100 S Kirkland Ave, Elkin, NC 28621 For Sale

Rare find with high income and higher yet potential, 126 -units apartment community located in Elkin, NC. Spring Valley Apartments is close to key amenities including shopping, restaurants and coveted beaches, this building will attract high-income tenants looking for a vibrant downtown lifestyle. The property offers drought tolerant landscaping, as well as energy efficient building materials, appliances and fixtures presenting the buyer with a low maintenance, environmentally friendly property.
83% of the units have new HVACs. 86% of the units have been renovated, and the other units are being renovated on turn. Current ownership has invested $3,000,000 in capital improvements in the last 3 years. Capital improvements include new counter tops, appliances, cabinets, flooring - LVP / carpet, paint, vanities, faucets, toilets, blinds, light fixtures, water heaters, 1/3 of the windows, front doors, subpanel, all exterior Zinsco panels have been changed (50% of total exterior panels), resurfacing the parking lot, all new roofs, new remodeled laundry room, and a new office remodel.
Currently the 2 BD / 1 BA units that are upgraded are receiving $100 more than the 2 BD / 1 BA units that are not upgraded. Current ownership estimates that there is still over $12,000 / month in rent growth opportunity based on the proven and tested move-in rates of the upgraded units. Very Clean community with a stable tenant population.