New Town Apartments | 6043 Charles Ave
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New Town Apartments 6043 Charles Ave
102 Unit Block of Flats £6,142,328 (£60,219/Unit) Fayetteville, NC 28311
Investment Highlights
- The property is situated just off of Exit 25 B on I-95 between McArthur and Honeycutt Road.
- There are 35 duplexes, 7 quadplexes and 4 single family dwellings.
- Since 2022 roughly 40 of the units have been renovated.
- The property consists of 102 total units across 46 buildings, located on 23 separately deeded parcels.
- 28 Units are 1 Bedroom 1 Bath and 74 units are 2 Bedroom 1 Bath.
- The renovations mostly included fresh paint, flooring, cabinets, tile, vanities, appliances and the installation of new minisplit systems.
Executive Summary
The property consistently shows high occupancy with an average in place rent of $770 per month. Based on proven rents, the average market rent is $910 per month. This proven value add story is to bring 1 bedroom units to an average of $800 per month and 2 bedroom units to an average of $950 per month. Projecting a stabilized investment using these average rents would yield a $168,960 increase in gross rental income per yer.
Property Facts
| Price | £6,142,328 | Apartment Style | Garden |
| Price Per Unit | £60,219 | Building Class | C |
| Sale Type | Investment | Lot Size | 17.64 AC |
| No. Units | 102 | Building Size | 75,904 SF |
| Property Type | Residential | Number of Floors | 1 |
| Property Subtype | Apartment | Year Built/Renovated | 1954/2024 |
| Price | £6,142,328 |
| Price Per Unit | £60,219 |
| Sale Type | Investment |
| No. Units | 102 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 17.64 AC |
| Building Size | 75,904 SF |
| Number of Floors | 1 |
| Year Built/Renovated | 1954/2024 |
Unit Amenities
- Dishwasher
- Disposal
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
Site Amenities
- Courtyard
- Rubbish Collection - Kerbside
- Walking/Biking Trails
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 28 | - | - |
| 2+1 | 74 | - | - |
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | £1,777,120 | |
| Land Assessment | £341,645 | Total Assessment | £2,118,766 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
£341,645
Improvements Assessment
£1,777,120
Total Assessment
£2,118,766
zoning
| Zoning Code | R6A, R6, R5A |
| R6A, R6, R5A |
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New Town Apartments | 6043 Charles Ave
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