605 Oakridge Avenue

Description

HEAVY VALUE-ADD OPPORTUNITY for experienced investors and developers. CASH ONLY. Property is being sold AS-IS with no repairs to be made by the seller.Oakridge Apartments is a multifamily redevelopment project located at 605 Oak Ridge Ave in Fayetteville, NC. The property consists of three buildings currently configured as 9 apartment units and sits in a strong rental area (Haymount), with close proximity to downtown, major roadways, and employment centers. This project presents a rare opportunity for investors seeking a repositioning asset with significant groundwork already completed.Nearly $250,000 in capital improvements has already been invested into the property, excluding holding costs. Significant work has been completed including extensive interior and exterior demolition, site clearing, overgrowth removal, asphalt removal, grading and gravel improvements, landscaping improvements, framing repairs, drywall work, and other structural preparation necessary for redevelopment.Additional improvements and infrastructure work include new windows, plumbing upgrades, gas line installation, fiber optic installation, insulation work, lighting updates, custom steel fabricated fencing, masonry repairs, doors, fixtures, kitchen cabinet installation, tile work, custom vanity installation, and various interior buildout preparations.The seller has also invested substantial resources into professional planning and development preparation. Professionally prepared architectural plans along with supporting engineering drawings and documentation outlining a redevelopment strategy that reconfigures the property from 9 units to a potential 10-unit layout. These plans represent extensive design and engineering work completed to support the project's repositioning and may provide valuable guidance for future redevelopment efforts.This is a HEAVY VALUE-ADD repositioning opportunity suited for investors who understand construction, redevelopment, and multifamily repositioning strategies. Much of the initial demolition, preparation, and planning work has already been completed, allowing the next owner to continue the redevelopment process and pursue the property's upside potential.Ideal for investors looking to complete renovations and reposition the property as stabilized rental housing in the growing Fayetteville market with strong demand driven by Fort Bragg and surrounding economic activity.Serious inquiries only. Buyer to perform all due diligence. Property sold AS-IS. CASH ONLY. - APPOINTMENT ONLYOwner is a licensed North Carolina real estate agent.