555 N Martin Luther King Junior Drive, Winston-Salem, NC, 27101, US

555 East Apartments

Asset Description

Jones Lang LaSalle, a licensed real estate broker operating in both North and South Carolinas (“JLL”), is proud to have been selected as the exclusive sales representative for 555 East Apartments in Winston-Salem, North Carolina (hereinafter referred to as “The Asset”). This property features a total of 42 apartment units that offer an ideal investment opportunity in the thriving Winston-Salem market. 555 East Apartments, built in 1973, boasts an exceptional location within the Winston-Salem market.

Featuring a total of 42 units, this property presents an outstanding investment opportunity for new owners to implement heavy turns on the units to capitalize on the area’s higher rental potential. The Asset is set in an ideal economic and financial climate, presenting a highly favorable opportunity for new ownership to achieve exceptional returns on their investment.

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Attributes

Number of units

Occupancy

83.3%

Year built

1973

Building area gross

3,847 m²

Land area gross

1 ha

Investment strategy

Value Add

Media

Investment Highlights

Accretive Assumable Debt

In this volatile rate environment, the in place financing on this asset gives the next investor the opportunity to add value by reinvesting cash flow to finish out the capital improvements.

Mark To Market Potential

With top rents of $1,135 already being achieved, the next buyer has the opportunity to markup rents by $14,000 a month, generating an additional NOI of $140,000 annually.

Diverse Locational Job Growth