632 Roanoke Ave, Roanoke Rapids, NC 27870
10 Unit Apartment Building | $950,000 ($95,000/Unit) | 7.54% Cap Rate | Roanoke Rapids, NC 27870
For Sale
Active
Asking Price $950,000
- Property Type
-
Multifamily
- Square Feet
- 7,456 SF
Listing Contacts
Matthew Rice
William Graves
Ryan Lipomi
Property Overview
Marcus and Millichap is pleased to present this exclusive opportunity, The Avenue Station Lofts, located at 632 Roanoke Ave in Downtown Roanoke Rapids, North Carolina. This 10-unit renovated in 2021 consists of four, one-bedroom units, five, two-bedroom one-bathroom units, and one three bedrooms and one and a half bathroom unit. The Avenue Station Lofts is well located in the heart of Downtown Roanoke Rapids, just off of Interstate I-95, strategically positioned in between two Capital Cities, Richmond, VA and Raleigh, NC, just 90 miles from Raleigh, North Carolina, and 84 miles to Richmond, Virginia.
This adaptive reuse of the former Roanoke Rapids Municipal Building that once served as a fire and police station for the town of Roanoke Rapids. Each unit blends some history of the old station with items such as original brick walls, jailhouse doors, the firehouse kitchen, along with new appliances in the kitchens and refreshed bathrooms with new vanities and fixtures. This is a value-add opportunity for an investor to purchase a turn-key asset in a growing market with low maintenance cost. This property also offers new ownership the benefit of the rehabilitation tax credits that may be passed on from current ownership.
The property is located in a great area of Downtown Roanoke Rapids with excellent walkability to schools like Roanoke Rapids High School (850 Students, 5 minute walk) and Chaloner Middle School (725 Students). Along with close proximity to nearby businesses including Halifax Regional Medical Center, a 44- acre campus that serves residents throughout I-95, Kennametal Inc (International manufacturer with over $3 Billion in sales), Roanoke Valley Energy Facility (owned by Westmoreland Coal Company a publicly traded
company), Patch Rubber Company, Chockoyotte Country Club, and national retailers in the area including Food Lion, Tractor Supply, Walmart, Advanced Auto Parts, McDonalds, AutoZone, Walgreens, Cook Out, Logan’s Roadhouse, Lowe’s, Home Improvements, Ruby Tuesday, Chick Fil-A, Cracker Barrel, and Starbucks.
This adaptive reuse of the former Roanoke Rapids Municipal Building that once served as a fire and police station for the town of Roanoke Rapids. Each unit blends some history of the old station with items such as original brick walls, jailhouse doors, the firehouse kitchen, along with new appliances in the kitchens and refreshed bathrooms with new vanities and fixtures. This is a value-add opportunity for an investor to purchase a turn-key asset in a growing market with low maintenance cost. This property also offers new ownership the benefit of the rehabilitation tax credits that may be passed on from current ownership.
The property is located in a great area of Downtown Roanoke Rapids with excellent walkability to schools like Roanoke Rapids High School (850 Students, 5 minute walk) and Chaloner Middle School (725 Students). Along with close proximity to nearby businesses including Halifax Regional Medical Center, a 44- acre campus that serves residents throughout I-95, Kennametal Inc (International manufacturer with over $3 Billion in sales), Roanoke Valley Energy Facility (owned by Westmoreland Coal Company a publicly traded
company), Patch Rubber Company, Chockoyotte Country Club, and national retailers in the area including Food Lion, Tractor Supply, Walmart, Advanced Auto Parts, McDonalds, AutoZone, Walgreens, Cook Out, Logan’s Roadhouse, Lowe’s, Home Improvements, Ruby Tuesday, Chick Fil-A, Cracker Barrel, and Starbucks.
Property Details
- Class
- C
- Year Built/Renovated
- 1935/2021
- Stories
- 2
- Lot Size (sq. ft)
- 18,731 SF
- Units
- 10
Highlights
- Newly Renovated Complex
- Value-Add Opportunity
- Located in the heart of Downtown Roanoke Rapids, just off of Interstate I-95
Nearby Properties
Similar Properties
FAQ
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at [email protected] and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- What is the difference between Tier 1 & Tier 2 in the Due Diligence Vault?
- Documents that are placed in a Tier-1 Due Diligence vault require the execution of a Confidentiality Agreement (“CA”) for access. Documents and folders placed in the Tier-2 vault are intended to have an added layer of security and require the execution of a CA in addition to required Broker approval for access.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].