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4624 Buff Park RD Maiden, NC 28650
14 Beds
8 Baths
4,500 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Eightplex+
Listing Status Active
Purchase Type For Sale
Square Footage 4,500 sqft
Price per Sqft $118
MLS Listing ID 4433474
Bedrooms 14
Full Baths 8
Abv Grd Liv Area 4,500
Year Built 1970
Lot Size 2.010 Acres
Acres 2.01
Property Sub-Type Eightplex+
Property Description
Market rents in the area reach up to $1,200/month per home. At a conservative $950 average rent across all nine homes, the pro forma shows $102,600 in gross annual income, a 19.2% gross yield on the $535,000 list price, and a projected cap rate of about 12.5% assuming 35% operating expenses. (Projections don't include the cost to finish #1 and #3.)
Location is what keeps the rental demand strong. Maiden is home to major employers like GKN Driveline, McCreary Modern and Apple's data center, with steady industrial growth across Catawba and Lincoln counties. Tenants can reach Hickory in about 20 minutes via US-321, Lake Norman and Denver in about 20 minutes via NC-16, and Charlotte and CLT airport in roughly 45 minutes.
Whether you're growing your portfolio or buying your first income property, this one gives you income in place today and a clear path to more once the two rehabs are done. Buyer to verify all income, expenses and information.
Location
State NC
County Catawba
Zoning R-40
Interior
Heating Other - See Remarks
Cooling Window Unit(s)
Fireplace false
Appliance None
Laundry In Unit
Exterior
Street Surface Gravel
Garage false
Building
Dwelling Type Manufactured
Foundation None
Sewer Shared Septic
Water Shared Well
Structure Type Aluminum
New Construction false
Schools
Elementary Schools Unspecified
Middle Schools Unspecified
High Schools Unspecified
Others
Pets Allowed Yes
Senior Community false
Acceptable Financing Cash, Conventional, Nonconforming Loan
Listing Terms Cash, Conventional, Nonconforming Loan
Special Listing Condition None