1914 Millan Drive, Fayetteville, NC 28305
- $452,500
- 2,658
- SqFt
Courtesy of COLDWELL BANKER ADVANTAGE - FAYETTEVILLE
Buyer Representative JNB COMMERCIAL PROPERTIES
- Sold Price
- $452,500
- List Price
- $472,000
- Status
- CLOSED
- Days on Market
- 92
- Closing Date
- Jan 10, 2025
- MLS#
- 733204
- Subtype
- Multi Family
- Style
- Two Story
- Architectural Style
- Two Story
- Year Built
- 1952
- Living Area
- 2,658
- Subdivision
- Haymount
Property Description
1914 Millan Drive is a core investment multi-family opportunity located in the N. Fayetteville (Terry Sanford/Haymount) Submarket, one of Fayetteville’s premier locations. The subject property (approx. 2,400 Sq. Ft.) is a well-maintained brick quadraplex (4-units) located on 0.43 acres at the end of a Haymount cul-de-sac. All units are 1 bedroom, 1 bathroom, living room, kitchen and laundry room. There is currently one (newly renovated) vacant unit, which compares very favorably to the market average. For that reason, the pro-forma outlook has a $43,800 gross operating income. Furthermore, the N. Fayetteville (Terry Sanford) submarket boasts a 6.4% avg. market cap rate and $1,024 avg. monthly rent for 1-bedroom units, leaving room here for value-add. This pristine quadraplex has been a valued investment and consistently improved. Unit #1 is vacant and recently renovated (rather than re-rented) for the purpose of showings. Units 2-4 are occupied by tenants (leases attached).
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Additional Information
- Interior Features
- Entrance Foyer, Granite Counters
- Property Description
- Two Story
- Flooring
- Hardwood, Luxury Vinyl Plank, Other
- Heating
- Heat Pump
- Air Conditioning
- Central Air, Electric
- Stories
- 2
- Levels
- Two
- Elementary School
- Vanstory Hills Elementary (3-5)
- Middle School
- Max Abbott Middle School
- High School
- Terry Sanford Senior High