402 S Ashe Avenue, Newton, NC 28658

Property Description

Rare investment opportunity in the heart of Newton! This 11-unit brick apartment complex is situated on approximately 1.33 acres and consists of two buildings with ample on-site parking. Conveniently located within walking distance of Downtown Newton, the library, parks, shopping, restaurants, and more, the property offers an attractive combination of location, unit mix, and value-add potential. The complex features a diverse unit mix, including seven 2-bedroom/1.5-bath units, two 3-bedroom/1.5-bath units, and two single-level 2-bedroom/1-bath units. Currently, seven of the eleven units are vacant, giving the next owner a unique opportunity to immediately implement their own leasing strategy, complete desired updates, and position the units to maximize future rental potential. The remaining occupied units provide existing rental income while the property is repositioned. Whether you're looking to expand an existing multifamily portfolio or take advantage of a value-add investment opportunity in a highly convenient location, this 11-unit property offers tremendous potential in vibrant Downtown Newton. Listing also found under multi-family residential MLS# 4430547.