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Capstone Apartment Partners is pleased to present Green Tree Apartments, a well-located, 1970’s vintage asset with immediate value-add potential in the Kings Mountain submarket of the Charlotte MSA. Green Tree represents a rare opportunity to acquire an ideally positioned asset with significant physical and operational value-add potential that offers an ideal mix of large floorplans in an area experiencing unprecedented levels of growth and economic investment.
Significant Operational Upside – Physical Occupancy 24%+ Below Direct Competitors
Value-Add Opportunities – Immediate value creation opportunities via continuing interior improvements and improving managerial operations
Loss to Lease – Reducing the $2,320/unit annual loss to lease, $232,000 annually (2.16 rent roll)
Minimal Capital Needs – All new windows, light interior upgrades on majority of units
Potential for new owner to charge back for utilities and recoup $55,000+ annually
Available Free and Clear
Address: 612 Charles Street
City/State: Kings Mountain, NC
Property Type: 2-Story Garden
Number of Units: 100
Year of Construction: 1972
Rentable Square Feet: 163,296
Average Unit Size: 1,633 sq. ft.
Average Rent per Unit: $600
Average Rent per Sq. Ft.: $0.37
Sales Terms: Free & Clear
Offering Price: TBD by Market