609 Memorial Park Drive

~~609 Memorial Park Drive Apartments
If you are looking for a small property with good cash flow, please consider 609 Memorial Park Drive in Thomasville, NC. Low maintenance and upgrades by the current owner make this a great investment for someone looking to get into the multi-family market or to add to their existing portfolio of small properties. The buildingis all brick with asphalt shingles and recent upgrades include new roofs, new HVAC units and some interior remodeling. The property is well located within 8 blocks of downtown Thomasville.
 The current rates are $500 per month for 2 units and $475 for 2 units. Detailed financials are not available at this time, but using a very conservative proforma (below), this property is listed at an 8.64% CAP rate.
Property Details
Address:  609 Memorial Park Drive, Thomasville, NC
Year Completed:  1967
Property Size:  0.52 acres
Parking:  Gravel lot
Location:  0.75 miles from downtown Thomasville and a few blocks from Thomasville Middle School
Construction: 
One-story, all brick exterior building built on a foundation with crawl space
(4) 2 bedroom and 1 bath units
Large concrete patios with privacy fence between units
Roofs have asphalt  shingles
Kitchens:  Each kitchen includes a refrigerator, stove/range combination
Bathrooms:  All units have one full bath
Investment Summary
Price offering:  $150,000 ($37,500/unit)
Tax Value:  $137,650
Proforma Net Operating Income:  $12,963
Proforma CAP Rate:  8.64%
Proforma Income & Expenses
Income:  $21,060
Total Expenses:  $10,437
NOI:  $12,963
Unit Features
1-story 2 bedroom units
Total electric. Separately metered for water and electric
Central Air HVAC systems in all units
Unit size is approximately 720 SF
Large private patios
Electric range/oven
Refrigerator
Community Highlights
Located in a primarily single-family residential neighborhood
Directly across from the National Guard Armory
Easy access to downtown Thomasville, I-85 Business and Thomasville Middle School
One block from Memorial Park and Cushwa Stadium
Less than one mile to I-85 Business and NC-109
Located only blocks from shopping and restaurants
Convenient to local schools

 

Property Details
Property Type Multifamily: Conventional
Zoning R10
Address 609 Memorial Park Drive
Thomasville, NC 27360
County Davidson
For Sale/Lease Sale
Year Built 1967
City Water Yes
City Sewer Yes
Property Documents Brochure

Property Broker

Tim Knowles

Contact: tknowles@bipinc.com

Phone: 336.541.5508

Property Map

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