Carolina Pines Apartments | 2109 Elvira St
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Carolina Pines Apartments 2109 Elvira St
71 Unit Apartment Building For Sale Fayetteville, NC 28303
Investment Highlights
- Prime Location: 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.
- Upside Potential: Strategic location and recent improvements offer substantial value-add opportunities for new ownership.
- Recent Upgrades: $1,000,000 in capital improvements, including modernized units, enhanced common areas, and exterior upgrades.
- High Demand: Strong demand driven by Fayetteville's military, healthcare, and education sectors, ensuring continued need for housing.
- Stable Investment: Carolina Pines offers both immediate cash flow and long-term growth potential in a resilient market.
Executive Summary
Investment Overview: Carolina Pines Apartments | Fayetteville, NC
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.
Recent Capital Improvements:
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.
• Upgraded amenities that improve tenant satisfaction and retention.
Proven Rental Growth:
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.
Positioned for Long-Term Growth:
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. Whether as a stabilized cash-flowing asset or a platform for additional value creation, Carolina Pines represents an exceptional investment opportunity in a growing and resilient market.
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.
Recent Capital Improvements:
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.
• Upgraded amenities that improve tenant satisfaction and retention.
Proven Rental Growth:
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.
Positioned for Long-Term Growth:
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. Whether as a stabilized cash-flowing asset or a platform for additional value creation, Carolina Pines represents an exceptional investment opportunity in a growing and resilient market.
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Property Facts
| Sale Type | Investment | Building Size | 120,300 SF |
| No. Units | 71 | Average Occupancy | 94% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1963/2023 |
| Apartment Style | Garden | Parking Ratio | 1.27/1,000 SF |
| Building Class | C | Cross Streets | Harlee St |
| Lot Size | 7.64 AC |
| Sale Type | Investment |
| No. Units | 71 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 7.64 AC |
| Building Size | 120,300 SF |
| Average Occupancy | 94% |
| No. Stories | 2 |
| Year Built/Renovated | 1963/2023 |
| Parking Ratio | 1.27/1,000 SF |
| Cross Streets | Harlee St |
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer Hookup
- Heating
- Kitchen
- Ice Maker
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
Site Amenities
- Laundry Facilities
- Playground
- Pet Play Area
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1.5 | 1 | - | 1,000 |
| 2+1 | 18 | - | 860 - 900 |
| 2+2 | 52 | - | 1,020 - 1,150 |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $4,145,323 CAD | |
| Land Assessment | $511,235 CAD | Total Assessment | $4,656,559 CAD |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$511,235 CAD
Improvements Assessment
$4,145,323 CAD
Total Assessment
$4,656,559 CAD
zoning
| Zoning Code | R6 (Residential) |
| R6 (Residential) |
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Carolina Pines Apartments | 2109 Elvira St
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