$452,500
$472,000
4.1%For more information regarding the value of a property, please contact us for a free consultation.
2,658 SqFt
SOLD DATE : 01/10/2025
Key Details
Sold Price $452,500
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Sold
Purchase Type For Sale
Square Footage 2,658 sqft
Price per Sqft $170
Subdivision Haymount
MLS Listing ID 733204
Sold Date 01/10/25
Style Two Story
HOA Y/N No
Year Built 1952
Property Sub-Type Quadruplex
Property Description
1914 Millan Drive is a core investment multi-family opportunity located in the N. Fayetteville (Terry Sanford/Haymount) Submarket, one of Fayetteville's premier locations. The subject property (approx. 2,400 Sq. Ft.) is a well-maintained brick quadraplex (4-units) located on 0.43 acres at the end of a Haymount cul-de-sac. All units are 1 bedroom, 1 bathroom, living room, kitchen and laundry room. There is currently one (newly renovated) vacant unit, which compares very favorably to the market average. For that reason, the pro-forma outlook has a $43,800 gross operating income. Furthermore, the N. Fayetteville (Terry Sanford) submarket boasts a 6.4% avg. market cap rate and $1,024 avg. monthly rent for 1-bedroom units, leaving room here for value-add. This pristine quadraplex has been a valued investment and consistently improved. Unit #1 is vacant and recently renovated (rather than re-rented) for the purpose of showings. Units 2-4 are occupied by tenants (leases attached).
Location
State NC
County Cumberland
Community Gutter(S)
Interior
Interior Features Entrance Foyer, Granite Counters
Heating Heat Pump
Cooling Central Air, Electric
Flooring Hardwood, Luxury Vinyl, Luxury VinylPlank, Other
Fireplace No
Exterior
Community Features Gutter(s)
Water Access Desc Public
Building
Lot Description Cul-De-Sac
Entry Level Two
Sewer Public Sewer
Water Public
Architectural Style Two Story
Level or Stories Two
Schools
Elementary Schools Vanstory Hills Elementary (3-5)
Middle Schools Max Abbott Middle School
High Schools Terry Sanford Senior High
Others
Tax ID 0427-67-2162
Ownership More than a year
Security Features Smoke Detector(s)
Acceptable Financing New Loan
Listing Terms New Loan
Financing Conventional
Special Listing Condition Standard
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