TBD Jefferson Avenue, West Jefferson, NC 28694 (MLS # 255639)

Save to Favorites

Print

Share

Share via

Twitter

Facebook

Email

Email a Friend

Your Email

Friend's Email

Note

Are You Human? 1 + 1 =

PRICE $849,000 SIZE n/a LOT SIZE 6.03 ac Request More Info Schedule a Showing

Prime multifamily investment opportunity in West Jefferson, NC, offering 5.77± acres with approx. 300 +/- ft of high-visibility frontage on S Jefferson Hwy (NC-221 Business). Strategically located within a federally designated Opportunity Zone, this R-7 zoned parcel allows for medium-density residential development with 40% maximum lot coverage. Setbacks include 25 ft front and 10 ft sides, with access via Vista Drive (60 ft ROW). The property is surrounded by established commercial uses including quick-service restaurants, gas stations, and hotels"”making it ideal for a high-demand residential development or assisted/independent living 55+ community. Conceptual plans available for an 80-unit multifamily project across 5 buildings and 31,905 SF ( proposal has not been approved by the local municipality ) Projected pro forma NOI of $775,936 yields a 6.58% cap rate, with projected pricing at $147,500 per unit or $369.85/SF. The proposed unit mix features 40 one-bedroom and 40 two-bedroom apartments with projected gross potential income of $964,800 annually. The area benefits from population growth, increasing rental demand, and spillover from the Boone market. Water and sewer are available at the site. This is a rare opportunity to secure a almost shovel-ready, high-yield asset in this High Country Community of West Jefferson. Property has road frontage on both Jefferson Ave and Vista Dr. Jefferson Ave is a State maintained road and Vista Dr is a town maintained road.