Under Contract | Quadplex | West Main Street | Elkin

Portfolio Categories: Commercial.

Under Contract | Unique investment opportunity on West Main Street, near Historic downtown Elkin. This quadplex contains four completely renovated two bedroom, one bath apartments. All four apartments are currently rented for $895 to $999 a month. Market rent is $999 per month. Originally constructed in 1964, the building underwent a remodel in 2019. Each apartment measures just under 920 SF, the building features a common hallway leading to two apartments on the second level, two apartments on the main level and a full-size basement on the lower level. Tenants enjoy recessed LED lighting, new flooring, remodeled kitchen with new appliances and updated baths and laundry closet. Each apartment has a back door leading to metal fire escape and the backyard. The exterior is comprised of brick for lower maintenance. Additional storage can be found in the unfinished basement. Located in the heart of the Yadkin Valley, this quadplex is within walking distance to recreation activities including the Elkin Municipal Park, the Yadkin River and the Mountains-to-Sea Trail as well as educational opportunities including top-rated Elkin City Schools and the Elkin Public Library. For entertainment, walk to Historic Downtown Elkin for dining, shopping and live music at the Reeves Theater. Take a short car ride to many wineries and breweries or hike Stone Mountain State Park and the Blue Ridge Parkway. This property is convenient to I-77 for easy access to major cities, airports and other urban destinations.

Details at a glance:
 Market rent is $999 month
 Each apartment measures approximately 920+/- SF, 2 Bedrooms, 1 Bath, Private Laundry Closet
 Each apartment features (3) 2019 mini-split systems for air and heat
 Fuel sources: electricity
 Natural gas is available from Frontier Energy along West Main Street at property line
 Age of roof is 6 years
 New windows
 City utilities include water, sewer, recycling and trash pick-up
 7.35% CAP rate using approximate NOI of market rent at $35,250