3000 Drake CirShelby, NC 28152

Property Details for 3000 Drake Cir

Year built

1977

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional multifamily investment opportunity presents six brick veneer duplexes situated on 3000 Drake Cir, Shelby, NC 28152. The property, built in 1977, consists of twelve apartment units, each featuring two bedrooms and one full bathroom. Currently boasting an 80% occupancy rate, the property generates a net operating income (NOI) of $9,400 annually, representing a 0.85% capitalization rate. The asking price is $1,100,000, translating to $91,667 per unit. Each unit is equipped with modern conveniences including ductless mini-split heating and cooling systems, ovens, and refrigerators. Conveniently located in the southern part of Shelby, this property offers easy access to the town's amenities. The seller has owned the property for several years, providing a stable history and potential for future growth. This is a turnkey investment opportunity with strong potential for increased returns through improved occupancy and management strategies. The property comprises six buildings, each one story, and a total of fifteen parking pads are available for residents. This well-maintained property presents a solid investment opportunity in a desirable location.

Location Insight

City

Shelby

County

Cleveland

State

North Carolina

Latitude

35.2521

Longitude

-81.5211

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