Cambridge On Elm – 36 Units

Waterstone Multi-Housing Advisors is pleased to bring to market Cambridge on Elm in North Greensboro. Cambridge is a 36 unit complex with a mixture of 24 two-bedrooms and 12 1-bedrooms. This asset is located on North Elm, which literally runs through the heart of downtown Greensboro. It is also located in an area primed for explosive growth upon the completion of the Greensboro beltline, I-840 which will have an exit on Elm about three-quarters of a mile north. This access will cut tenants drive time significantly to get to all parts of the Triad or further out.

Cambridge is also a diamond in the rough that many investors are still clamoring for. About 30 of these units have not been touched or renovated in decades. A few have been fully renovated and show the potential that can be done with this property with proven increased rents. These can be pushed even further with continued upgrades to the exteriors, signage, new mailboxes, landscaping, onsite laundry facilities or even a possible dog park addition. Lastly, the property has been submetered but not all water expenses are being collected which will add to the bottom line. This truly is a small investors rehab dream project. It does have a Fannie Loan in place. Post-rehab allows for opportunity to add a supplemental loan for cashout.

Highlights:

• LOAN ASSUMPTION
• 85% of units still to be renovated.
• Exterior upgrades still need to be made
• Excellent location
• Smaller budget needed for rehabs
• Stabilized so rehabs can be done over time
• Major shopping center, Harris Teeter, around the corner