305 Salem Street, Thomasville, NC 27360
- $850,000
- Sold Price
- $850,000
- List Price
- $900,000
- Closing Date
- Aug 06, 2025
- MLS#
- 1185605
- Status
- CLOSED
- Type
- Multifamily
- Subtype
- Apartment
- Lot Size
- 40,946
Property Description
Rare 9-unit in downtown Thomasville! Eight spacious 2 BR/1 BA apartments plus one 3 BR/1 BA and a detached storage building on a corner lot. Eight units boast fresh paint, durable LVP, updated baths, and shaker-cab kitchens—only Unit B left for easy value-add. Stroll 0.3 mi to the brand-new Thomasville Aquatics & Community Center with pool, fitness, and events—an instant resident magnet. Area 2 BR market rents average ~$900/mo; at stabilization, potential gross is ±$97K/yr, projecting an 8 %+ cap at the $900K ask. Separate electric meters, city utilities, and low-maintenance brick keep expenses in check. Proven occupancy delivers steady cash flow from day one, with upside in Unit B and the storage building. DO NOT DISTURB TENANTS. Agents—see Agent-Only Remarks for showings and financials.
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Additional Information
- Acres
- 0.94
- Appliances
- Electric Water Heater
- Built Information
- Existing
- Cooling Type
- Central Air
- Flooring
- Carpet, Tile, Vinyl
- Garage Description
- None
- Heating
- Heat Pump, Electric
- Heating Fuel
- Electric
- Lot Size
- 40,946
- Parking
- Assigned, Paved, No Garage
- Sewer
- Public Sewer
- Show Street Address
- Yes
- Total Units
- 9
- Water
- Public
- Water Heater
- Electric
- Year Built
- 1971
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Listing courtesy of Real Broker LLC. Contact:
Selling Office: Joshua Mitchell Real Estate.