Bradbury Park Apartments

Multi-Family for Sale
Catylist Listing ID: 30320668
Property Subtypes: Low-Rise/Garden
Number of Units: 10 Units
Building Size (RSF): 10,080 SF
Gross Building Area: See Agent
Gross Land Area: 0.49 Acres
Sale Price: $450,000
Unit Price: $45,000 Per Unit
Property Use Type: Investment
Building Name: Bradbury Park Apartments
Sale Terms: Cash to Seller
Cap Rate: 7.99%
Average Occupancy Rate: 100
Last Updated: 10/19/2018

Overview / Comments

Joyner Commercial is proud to present the opportunity to acquire the Bradbury Park Apartments, a 10-unit affordable housing community located in the Charlotte, NC suburb of Clover, South Carolina and conveniently located one-half mile of Downtown Clover and just over ten miles from downtown Gastonia, North Carolina.

Originally built in 2005, the Bradbury Park Apartments has experienced consistent 100% occupancy over the past 30 months of professional management with low overall maintenance and repairs as a result of its strong infrastructure.

These unique three-bedroom units offer residents two full baths and a well appointed kitchen with full-sized appliances and washer/dryer hookups in each unit. Local management reports a waiting-list for new tenants.

The property has been managed as Section 8 affordable housing with below-market rents. Due to the lack of comparable three-bedroom units, recent rental increases of $50 per unit have recently been instituted with no pushback from the residents. Further increases of a similar amount could be instituted over the next 12 months to build the NOI and provide steady cash flow in the Investor’s portfolio.

Additional Details

Nearest MSA: Charlotte-Concord-Gastonia
County: York
Taxing Authority: Town of Clover
Percent Occupied: 100%
Highway Access: Property is located on Highway 321 with direct access to Gastonia, NC, and 3/4 mile from the intersection of Hwy 321 and Hwy 55 providing access to I-85 and Lake Wylie / Rock Hill.
Airports: Charlotte Douglas International Airport
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 2
Year Built: 2005
Construction/Siding: Brick/Vinyl Siding
Parking Type: Surface
Laundry: In Each Unit
Heat Type: Electricity
Heat Source: Heat Pump
Fuel: Electric
Air Conditioning: Package Unit
Internet Access: Cable, Satellite
Interior Description: Well appointed apartment homes with laminate wood flooring in the living areas, carpet in bedrooms, and vinyl flooring in the baths. Full sized appliances in the kitchen and washer/dryer hook-ups in all units. Generous storage and 9 foot ceilings throughout. One unit is fully handicap accessible.
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Fee Simple

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,745 11,447 23,719
Median Age: 32.9 37.34 38.69
Households: 1,000 4,248 8,776
The information presented herein is provided as is, without warranty of any kind. Neither Catylist nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.