40 Beds
15 Full baths
n/a SqFt
Active
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 | |
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This information is believed to be accurate, but without any warranty.
