52% Cash on Cash-126 Unit "Class C" Apartment-Elkin, NC

[Cedric Macon]

Apartment complex comprising of 126 units. This C-Class property is located in a redeveloping neighborhood surrounded by single family, properties. Apartments are currently 38% leased. 48 unit rented and 76 vacant.

This property will require a heavy lift so be prepared.

The buildings have major deferred maintenance, mismanagement, and lack of funds to grow, making this a true value add project poised for future cash flow distributions. These brick buildings are attractively designed and present much lower maintenance costs than similarly graded investments after the rehab.

Just adding management, maintenance staff and raise rents to increase the value cash flow immediately. The resulting re-positioning will create an asset that provides both cash flow and positive equity growth.

Located in Elkin, NC, Elkin is a town in Surry and Wilkes counties in the U.S. state of North Carolina, along the Yadkin River. The population was 4,001 at the 2010 census Elkin is approximately 15 minutes south of Stone Mountain State Park, and 20 minutes from the entrance of the Blue Ridge Parkway off of Hwy 21 (heading towards Sparta). Elkin enjoys mild weather patterns and extremely clean air. Its downtown is also situated along the Yadkin River, and offers a paddlers boat ramp and small camp site. Six local outfitters provide supplies for anyone interested in floating on the Yadkin to or from Elkin.

There are also numerous vineyards in the Yadkin Valley area (over 40 in and around Elkin), and the Yadkin Valley Wine Festival is held each May at the Elkin Municipal Park, which is situated along Big Elkin Creek, a tributary of the Yadkin River. Elkin is centrally located in the Yadkin Valley Wine Region (a certified American Viticulture Area). Elkin has also has two microbreweries and hosts a craft brewery festival each fall in called The Big Elkin Brewfest. It is held in the Municipal Park which was a mustering field during the American Revolution. Elkin was the eastern-most encampment along Overmountain Victory Trail and you will find a marker at the park, near the recreation center, along Hwy 268.

Trails are abundant in Elkin, including the Overmountain Victory Trail, the North Carolina Mountains to Sea Trail, and the Yadkin River State Park 'Blue' Trail. Elkin is considered an official Trail Town as the NC MST is now directed into downtown Elkin along Main St. A local volunteer group (elkinvalleytrails.org) is responsible for grooming over 24 miles of the trail from Elkin to Stone Mountain State Park. They are working on the E&A Rail Trail which boasts mountain bike trails, walking trails, and trout fishing, all beginning at the Elkin Municipal Park, and there is even a golf cart rental at the Rec Center for handicapped individuals who would like to enjoy the trails too.

Elkin North Carolina, is one of those places that's big enough to have everything you need but small enough for you to regularly bump into people you know. People who live here love it and say they have no reason to leave.