The Gas Light Apartments - Kairys Properties
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The Gas Light Apartments

Greensboro, NC

This 16 unit apartment building is located across the street from University Of North Carolina at Greensboro.

We purchased this building for under $50/ft and made significant improvements to include washer and dryers in each unit, updated kitchens and baths, new fixtures and site improvements.

The unit mix consists of 12 one bedroom and 4 two bedroom units. After renovations we doubled rental income and have a waiting list of mostly graduate students.

  • Acquisition Date 1/20/14
  • Acquisition Price $625,000
  • Total Square Feet 12,500
  • Total Hard Costs $225,000
  • Total Soft/Entitlement Costs $35,000
  • ALL IN COSTS $885,000
  • Gross Monthly Rent $11,400
  • Annual Net Operating Income $95,760
  • Stabilized Cap Rate 10.8%