595 Betty Street

Description

Nine units, 100% occupied, and $120,900 in annual contract rent, just five minutes from Downtown Gastonia and the FUSE District. These two single-story brick buildings, with a rent roll that is already full, are waiting for their new owner. 595 Betty Street is a garden-style multifamily community approximately five minutes from Downtown Gastonia and the FUSE District, with convenient access to retail, employment centers, and I-85, offering an investor immediate income in a growing market. Much of the work investors typically plan for has already been done. Seven of the nine apartments were updated before the current owner's acquisition, and the property has since received exterior painting, replacement windows throughout, and a roof installed in 2022. Gutters are in place on the front and back of both buildings. Built in 1979 on approximately 0.61 acres, the community offers six one-bedroom/one-bath apartments of approximately 600 square feet and three two-bedroom/one-bath apartments of approximately 700 square feet, totaling twelve bedrooms, nine bathrooms, and approximately 5,712 rentable square feet. Most units feature laminate-style flooring, and the floor plans for the accessible units show open kitchen and living areas. Unit 5 is an end unit with a distinct layout and updated kitchen cabinets. Seller-provided appliances in most units include a refrigerator and a gas range or stove, and Unit 1 is served by a metal accessibility ramp at its front entrance. A surface parking lot serves the property. The updated rent roll reflects approximately $10,075 per month in contract rent, or $120,900 annually. Average contract rent is approximately $1,083 for the one-bedroom units and $1,192 for the two-bedroom units. Electricity is separately metered, with tenants generally responsible for electricity and applicable gas service. The owner pays water, trash, stormwater, and landscaping. The seller-provided operating statement for August 2025 through July 2026 reports total income of $116,604 and expenses of $13,286. Based on the seller-reported net operating income of $103,319 over the last 12 months, the property offers an approximate 8.6% cap rate at the $1,200,000 offering price. The seller has self-managed the property, so no management fee is included, giving a new owner the flexibility to bring in professional management or apply their own operating approach. For an investor seeking a manageable, income-producing property, 595 Betty Street combines in-place rents, exterior improvements, separately metered electricity, and an established tenant base. Its nine-unit size is large enough to spread income across multiple tenants while remaining practical to own and operate. Opportunities to acquire a fully occupied, updated nine-unit community this close to Downtown Gastonia don't come along often; request the rent roll, operating history, and floor plans today to see the numbers for yourself.