Property Listing No Longer Available for Sale

99 N. Country Club Drive, Cullowhee, NC

Multi-family for Sale - $875,000 - 10,032 Sq. Ft. on 2.99 acres


Property Info

CIMLS#959680
Location
  99 N. Country Club Drive
  Cullowhee NC 28723
UpdatedOctober 11th, 2017
TypeMulti-family
Price$875,000
Building10,032 Sq. Ft.
Land2.99 acres

Property Description

SVN / Blackstream, LLC as exclusive Sales Broker to the Sellers, is pleased to present an opportunity to purchase this very popular student housing complex in Cullowhee, NC, home to Western Carolina University.

WCU participates in the NC Promise Tuition Plan which is scheduled to begin in the fall of 2018. This plan allows the state to buy down tuition to $500 per in-state student. As a result, increased enrollment is expected with 300 additional students enrolling annually.

To accommodate these new students, WCU recently announced a ten-year growth plan to include one new student dormitory, refurbishment of several others and taking a few out of service altogether. Campus officials expect this increased enrollment to be absorbed primarily by the private sector.

As school enrollment increases, the need for public sector student housing will increase exponentially making this an exceptional investment opportunity.

This 100% occupied, 12-unit complex is within walking distance of campus making this a premier location. The size and configuration of the units are desirable to students, and they typically stay for three years or longer after their freshman year.

Regular maintenance and refurbishment have kept the complex and individual units in pristine condition. The roofs of the four buildings have been replaced within the last two years. The driveway and parking areas were recently resurfaced.

Water, sewer, and garbage pickup are included in the monthly rent. Tenants pay for electricity and have the choice of purchasing cable and phone services.

*The information contained herein was obtained from sources deemed to be reliable. However, SVN / Blackstream, LLC makes no guarantees, warranties, or representations as to the completeness or accuracy thereof.

Location Description:

Located in the heart of Cullowhee, North Carolina, with a population of approximately 9,500 people. The property is within walking distance to Western Carolina University with an enrollment of over 9,000 students. The ideal location of this property contributes to an excellent rental history.

The subject property is approximately six miles from Sylva and 40 minutes from Asheville.

*The information contained herein was obtained from sources deemed to be reliable. However, SVN/Blackstream, LLC. makes no guarantees, warranties, or representations as to the completeness or accuracy thereof.

Highlights:

>> Rent includes water, sewer, and garbage pickup

>> Additional income opportunity from laundry room

>> Current rental rates are below market

>> Within walking distance of WCU

>> The roofs of all four units were replaced two years ago.

>> Tenants pay for electricity and have the choice of purchasing cable and phone services.

>> The drive and all parking lots were recently resurfaced.

* Email for additional photos


Financials