204 Sams TrlDallas, NC 28034

Property Details for 204 Sams Trl

Year built

1985

Lot size

22.37 AC

Property size (Sq ft)

31,375 SF

Property type

Residential income homes

Description

This exceptional 33-unit multifamily investment property, known as Southfork Apartments, presents a compelling value-add opportunity in the thriving Dallas, NC market. Located on a sprawling 22.37-acre lot at 204 Sams Trail, this Class C property boasts 31,375 square feet across 11 two-story buildings. Currently operating at a 94% occupancy rate, the property generates a strong NOI of $328,960, with a current cap rate of 7.31%. A pro-forma analysis projects a significant increase in NOI to $380,000 and a cap rate of 8.44%. Built in 1985, the property is zoned R1 and offers substantial upside potential. The property's location within the Charlotte MSA, just north of Gastonia and 20 miles from Charlotte Douglas International Airport, benefits from the area's robust growth, fueled by new residential communities and the nearby Apple Creek Corporate Center. This presents an attractive investment opportunity with a price per unit of $136,363.64 and a total asking price of $4,500,000. The property's strong performance, combined with its strategic location and significant value-add potential, makes it an ideal investment for discerning buyers. The projected occupancy date is November 12, 2024. The property's APN is 304152 / 3559445514.

Location Insight

City

Dallas

County

Gaston

State

North Carolina

Latitude

35.3652

Longitude

-81.1645

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