***CLOSING TIMEFRAME IS 30 DAYS. PURCHASER SHALL HAVE ONE OPTION TO EXTEND CLOSING DATE BY 15 DAYS EACH, FOR A TOTAL CLOSING PERIOD OF 45 DAYS, AS SPECIFIED IN THE PURCHASE CONTRACT AND ADDENDUM.***
Property tours are available by appointment ONLY on August 22nd, 31st, and September 5th from 10 AM to 3 PM. Please contact Tim Knowles (336-541-5508 or tknowles@bipinc.com) or Rick Baker (336-544-8013 or rbaker@bipinc.com) to schedule.
Investment Highlights:
24-unit townhome-style apartment community in Lexington, NC
Value add opportunity through rent increases to market
Access to I-85 Business and near US-64 and US-52
Blocks from Lexington’s popular Central Business District
Located in established single family neighborhood
Close to shopping, restaurants, parks and schools
10 minutes to Lexington Medical Center and Davidson Community College
Approved plans for nearby manufacturing plant expected to add 770 jobs to area
Investment Overview:
The Salem Crossing Apartments (the “Property”) are a 24-unit, ±33,640 SF townhome-style apartment community located in Lexington, NC.
The Property is located at 420 Salem St and 279-297 West 5th St in an established single family residential community near the Lexington Central Business District. Built in 1984, the complex is comprised of five 2-story buildings with a current occupancy of ±91.67%. The apartments are large (±1,140 SF) 2-bedroom floor plans with central heating and air, private patios, large closets, mini blinds, and laminate and carpet flooring throughout. Each kitchen includes a frost free refrigerator, electric stove/range combination with exhaust hood, double sinks, laminate counter tops, vinyl floors, and washer/dryer connections. All units have 1.5 baths with laminate counter tops, vinyl floors, and a one piece fiberglass tub/shower combination. The Property site on two parcels comprised of ±1.1 and ±0.8 acres.
The Salem Crossing Apartments are conveniently located in Davidson County, North Carolina in an established single family residential community, close to area shopping centers, schools, parks, and the popular Lexington Central Business District. Additionally, EGGER Wood Products, an Austrian materials supplier for the furniture, construction and flooring, was recently approved to build a new plant ±9 miles from the Property. The company plans to add as many as 770 new manufacturing jobs to the area over ±15 years.
As of 2017, there is an estimated population of 38,129 within a 5-mile radius of the complex, with an average age of ±40.6 years. The Property has easy access to both Business-85 and US-64 West (exit 96), providing convenient commutes to High Point (±18.9 miles), Winston-Salem (±20.7 miles), and Greensboro (±35.7 miles). Piedmont Triad International Airport is ±39 miles to the northeast.
This offering represents a value add opportunity through the lease up of vacant units at market rates. This property will be auctioned on Monday, September 11 - Wednesday, September 13 . The price displayed is the starting bid amount of $250,000. For information and to register to bid on this property, please visit Ten-X.com.