Carriage House Apartments | Spindale, NC
Sands Investment Group is Pleased to Present For Sale the Carriage House Apartments Located in Spindale, North Carolina. The Apartments Are Well Maintained and Located Within 3-Miles of Multiple Shopping and Dining Opportunities Including the Belk Department Store Anchored Tri-City Mall, White Oaks Plaza Shopping Center, Super Walmart, Lowes and Isothermal Community College With 2,400 Students. The Property Is Located Just Off Highway 74, The Major East West Corridor Between the North Carolina Coast And Western Mountains. With Few Quality Rental Options in the Area, Carriage House Apartments Maintains High Occupancy Rates And Long Term, Qualified Tenants. Rutherford County is a Central Location to Move Goods Along the East Coast and Has a Large Labor Draw of Highly Skilled Employees. Approximate Skilled Labor Workforce of 320,000 Within an Hour’s Drive. The County is Within An Hour of 3 Major Airports and Has a Local Community College, Making This an Excellent Investment.
- 90%+ Occupied With Rising Rents and Third-Party Management Already In-Place
- Rents Have Been Steadily Climbing Thanks to Limited Competition and an Ongoing Stream of Qualified Tenants
- Small But Growing North Carolina Market With Strong Rental History and Easy Access to All Surrounding Regions
- 17 of the 24 Units Have Been Remodeled Including Floors, Carpets, Appliances (Stove, Fridge), Cabinets, Doors, Baseboards, Paint; Units: 109-1, 2, 3, 4; 112-2, 3, 4; 121-2, 3; 122- 2, 3, 4; 131-2, 4 and 134-1, 2, 4
- New Sewer Line Installed, as Well as Significant Landscaping to Remove Downed Trees, Bushes, Trash, As Well As Substantial Replacements Done to a Number of Decks and Railings
- Value-Add Opportunity to Continue Renovating Vacated Units and Increase Rents, Certain Rents Below Market Rate, Current Rental Range $465 – 825 and Market Rental Range $800 – 900
- Class B+ Property
- Professionally Managed With Property Management Company
- All Units Have Rear Patio or Deck
- 6 AC Units Have Been Replaced Since 2018
In Cooperation With Sands Investment Group North Carolina, LLC – Lic. #29362 BoR: Amar Goli – Lic. NC #310575
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