Help analyzing 32-unit deal in Fayetteville, NC

[Patrick Madigan]

I just noticed this 32-unit property in Fayetteville, NC listed on the Triangle MLS a few days ago. This scale property doesn't get listed in our MLS too frequently, so I'm naturally excited to see if it's much of a deal. I'm especially intrigued by "rehab and value-add opportunity," the 14 vacant units, and the property's proximity to such a large military base providing a steady tenant pool. (About 5 minutes from Ft. Bragg, the largest active military base in the world.)

Here are the basics:

- 32 units: all are 2-story townhomes in six separate buildings
- all are 2 bedrooms, 1.5 baths, approx. 960 sqft
- most rent for $550/month, but 14 are vacant
- list price: $895,000
- I have a copy of the rent roll I can email anyone if that's helpful.

As a residential broker and newbie investor, I would love to analyze this deal, but anything above the 4-unit CMA scale is outside of my expertise. I know it's nothing to be intimidated by, so I'm starting to gobble-up all the articles that I can about analyzing deals of this scale. In the meantime, I would love to connect with any of your contacts in the Fayetteville area: multifamily investors, commercial brokers, etc.

If you're local and interested in visiting the property with me, let me know and I'll keep you posted on my analysis and research

Thanks as always, BP!

keywords: Raleigh, Durham, Chapel Hill

[Abraham Saldana]

I would definetly be wary of the Fayetteville apartment market.  They have a new huge apartment complex that is supposed to have up to 1000 units when completed right off all American highway which is he main road into Bragg.  A lot of the bigger apartment complexes in the area realize what's going on and are selling.  Just a word of caution. But if you are doing a value proposition to the market that is not targeted by the newer complexes (~$600-700) this could be an amazing deal.  I am currently looking at applewood apartments nearby so if you need help with comps and target audience let me know.