209 S King Street, Morganton, NC 28655
- $649,000
- 1
- BD
- 3,808
- SqFt
Listing courtesy of Broadpoint Real Estate Group. joe@broadpointrealestate.com
- List Price
- $649,000
- MLS#
- 4408508
- Status
- ACTIVE
- Days on Market
- 1
- Property Type
- Residential Income
- Architectural Style
- Colonial
- Year Built
- 1947
- Bedrooms
- 1
- Full Baths
- 1
- Lot Size
- 6,969
- Lot Size Area
- 0.16
- Living Area
- 3,808
- Sq Ft Total
- 3808
- County
- Burke
- Special Conditions
- None
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.
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Additional Information
- Floor Coverings
- Tile, Wood
- Equipment
- Dishwasher, Electric Oven, Microwave, Refrigerator, Washer/Dryer
- Foundation
- Basement
- Laundry Location
- In Unit
- Heating
- Ductless
- Water
- City
- Sewer
- Public Sewer
- Exterior Features
- Lawn Maintenance
- Exterior Construction
- Brick Full
- Roof
- Metal
- Parking
- On Street, Parking Lot
- Driveway
- Gravel, Paved
- Lot Description
- Corner Lot, Level
- Elementary School
- Forest Hill
- Middle School
- Liberty
- High School
- Freedom
- Total Property HLA
- 3808
Mortgage Calculator
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