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920 Highland Avenue, Greensboro, NC 27403

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For Sale

$1,390,000

24 beds • 24 baths • 10,860 sqft

Estimated Payment

$      /mo. †

APR for 30 years

Change Loan Terms

  • Multi-Family (2-4 Units)
    Property type

  • Newly Listed
    Time on Century 21

  • $127.99
    Price per square foot

  • 31-40 Years Old
    Age

Explore this Property

This 12-unit (24-beds/24-baths) property is located in the heart of Greensboro at the University of North Carolina at Greensboro. Situated on a quiet street, across from a public park, the property is less than one mile from the center of campus and within three blocks of the wellness center and the retail and dining attractions at UNCG's Spartan Village and South Campus. The property features identical 2-bed and 2-bath units with large patios or porches. All units were previously renovated in 2017 and current ownership recently completed another round of improvements including; cosmetic interior updates and renovations to nine units, landscaping enhancements, and the addition of an exterior owner/manager storage area. Additionally, the property operations were converted from by-the-bed leases, to by-the-unit leases for nine of the units. The property is now 92% leased with an average rent of $1,158 per unit with additional charges being implemented on new leases. (see notes below) With most units now leased by-the-unit, a buyer will benefit from simplified operations on a go-forward basis and has the opportunity to push rents and capture utility income. The offering represents a great opportunity to acquire a stabilized asset, with income upside, in one of North Carolina's growing markets. Utilities notes and additional charges - The current owner pays $29 per unit, per month, for cable and internet. An amenity charge of $50 per unit is being phased in on new leases to offset this expense. Residents can also rent a washer and dryer for $50 per month. Water is currently paid by the owner but the owner is working to have submeters installed. Pending completion of submetering installation and the NCUC approval process, water bill back can begin. The property has polybutelene plumbing.
MLS# 10135461

Courtesy Of Deaton Investment Real Estate

(919) 847-1117

Property Features

  • Age
    31-40 Years Old
  • Exterior Type
    Vinyl Siding
  • Floor Covering
    Concrete, Carpet, Vinyl
  • Lot Size
    0.84 Acres
  • Roof Type
    Asphalt

Map and Directions

Directions to 920 Highland Avenue, Greensboro, NC 27403

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CENTURY 21 The Knowles Team

(336) 342-2022
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Monthly Payment Breakdown

  • Principle and Interest
    $0
  • Property Taxes
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  • Hazard Insurance
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  • Private Mortgage Insurance
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  • HOA Dues
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† Based on a 30-year fixed rate of 3.38% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for our best qualified customers. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.