Description
Built in 1900 and first used as the County Jail. This property has been converted to 6 apartments and has a long rent history. Current owner purchased 18 years ago. This property has alot of upside potential for the right energetic buyer. Property is in need of TLC in order to unlock its potential. Offered at a 9% cap rate to previous NOI! With market financing this equates to an 11.61% return not including tax deductions for interest or depreciation! Nothing has been done to encourage energy efficiency. The plan is to make units energy efficient and work work tenants to increase rents by the amount of energy cost savings resulting in a higher NOI and future sales price. Owner had self managed and now is moving across Country.
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0BEDS
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0.72ACRES
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0BATHS
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01/2 BATHS
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7,315SQFT
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$79$/SQFT
School Information
Offered by Granite Real Estate Investments, LLC: 704-578-8250. Copyright 2025 Canopy MLS. All rights reserved.Description
Built in 1900 and first used as the County Jail. This property has been converted to 6 apartments and has a long rent history. Current owner purchased 18 years ago. This property has alot of upside potential for the right energetic buyer. Property is in need of TLC in order to unlock its potential. Offered at a 9% cap rate to previous NOI! With market financing this equates to an 11.61% return not including tax deductions for interest or depreciation! Nothing has been done to encourage energy efficiency. The plan is to make units energy efficient and work work tenants to increase rents by the amount of energy cost savings resulting in a higher NOI and future sales price. Owner had self managed and now is moving across Country.
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