920 Highland Avenue

Description

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.