Downtown

 

Bay Meadow Apartments 101 & 113 Bay Meadow Court, Lexington, NC 27292

I-85 to exit 91 in Lexington. Right on 91 (Cotton Grove Road), left on Albemarle Street, left on Old Linwood Road, right on Moore Drive, right again to stay on Moore Drive.

Property will be on right. For Sale $450,000

Contact: Tim Knowles, Broker

tknowles@bipinc.com 336-541-5508

336-215-5716

 

Name of Property: Bay Meadow Apartments Location: Lexington, NC Description: This is a great opportunity to buy a small, Class “C” garden style, multi-family property in Lexington, NC with some value-add left. The Bay Meadow Apartments consists of 12 units with 1 bedroom and 1 bath. The current owner made a switch with property managers in the spring of 2019 because of poor management practices. Since then, 9 of the 12 units have been updated with carpet, paint and other minor updates. The current occupancy is at 83% (10 units); however, there are applications for one more unit. The last unit will require some plumbing repairs before it is ready to rent. That is scheduled to be completed by the end of March or early April. When the owner purchased the property, rents were as allow as $350 per month. Each time a unit is updated, rent has increased to $450 per month. There are a few more occupied units that this can be done in order to get all units at the $450 rent price. Bay Meadow Apartments are located on the southwest side of Lexington, NC in a quiet, predominantly single-family neighborhood. Walmart and Lowes Home Improvement are less than 2 miles east of the property. Wake Forest Baptist Health and other medical offices are less than 2 miles west of the property. Major employers nearby include medical, manufacturing, and shipping. Additional detailed information can be obtained by logging on to our online secure data vault below

http://www.bipinc.com/client-signup/bay-meadow-apartments/

To access the vault, enter the address into your computer. Sign the Confidentiality Agreement and set up an account using your email address and a password of your choice. This process will only take a couple of minutes. The financial information in the vault is updated monthly.

Property Details:

Address: 101 & 113 Bay Meadow Court, Lexington, NC Year Completed: 1986 Property Size: 1.87 acres Parking: Approximately 2 per unit Location: Southwest of downtown Lexington near Washington Park Construction:

2 Buildings total --- (2) 6-unit buildings. All buildings are 2-story, garden style, with 1 bedroom and 1 bath. All buildings are on slabs with covered front porches and staircases on each

end leading to the 2nd floor units.   

Bay Meadow Apartments Offering Statement Buildings are wood frame with brick siding. Roofs are metal. Separate water & electric meters for each unit. Sewer is on site. There is a creek along the southern portion of the site. A portion of that

area is in a one percent flood zone. Buildings are not affected.

Kitchens: Each kitchen includes a refrigerator, stove/range combination with exhaust hood, double stainless steel sink, laminate countertop, vinyl flooring

Bathrooms: All units have a full bath with laminate countertops and vinyl flooring.

Bedroom: The bedroom has a closet with connections for a washer & dryer (washer & dryer not included).

INVESTMENT SUMMARY

Price Offering: $450,000 ($37,500/unit) Tax Value: $305,610 Proforma Net Operating Income: $31,704 Proforma CAP Rate: 7.05%

UNIT FEATURES:

2-story garden style 1 BR units Total electric Separately metered for water and electric Central Air HVAC systems in all units Washer/Dryer connections Mini blinds Electric range/oven

COMMUNITY & LOCATION HIGHLIGHTS Blocks from Washington Park Close to Walmart, Lexington Medical Center, and downtown Lexington Convenient to I-285 (Business 85) and I-85

LOCATION HIGHLIGHTS Conveniently located near South Holden Road and I-85 in Greensboro, NC with

access to interstates I-85, I-73, I-74 and I-40. Located only blocks from shopping and restaurants. Convenient to local schools.

PROFORMA INCOME/EXPENSE CHART   Number  Size  Total SF  Rent/SF  Rent  Annual Rent 

1 Bedroom 1 Bath  12  565  6,780  $             0.96  $450  $           64,800 

Gross Poten al Rent        $           5,400  100%  $           64,800 

Other Income  Late Fees    2  24  100%  $                   24 

Gross Poten al Income            $           64,824 

Vacancy & Credit Loss          10%  $             6,482 

Collec ons          $       4,862  $           58,342 

        /SF  /UNIT   

U li es        $         0.22  $             125  $             1,500 

Maintenance & Repair        $         0.53  $             300  $             3,600 

Grounds        $         0.28  $             160  $             1,920 

Decora ng/Turn Cost        $         0.35  $             200  $             2,400 

Labor        $         0.35  $             200  $             2,400 

Marke ng        $         0.12  $               65  $                780 

Management  8.00%      $         0.76  $             432  $            5,184 

Insurance        $         0.38  $             218  $            2,610 

Misc        $         0.27  $             150  $            1,800 

Taxes        $         0.58  $             329  $            3,944 

Accoun ng        $         0.07  $               42  $               500 

Total Expenses  46%      $         3.93  $         2,220  $         26,638 

Allowance for Capital Reserves        $         0.53  $            300  $           3,600 

             

Net Opera ng Income          $         2,642  $         31,704 

             

Cap Rate                            7.05% 

Value             $        450,000 

Per Unit            $          37,500 

Per Square Foot            $                 66 

The statements and figures herein while not guaranteed are secured from sources believed to be authoritative. This offering is subject to change of price, prior lease or sale and or withdrawal without

notice. Prospects should verify all information. Variable commission for Brokers.

DIRECTIONS: From I-85 North of Lexington Take I-85 S to NC-8 N/Cotton Grove Road in Lexington. Take exit 91 and turn

right onto Cotton Grove Road. Turn left on Albemarle Street, then left on Old Linwood Road. Turn right on Moore Drive and right again to stay on Moore Drive. Bay Meadow Apartments will be on the right.

From I-85 South of Lexington Take I-85 north to Hargrave Road, exit 88 and turn right. Then turn left on Old

Linwood Road. Turn left again to stay on Old Linwood Road. Turn right on Moore Drive and right again to stay on Moore Drive. Bay Meadow Apartments will be on the right.

440 West Market Street, Greensboro, NC 27401 336-379-8771 www.bipinc.com

101 - 113 Bay Meadow Apartments