Bay Meadow Apartments
Name of Property: Bay Meadow Apartments
Location: Lexington, NC
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.
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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
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.
~~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).
101 & 113 Bay Meadow Court
Lexington, NC 27292
|Total Sales Price||$450,000.00|
|Total SF Available||6,800|