351 Porter St - Apartments FOR SALE


Franklin, NC 28734
$649,000 USD
828-370-8423
351 Porter St, Franklin, NC for Sale
$649,000 USD
Apartments - FOR SALE
1/3
null | Request Cap Rate

351 Porter St
Franklin, NC 28734


HIGHLIGHTS

  • Prime approximately one-acre commercial site located across from Franklin High School, offering high visibility and traffic exposure.
  • Two buildings with six apartment units, providing a mix of 3-bedroom and 2-bedroom configurations.
  • Low tenant turnover with month-to-month leases, allowing potential for rent increases to market rates starting at $850.
  • Apartments feature basic finishes with painted sheetrock, carpeted floors, and average quality appliances.
  • Ample paved parking with two separate driveways and access points from Porter Street.
  • Robust rental market with low vacancy and rising rents, presenting a strong investment opportunity.

OVERVIEW

This premium approximately one-acre commercial property is located in the heart of Franklin, directly across from the entrance to Franklin High School, offering significant visibility and high traffic exposure. The property is developed with two buildings containing six apartment units, each managed with low turnover and leased predominantly on month-to-month terms. This presents an excellent opportunity for a new owner to raise rents to current market rates, which start at $850 for comparable units in the area. The apartments are equipped with basic, but functional finishes including painted sheetrock walls, carpeted floors, and average quality appliances. Ample paved parking is available with two separate driveways and access points from Porter Street. The rental market in Franklin is robust, with very low vacancy rates and rents increasing steadily over recent years. The property is priced at $649,000 and offers strong potential for growth and improved returns. The building features a mix of two 3-bedroom/1-bath units, three 2-bedroom/1-bath units, and one 2-bedroom/2-bath unit. Showings are available with 24-hour notice, and all units will be accessible for viewing once under contract during the due diligence period.

FOR SALE DETAILS

PRICE

$649,000 USD

PRICE/SF

$112 USD /SF

# OF UNITS

6

PRICE/UNIT

$108,167

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1980

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.97 AC

LAND SF

42,253 SF

ZONING

FNMU

APN/PARCEL ID

6594074911

ASK ABOUT THIS PROPERTY

Evan HarrellRealty ONE Group VIBEMore Info
828-370-8423

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Evan HarrellRealty ONE Group VIBEMore Info
828-370-8423

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