4333 Grove Avenue, Winston-Salem, NC, 27105, US

Brookside Townhomes

Attributes

Units

Occupancy

93%

Year built

1974

Building area net

68,080 sf

Acres

8.04

Land area gross

350,222 sf

# of Buildings

Units per Acre

7.4

Cap rate

6.4%

Description

Brookside Townhomes (the “Asset” or “Property”), located at 4333 Grove Ave. in Winston-Salem, is a 60-unit townhome community. The Asset features high-quality renovations with stainless steel appliances, new cabinets, LVP flooring, new countertops, and a refreshed exterior.

Locationally, Brookside Townhomes is exceptionally well-positioned in the market. It is situated just moments from Wake Forest University and the Lawrence Joel Veterans Memorial Coliseum (LJVM Coliseum). The Property is conveniently located near the major retail corridor along University Parkway, which features Parkway Plaza, Harris Teeter, Target, and numerous dining options. It also offers immediate access to US-52, providing excellent connectivity to downtown Winston-Salem and the broader region.

Brookside Townhomes presents investors with a phenomenal opportunity to acquire an asset with strong locational pull for residents and high-end finishes, requiring little near-term CapEx and promising long-term cash flow.

...

Investment highlights

The current ownership has made substantial investments in exterior renovations, including roof replacements, building facade improvements, and parking lot resealing and restriping.

There remains untapped potential for unit renovations. The 35 units already upgraded have demonstrated an average increase of $150 in monthly rental income.
Water submetering systems were implemented and the first month of water recovery is in the September Financials.
All units are equipped with washer and dryer connections, presenting an opportunity for in-unit laundry facility installations to further increase property value.
Attractive <6% financing options available upon request.