$725,000 - Western North Carolina Commercial Property Exchange

FOR SALE
15 GRINDSTAFF DR • ASHEVILLE • NC
$725,000
7-Unit Multi-Family
Property Near
Mission Hospital
SEE INSIDE FOR
MORE INFORMATION!
G/M Property Group, LLC
•
Commercial Real Estate Services
GREAT
INVESTMENT
+
INCOME
POTENTIAL
FOR SALE
15 GRINDSTAFF DRIVE • ASHEVILLE • NC
15
Grindstaff
Drive
Nailling, LLC (The “Seller”) through
G/M Property Group, LLC as its
exclusive agent, is soliciting offers
for the purchase of 15 Grindstaff
Drive, Asheville, North Carolina
28803 (the “Property”).
EXECUTIVE SUMMARY
OFFERING TERMS
Seller seeks offers from qualified buyers to
acquire the Property, which will be conveyed
by general warranty deed subject to a short
due diligence period.
INVESTMENT HIGHLIGHTS
•An approximate 4,876 SQFT residential
building situated on one acre and consisting
G/M Property Group, LLC
of seven units. These units are fully leased
at below market rents in a building with
historically low vacancy.
•Tremendous opportunity to purchase a
property with significant upside.
•The property generated over $53k of
revenue in 2014.
•Two (2) studios; four (4) one-bedroom units;
and one (1) two-bedroom unit.
•Easy access to Mission Hospital, downtown
Asheville, Tunnel Road and Biltmore Village.
•Ample off street parking available for
tenants.
Commercial Real Estate Services
FOR SALE
15 GRINDSTAFF DRIVE • ASHEVILLE • NC
INVESTMENT
SUMMARY
PRICE
$725,000
BUILDING AREA
±4,876 SQFT
PRICE PER SQUARE FOOT
$148.69
LAND AREA
±1.00 acres
UNIT TYPE
7 apartment units
• 2 studio units
• 4 one-bedroom units
• 1 two-bedroom unit
PRICE PER UNIT
$105,142
YEAR BUILT
1927
PARKING
±10 spaces
LEGAL
• PIN#: 9648-42-8291
• Deed Bk/Pg: 3394/0532
• Plat Bk/Pg: 0021/0041
2014 PROPERTY TAXES
$6,190.17
ZONING
RS8 (Residential Single Family;
8 units per acre)
LOCATION
Past hospital on McDowell;
left on Grindstaff Road
GENERAL DESCRIPTION
Seven unit apartment building on ±1.00
acre in Kenilworth neighborhood. Less
than a half mile to the hospital, 1 mile
to Biltmore Village and approximately
1.5 miles to Downtown.
2014 PROPERTY ASSESSMENT/TAXES
PIN #
ASSESSMENT
RATE/$100
9648428291
$499,900
Buncombe County:
$ 0.6040 City of Asheville:
$ 0.460 School:
$ 0.150
Interest:
Total:
$1.214
LEVY
$3,019.40
$2,299.54
$ 749.85
$ 121.38
$6,190.17
DEMOGRAPHICS
2015 DEMOGRAPHICS
Population
Daytime Population
Average Household Income
G/M Property Group, LLC
JURISDICTION
1 MILE RADIUS
3 MILE RADIUS
5 MILE RADIUS
5,258
18,611
$42,057
47,179
105,988
$49,518
97,762
157,210
$57,683
Commercial Real Estate Services
FOR SALE
15 GRINDSTAFF DRIVE • ASHEVILLE • NC
BUILDING DESCRIPTION
BUILDING AREA
±4,876 SQFT
RESIDENTIAL UNITS
7 Units
• 2 studio units
• 4 one-bedroom units
• 1 two-bedroom unit
FEATURES
•Parking available to all tenants
•Full kitchens
•Full baths
•Recently renovated exterior
STORIES
2.5 stories
YEAR BUILT
1927
CONDITION
Good; electric, plumbing, kitchens and baths
have been updated
CONSTRUCTION
Freestanding wood frame building with siding
ROOF
Replaced in 2014
SIDING
• Wood and vinyl siding
• Concrete slab and block, painted brick
FOUNDATION
Stone
ELECTRICAL
T ypical for multi-family; individual meters for
each unit
INTERIOR FINISHES
•Carpet and vinyl
•Painted sheetrock/plaster walls
HVAC
• Gas wall units for heating/separately
metered
•Window AC units
UTILITIES
• Water – Public/City of Asheville – one meter
for property
• Sewer – Public/City of Asheville
• Electric – Duke Energy Progress
G/M Property Group, LLC
Commercial Real Estate Services
FOR SALE
G/M Property Group, LLC
15 GRINDSTAFF DRIVE • ASHEVILLE • NC
Commercial Real Estate Services
FOR SALE
G/M Property Group, LLC
15 GRINDSTAFF DRIVE • ASHEVILLE • NC
Commercial Real Estate Services
FOR SALE
15 GRINDSTAFF DRIVE • ASHEVILLE • NC
15 Grindstaff Dr
A-B Tech
Asheville
High School
Mission
Hospital
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S. French
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Mc
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Bi
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Av
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Broad A
Asheville
Middle School
Hilliard Ave
South Slope
SITE DESCRIPTION
LOCATION
•Grindstaff Drive
•±0.5 mile from hospital
• ±1 miles from downtown
ACCESS
Via McDowell Street or Biltmore Avenue
SITE AREA
±1.00 acres
PARKING
±6 spaces
G/M Property Group, LLC
TOPOGRAPHY
Flat to gentle rolling
FLOOD ZONE
N/A
ZONING
RS8 – Residential, Single Family, High Density
UTILITIES
•Water – Public, City of Asheville
• Sewer – Public, City of Asheville
• Electricity – Duke Energy Progress
• Heating – Gas, wall units
• A/C – Window units
SITE WORK
•Front yard / side / rear yard
• Typical urban/city landscaping
• Dual driveways provide access to property
• Approximately 10 parking spots
Commercial Real Estate Services
FOR SALE
15 GRINDSTAFF DRIVE • ASHEVILLE • NC
LOCATION
ADDRESS
15 Grindstaff Drive
Asheville, NC 28803
GPS COORDINATES
35.572652, -82.54881
All information is from sources deemed reliable.
No warranty nor representation is made as to the
accuracy thereof and all information above is subject
to errors, omissions or change without notice.
FOR MORE INFORMATION
Please contact Keaton Edwards at G/M Property Group, LLC
G/M PROPERTY GROUP, LLC
P.O. Box 18723
Asheville, NC 28814
(828) 281-4024
Keaton Edwards
kedwards@gmproperty.com
(828) 774-5191 (Direct)
(828) 289-8400 (Cell)
YOUR COMMERCIAL REAL ESTATE EXPERTS SINCE 2001.
G/M Property Group, LLC
•
Commercial Real Estate Services