1307 County Home RdConover, NC 28613

Property Details for 1307 County Home Rd

Year built

1969

Construction

WOOD

Lot size

2.63 AC

Property size (Sq ft)

4,752 SF

Zone code

R-9A

Property type

Garden apartment buildings

APN

3732-12-97-6292

APU

373212976292

Description

This exceptional investment opportunity presents a meticulously renovated 30-unit apartment building in Conover, North Carolina. The property, situated on a 2.63-acre lot (APN 373212976292), consists of five, two-story buildings, all recently upgraded. Completed in 2024, renovations included brand new roofs, windows (installed in 2023), soffit, fascia, gutters, exterior paint, and landscaping. Twenty of the thirty units have undergone full renovations. The property boasts 100% occupancy, offering a stabilized investment with a 7.40% cap rate and an asking price of $4,250,000 ($141,667 per unit). Built in 1969 and zoned R-A9, the complex includes an on-site laundry room and office space, equipped with new washers and dryers installed in 2024, though the office is not currently in full-time use. Its convenient location offers residents five-minute access to shopping and restaurants. This turnkey investment presents a strong potential for long-term growth and a steady income stream, making it an attractive opportunity for discerning investors. The property's energy-efficient upgrades, including LED lighting in some units and new windows, contribute to lower utility costs for both tenants and the owner.

• CAP approach

  CAP return

  Valuation

  6%

  $1,376,816

  6.5%

  $1,270,907

  7%

  $1,180,128

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,247,291

  Geo Method

  $1,247,291

• Alternative Use

  Use

  Valuation

  Residential

  $1,270,907

  Hospitality

  $1,164,144

  Educational

  $968,554

  Medical

  $1,001,864

  Retail

  $1,506,640

Location Insight

City

Conover

County

Catawba

State

North Carolina

Latitude

35.7279

Longitude

-81.225

CBSA code

25860

CBSA name

HICKORY-LENOIR-MORGANTON, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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