919-670-9814
2109 Elvira St, Fayetteville, NC for Sale
Apartments - FOR SALE
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2109 Elvira St
Fayetteville, NC 28303
Terry Sanford


HIGHLIGHTS

  • A stable investment as Carolina Pines offers both immediate cash flow and long-term growth potential in a resilient market.
  • Centrally located in Fayetteville, NC, near retail centers, dining, and major employers like Fort Liberty and Cape Fear Valley Health.
  • Strong rental growth; rents have increased by 60%, with an additional potential increase of $70 per unit, leading to a $60,000 annual revenue uplift.
  • There is strong rental demand driven by Fayetteville's military, healthcare, and education sectors, ensuring continued need for housing.
  • Tap into upside potential via the strategic location and recent improvements, offering substantial value-add opportunities for new ownership.
  • Recent Upgrades include $1,000,000 in capital improvements such as modernized units, enhanced common areas, and exterior upgrades.

OVERVIEW

Sweetwater Capital is proud to present the opportunity to acquire Carolina Pines Apartments, a 71-unit, strategically located multifamily property in the heart of Fayetteville, North Carolina. Situated near prominent retail centers, diverse dining options, and lush parks, the property offers a compelling combination of lifestyle convenience and community appeal. Furthermore, proximity to major economic drivers such as Fort Liberty, Cape Fear Valley Health System, and Cumberland County Schools ensures a stable and robust tenant demand. Carolina Pines has undergone a significant transformation over the last three years, with approximately $1,000,000 invested in comprehensive capital improvements. These upgrades include modernized unit interiors designed to compete with and exceed local market standards, enhanced common areas and exterior facades, creating an inviting community aesthetic, and upgraded amenities that improve tenant satisfaction and retention. The renovation strategy has already yielded remarkable results, with rental rates increasing by 60% since the modernization efforts began. Despite this growth, substantial upside remains: rents can be further increased by an average of $70 per unit, based on current market data and recent leases achieved. This represents an estimated annual revenue uplift of $60,000, providing immediate value-add potential for new ownership. Fayetteville’s robust economy, driven by a combination of military, healthcare, and educational employment hubs, underpins strong demand for quality housing like Carolina Pines. The property’s central location and extensive improvements position it as a highly competitive asset within the submarket. Carolina Pines represents an exceptional investment opportunity in a growing and resilient market, whether as a stabilized cash-flowing asset or a platform for additional value creation.

FOR SALE DETAILS

PRICE

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# OF UNITS

71

CAP RATE

Request Cap Rate

% LEASED

93%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Carolina Pines Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1963

PARKING SPACES

125

LAND DETAILS

LAND ACRES

7.64 AC

LAND SF

332,798 SF

ZONING

R6

APN/PARCEL ID

0427-59-3664,0427-59-4335

ASK ABOUT THIS PROPERTY

Brandon FoxSweetwater CapitalMore Info
919-670-9814

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Brandon FoxSweetwater CapitalMore Info
919-670-9814

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.