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19420 Midwest Cir, Abingdon, VA 24211

Multiple Family

Property Status: Available |  For Sale: $1,700,000.00


Property Photos


VILLAGE AT RILEY POINTE 26 UNITS | ABINGDON, NORTH CAROLINA


Property Status:
This Property is currently...
  • Status: Available
  • For Sale: $1,700,000.00
Property Details:
Multiple Family
Property Style:
2-Story
Year Built:
1980
Basement:
No Basement
Owner / Agent:
Real Estate Agent
Property Features:
No Property Features Listed.
Contact Info
Silverbell Real Estate LLC
(910) 301-2505

View on Individual's Website
Property Description:

INVESTMENT HIGHLIGHTS

The McDaniel Team of Marcus & Millichap is pleased to present this Market Positioning and Valuation Analysis of The Village of Riley Pointe in Abingdon, VA. Originally developed in 1977 and renovated in 2010, this 26-unit, two-bedroom, one and one-half bath townhome-style community is well-positioned in the up-and-coming neighborhood of Westwood Estates. This property received significant renovations in 2010 with prior ownership spending over $30,000/unit in upgrades to mechanicals and unit interiors. Current ownership has to enhance the property over the last twelve months, implementing strategic interior upgrades to five of the units as well as exterior improvements that include a new French drain system, exterior paint, new landscaping, and new signage. Interior upgrades are averaging $5,500/unit and include new carpet, new paint, new countertops, refinished cabinets, new hardware, new fixtures, new appliances when needed, and shower resurfacing. These upgrades are resulting in $250/month rent increases, providing an investor an outstanding 55% return on capital. New ownership has the ability to continue this proven upgrade program for the remaining nineteen units, providing the potential to increase the property’s value by almost $1.0 million. The asset also contains approximately 2.0+/- acres of excess land that could be utilized for the construction of additional units or installing new community amenities to such as a dog park, grilling station, picnic area, and/or fire pits. The Village at Riley Pointe is also set up as a condominium structure, allowing an investor multiple exit strategies depending on market demand.


INVESTMENT OVERVIEW

Recent Value-Add Interior Upgrades with Proven Ability to Increase Rents $250/month, Providing a 55% Return on Capital

Appealing Townhouse Style Community Consisting Solely of 2 Bedroom, 1.5 Bath Floorplans

Easily Accessible off of I-81 and In Close Proximity to Bristol, TN

Located in the Desirable Neighborhood of Westwood Estates



Legal Disclaimer:
North Carolina Real Estate Investors Association is not responsible for the properties or the information listed here. Each Property is independently owned.  Click on the link above to contact the Property Owner about this property.

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