5217 Tern PlFayetteville, NC 28311

Property Details for 5217 Tern Pl

Year built

1994

Lot size

4.60 AC

Property size (Sq ft)

68,400 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional multifamily investment opportunity presents a 57-unit townhome community situated on a 4.6-acre lot in Fayetteville, North Carolina. Built in 1994 and renovated in 2022, the property boasts 68,400 square feet of total space, with 63,840 square feet of net rentable area. Currently operating at 96.49% occupancy, the nine buildings, each two stories high, offer spacious two-bedroom, two-and-a-half-bathroom townhomes. The property is zoned SF6 and enjoys a prime location near McArthur Boulevard, providing convenient access to Fort Liberty, major employment centers, and the I-295 corridor. Residents benefit from proximity to the Ramsey Street retail district, home to numerous national brands. An attractive feature of this investment is the assumable debt, offering a competitive 3.35% interest rate with a maturity date of January 1, 2029. This presents a significant value-add opportunity for a new owner to increase rental income through strategic improvements. The strong Fayetteville multifamily market, characterized by high demand and consistently above-average net absorption rates, further enhances the investment potential. This property is an ideal choice for investors seeking a well-located, high-performing asset with significant upside potential.

Location Insight

City

Fayetteville

County

Cumberland

State

North Carolina

Latitude

35.1307

Longitude

-78.9007

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