Allison Heights Apartments
24 Units For Sale
96 Tribune Ave SW Concord NC 28025
$2,400,000
List Price
$100,000
Price Per Unit
6.31 %
Cap Rate
24
Number of Units
The Investment
  • Allison Heights is a 24 unit Class C apartment community located in Concord, NC, roughly 1 mile from downtown. Since purchasing the property in 2019, current ownership has invested a significant amount of capital in improving the property and have been renovating and increasing rents along the way. They are now ready to release the asset and let the next investor enjoy the continued value add opportunity.
  • The property consists of all 2 bedroom 1 bath units. Ownership spent significant capital installing separate meters for all units, for both electric and water. 7 out of 24 units have been completely renovated with luxury vinyl plank, new carpet, tile backsplashes, new stainless steel appliances, vanities, blinds and fixtures and fresh paint throughout. Renovated units are currently being leased between $925-$950/month.
  • Rental rates for the remaining non-renovated units have also been increased throughout the past 2 years as ownership has completed many other exterior renovations that have improved the overall conditions of the property. Since purchasing the property, the owners have installed all new HVAC units, renovated the laundry room, painted the exterior, replaced the roof, conducted a major landscaping overhaul and completed major parking lot repairs including a fresh seal and line striping.
  • There is significant value to be added if new ownership were to come in and continue the full renovations and get rental rates for all 24 units to the $925-$950/month range. Interior renovations average about $9,000 per unit.
About Concord, NC
  • Positioned in the rolling countryside of the Carolina Piedmont, Cabarrus County is located in south-central North Carolina just 20 minutes northeast of Charlotte, North Carolina. The region is home to more than 1.8 million people and includes the cities of Concord and Kannapolis as well as the towns of Harrisburg, Midland and Mount Pleasant. Concord, North Carolina, Cabarrus County’s largest city, was established in 1796 near the center of the county to serve as the seat of local government. It began as a small hamlet and became the major cotton market for an area that included parts of several surrounding counties. Concord Mills, the shopping entertainment destination of the Carolinas and most popular visitor attraction in North Carolina, features over 200 stores including manufacturer and retail outlets and interactive stores like Bass Pro Shops Outdoor World and Sun & Ski. Other popular shopping destinations include Cannon Village with its Colonial-era ambiance, Carolina Mall and Historic Downtown Concord.
About Charlotte, NC
  • Charlotte is one of the 25 largest cities in the U.S. and the largest city in North Carolina. Nicknamed the Queen City. Nearly 800,000 live and work in the Charlotte community and the City provides services too much of this population. The City’s focus areas are Housing and Neighborhood Development, Community Safety, Transportation, Economic Development and the Environment. Charlotte consistently ranks as one of the top growing cities and is the home to more than 10 Fortune 1000 companies, including household names such as Bank of America, Lowe's and Wachovia Corp. Charlotte is also home to the Carolina Panthers of the NFL, the Charlotte Hornets of the NBA, the NASCAR Hall of Fame and the U.S. National Whitewater Center. Other amenities that make Charlotte a great place to live and work include numerous higher learning organizations, cultural centers and health care facilities.
FOR MORE DETAILS CONTACT
Spencer Crigler
Director of Brokerage Services
(704) 765-4620
spencer@onealliancecompanies.com
Paula Quickel
VP of Brokerage
(704) 765-4620
paula@onealliancecompanies.com