SUMMERLIN EAST APARTMENTS 24 UNITS | FAYETTEVILLE, NC OFFERING MEMORANDUM TABLE OF CONTENTS PROPERTY OVERVIEW 3 PROPERTY WEBSITE Detailed property information can be found at: SummerlinEast.com 5 PROPERTY PHOTOS PROPERTY TOURS FLOOR PLANS In an effort to keep all parties safe during COVID-19, tours will be 10 scheduled upon request. 13 INVESTMENT SUMMARY OFFER SUBMISSION Submit offers via email to:
[email protected] 16 SALES & RENT COMPARABLES Offers should be in the form of a Letter of Intent (LOI) and at a minimum include: Price, Earnest Money, Due Diligence Time Period, Contingencies, Closing Period, and each party’s rights and responsibilities, accompanied with previous multifamily 20 MARKET OVERVIEW ownership experience. FINANCIAL ANALYSIS 25 BROKERAGE TEAM 29 NC DISCLOSURE Shem Nelson | Associate Broker Brett Grubbs | Vice President 910.748.5414 910.765.8654
[email protected] [email protected] 30 CONTACT US PROPERTY OVERVIEW 1969 Summerlin East offers spacious brick apartments in a prime location with easy access to Fort Bragg and the main dining, YEAR BUILT shopping and entertainment thoroughfare of Raeford and Skibo roads. This Opportunity Zone property is a stabilized 1969 asset with a value-add opportunity. The parking lot has been resealed and the roof on all buildings were replaced in 2016. Units are being renovated as tenants turn. The property is currently being rented below market rents and comparable properties show rent increases of at least $50 per unit are possible. 24 UNITS 96% OCCUPANCY $585 1043-1053 Rulnick St. UNIT & COMMUNITY FEATURES Address AVG. RENT Fayetteville, NC HIGH SPEED INTERNET ACCESS # of Units 24 WASHER/DRYER HOOKUP Number of Buildings 6 SMOKE-FREE 700 SF OVEN Unit Mix 24 - 1 BR/1 BA AVG.