40 Beds

15 Full baths

n/a SqFt


PORTFOLIO of 15 homes for sale in Rutherford County, located approximately 1 hour from Asheville and 1.5 hours from Charlotte. Includes 9 homes in Forest City, 3 in Spindale, 2 in Rutherfordton, and 1 in Union Mills. SOLD AS A PACKAGE ONLY! Properties are sold AS IS! DO NOT DISTURB TENANTS! Viewings will need to be arranged after an offer is accepted. The seller recently invested over $100K in improvements including new roofs, painting, HVAC, fixtures, flooring, etc. New ownership, based upon area rent comps, can raise rents up to $14,130/mo. ($3,680/mo. increase). Current ownership is achieving $107,400 in annual NOI (7.67% Cap Rate). With the rent bump, new ownership can achieve an annual NOI of $151,560 (10.83% Cap Rate). The major economic drivers in the Rutherfordton area include manufacturing, healthcare, and tourism. The Rutherfordton area is home to several major employers.

Property Details
Price $1,400,000
Bedrooms 40
Full Baths 15
Half Baths 2
Lot Size Area 7.22
Lot Size Area Units Acres
Property Type MultiFamily
MLS Sub type Portfolio
Year Built 1920
Subdivision None
Heating None
Foundation None
Laundry Features None
Parking Description Driveway
Geographic Data
County Rutherford
Latitude 35.340833
Longitude -81.863038
Address Information
Address 355 Cherry Mountain Street, Forest City, NC 28043
Postal Code 28043
City Forest City
State NC
Country United States
Listing Information
Listing Office Keller Williams South Park
Listing Office Phone 704-602-0400
Listing Agent Kevin Falls
Listing Agent Phone 980-288-9545
Sub Agency Compensation Type %
Buyer Agency Compensation 2.5
Attribution Contact kevinfalls@kw.com
Sub Agency Compensation 0
Buyer Agency Compensation Type %
Compensation Disclaimer The offer of compensation is made only to participants of the MLS where the listing is filed.
Special listing conditions Subject to Lease
Terms Assumable, Cash, Conventional, Owner Financing
School Information
Elementary School Unspecified
Middle School Unspecified
High School Unspecified
MLS Information
Days on market 94
MLS Status Active
Listing Date Apr 5, 2023
Listing Last Modified Jul 8, 2023
Tax ID 425288
MLS # CAR4019294

Map View

This information is believed to be accurate, but without any warranty.