Waterstone Multi-Family Group is pleased to present the Salem Point Apartments, a 38-unit complex located in Thomasville, NC.
Thomasville is located along I-85, only 15 minutes from High Point, 30 minutes from Winston-Salem, and 28 minutes from Greensboro. It has been ranked as the #1 “Micropolitan” area in the US, and consistently ranked in the top-10 until the area was reclassified as part of the Piedmont-Triad MSA. It is situated two minutes to direct highway access, three minutes from downtown Thomasville, three minutes from the city High School, Middle School and Elementary School campus complex, and seven minutes from Novant Health Medical Center.
The Salem Point ownership has brought in new management within the last few months to take over day-to-day operations. Previous management led to a property performance that was far below expectations and historic averages – a situation that is being remedied now (owner spent two months on-site personally overseeing property transitions and changes), as the property continues to be improved and the units repaired.
- Roofs are in good condition
- New HVAC units installed
- Good lawn & property maintenance
- New lighting is being installed
- New flooring is being installed
This property offers buyers an opportunity to acquire an asset renting for below-market rates, located within an MSA and easy commuting distance of +/-1.6 million people. Issues regarding previous management are being addressed. Units are being turned and the monthly P&L’s will continue to markedly improve with each month that goes by as the owner focuses on assisting the new management in improving monthly collections, new marketing plans, loss-to-lease, etc. In addition, this property also comes with the opportunity to build an additional 10 brand new units on-site.
- Address: 722 Salem Street Thomasville, North Carolina
- Area: Thomasville
- Number of Units: 38
- Year Built: 1990
- Acres: 3.64