prospects are also interested in cutting walls and making into multi bedroom apartments. There are a couple 3 bed 3 bath and 2 bed 2 bath apartments. There is about 5,000+ square feet of commercial space, including a full restaurant kitchen..

    • General Features
      • New Construction Y/N false
      • Pets Allowed Yes
      • Subdivision Name Downtown
      • Year Built 1961
    • Building Features
      • Building Area Total 53000
      • Bedrooms Total 112
      • Below Grade Finished Area 0
      • Appliances Other
      • Architectural Style Other
      • Full Bathrooms 109
      • Flooring Concrete, Tile
      • Heating See Remarks
      • Living Area 53000
    • Property Features
      • Lot Features City View,Corner Lot,Paved,See Remarks
      • Sewer Public Sewer
      • Road Surface Type Asphalt,Concrete
      • Parking Features 4+,
    • Schools
      • Middle Or Junior School Albemarle
      • High School Albemarle
      • Elementary School Central Albemarle

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    Neighborhood

    28001 (Albemarle) Demographics

    42 Median Age
    199 Population Density (per sq. mile)
    28% College Educated
    $41,947 Estimated Median Income
    7,230 Estimated Total Home Owners
    3,427 Estimated Total Renters
    68% / 32% Estimated Owner / Renter Divide
    2 Estimated Average Household Size
    26,498 Total Population
    Community data courtesy of LiveBy, Inc.

    Market Last 30 Days In This Postal Code

    $166,500 Median Sales Price
    22 Homes Sold
    19 New On Market

    Average Days on Site

      Properties for Sale

        Calculations provided by Reliance Network

        Property History

        Date Event Price Percent Change
        -- Current Price Source New Value: $2,300,000
        9/30/2020 10:15:56 AM Status Changed Source New Value: Active Under Contract
        7/25/2020 3:45:00 PM New in Database Source New Value: $2,300,000

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        **Assumes 3.5% APR, 20% down payment, and conventional 30-year fixed rate first mortgage. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. You should not make any decisions based simply on the information provided. Additional required amounts such as taxes, insurance, homeowner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Contact your mortgage company for current rates and additional information.
        IDX Based on information submitted to the MLS GRID as of 1/18/2021 9:15:08 PM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. © 2021

        Note: All room dimensions, including square footage data, are approximate and must be verified by the buyer. The information contained herein is furnished by the owner to the best of his/her knowledge but is subject to verification by the purchaser, and agent assumes no responsibility for the correctness thereof. The sale offering is made subject to errors, omissions, change of price, prior sale, or withdrawal without notice. In accordance with the Law, this property is offered without respect to race, color, creed, national origin, sex, familial status or disability. This is not intended to solicit property currently listed.