Property tours will be conducted on Friday, September 1st and Thursday, September 7th by appointment ONLY. Please contact Ian Turnbull to schedule at ian.turnbull@marcusmillichap.com or 704-831-4625.
Investment Highlights
26-Unit Apartment Community with value-add potential
Property is currently ±92.3% leased at an average rent of ±$0.56/PSF
±27,833 Rentable SF located on ±2.51 Acre parcel
Utilities paid for by tenants
Great Accessibility to both Downtown and Interstate-85
Investment Overview
3300 Beck Street (the “Property”) is a 10-building, 26-unit, multi-family community located in the Greensboro, NC.
Built in 2003, and recently improved, the Property consists of 26 individual units located on ±2.51 acres of land. It contains ±27,833 SF of rentable space. The community is currently 92.3% occupied with monthly rents varying from ±$575 to ±$800. Beck Street is just minutes away from North Carolina Agriculture and Technical University, and downtown Greensboro, with great accessibility to Interstate-85. This property offers a strong value-add opportunity with manageable expenses and a proposed increase in rent as a reasonable projection for the foreseeable future. The tenants pay for their monthly utility usage, contributing to the lower expense to income ratio.
The city of Greensboro is centrally located in the state of North Carolina, ±1.5 hours Northeast of Charlotte. Situated at the intersection of Interstate-85 and Interstate-40, the city offers great accessibility throughout the state and the eastern seaboard. Greensboro’s population was estimated to be ±285,342 in 2015, and the combined statistical area, which includes both High Point and Winston-Salem, was ±1,599,477. The city is deeply rooted in the textile, tobacco, and furniture industries due to its location in the state. Greensboro is also the headquarters of the Atlantic Coast Conference, Honda Aircraft Company, Mack Trucks, Volvo Trucks of North America, The Fresh Market, and Cook Out, along with being a center of operations for Lincoln Financial Group. Major universities in the area include the University of North Carolina at Greensboro and North Carolina A&T State University.
3300 Beck Street represents an excellent value-add opportunity through the lease up of the remaining vacant units and proposed increase in rents. This property will be auctioned on Monday, September 11 - Wednesday, September 13 . The price displayed is the starting bid amount of $300,000. For information and to register to bid on this property, please visit Ten-X.com.
