101651 Home Sfr Gastonia NcGastonia, NC 28052

Property Details for 101651 Home Sfr Gastonia Nc

Year built

1942

Property size (Sq ft)

10,345 SF

Property type

Residential income homes

Description

This exceptional investment opportunity presents a portfolio of seven single-family rental homes in Gastonia, NC, offering a compelling return. The portfolio comprises three 2-bedroom, one 3-bedroom, and three 4-bedroom homes, totaling 10,345 square feet across seven buildings situated on a 57,498 square foot lot. Built between 1904 and 2023, with an average construction year of 1942, these homes boast an average size of 1,478 square feet and range from 859 to 2,495 square feet. Currently, all seven units are 100% occupied by vetted tenants, generating a current NOI of $96,486 and a pro-forma NOI of $98,529. The average current monthly rent is $1,703, slightly below the market rate of $1,709, with an average home price of $307,143. Significant capital improvements have been implemented, including new roofs, renovated HVAC systems, updated kitchens and bathrooms, new flooring and appliances, upgraded electrical and plumbing, fresh paint, and landscaping. The portfolio boasts a current cap rate of 4.49%, projected to increase to 4.58% upon stabilization. The current gross yield is 6.65%, projected to reach 6.88% upon stabilization. This fee-simple ownership offers a stabilized, cash-flowing investment with significant upside potential in a growing market. The seller prefers a sale to a single investor but will consider selling individually.

Location Insight

City

Gastonia

County

Gaston

State

North Carolina

Latitude

35.2657

Longitude

-81.1795

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