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Kelly Myers - MrLakeNorman

kelly@mrlakenorman.com +1(704) 621-5000

$ 649,000

Est. payment | -/mo

1 Bed

1 Bath

3,808 SqFt

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$ 649,000

Est. payment | -/mo

Save Virtual Tour

1 Bed

1 Bath

3,808 SqFt

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

Square Footage 3,808 sqft

Price per Sqft $170

MLS Listing ID 4408508

Style Colonial

Bedrooms 1

Full Baths 1

Construction Status Completed

Abv Grd Liv Area 3,808

Year Built 1947

Lot Size 6,969 Sqft

Acres 0.16

Lot Dimensions 56x128x56x128

Property Sub-Type Apartment

Property Description

Excellent investment opportunity featuring a beautifully renovated four-unit apartment building in the Historic Morganton Downtown area. Updated in 2022 with (3) units currently rented, this income-producing multifamily property offers immediate cash flow with stabilized occupancy from day one. The 4th unit has been serving as an Airbnb with the last reservation in mid-September at which time it will be converted to a full-time rental unit. The 2022 renovations strengthen the property's value by improving tenant appeal, supporting rent stability, and reducing the likelihood of immediate capital expenditures for the new owner. The building is well positioned for investors seeking a turnkey rental asset, portfolio expansion, or a foothold in the multifamily market. Whether added to an existing rental portfolio or purchased as a standalone multifamily asset, this property provides a practical blend of current income, and future upside potential. Each unit offers a 1-bedroom, 1-bath layout with its own in-unit washer and dryer plus the 2nd floor units have private balconies. This property is perfect for investors looking for an established rental property with modernized units, stabilized tenancy, and walkable location essentials. The location adds to the appeal of tenants with nearby access to a library, a movie theater, parks, walking trails, convenience stores, and Downtown Morganton where you'll find an array of restaurants, bars, shops, and professional services. Additionally, Burke Co. has been coined “Nature's Playground” because of the State Parks/Trails & the thousands of acres of the Pisgah National Forest. This property is in a key location to access all the adventures the area has to offer plus it is only a five-minute drive to Exit 105 on I-40. The property combines current cash flow with location-driven tenant demand. Don't miss out on this Morganton multifamily investment opportunity. Call today to schedule your private tour and learn more about this income-producing asset. PLEASE DO NOT DISTURB THE TENANTS. SHOWINGS BY APPOINTMENT ONLY.

Location

State NC

County Burke

Zoning CBD

Rooms

Basement Storage Space

Interior

Heating Ductless

Cooling Ductless, Window Unit(s)

Flooring Tile, Wood

Fireplace false

Appliance Dishwasher, Electric Oven, Microwave, Refrigerator, Washer/Dryer

Laundry In Unit

Exterior

Exterior Feature Lawn Maintenance

Fence Partial

View City

Roof Type Metal

Street Surface Gravel,Paved

Porch Balcony

Garage false

Building

Lot Description Corner Lot, Level

Dwelling Type Site Built

Foundation Basement

Sewer Public Sewer

Water City

Architectural Style Colonial

Structure Type Brick Full

New Construction false

Construction Status Completed

Schools

Elementary Schools Forest Hill

Middle Schools Liberty

High Schools Freedom

Others

Pets Allowed Yes, Conditional

Senior Community false

Acceptable Financing Cash, Conventional, Exchange

Listing Terms Cash, Conventional, Exchange

Special Listing Condition None

Virtual Tour https://media.winthelistings.com/209-S-King-St

Listed by Joe Blumetti • Broadpoint Real Estate Group • joe@broadpointrealestate.com

Nearby School & Business

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Kelly Myers - MrLakeNorman

+1(704) 621-5000

Broker/Owner/Trainer/Coach | License ID: 300067

Broker/Owner/Trainer/Coach License ID: 300067

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209 S King ST Morganton, NC 28655

Kelly Myers - MrLakeNorman

Key Details

Location

Rooms

Interior

Exterior

Building

Schools

Others

Nearby School & Business

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