$550,000
Rare Four-Unit Investment Opportunity in Highly Desirable Waynesville!
6.55% Current CAP • Approx. 8.80% Pro Forma CAP • Fully Occupied • New Roof (2026) • Tenants Pay All Utilities
Rare opportunity to acquire a fully occupied four-unit apartment building in the highly desirable Waynesville rental market. Offering an approximate 6.55% current capitalization rate at the asking price, this property also presents exceptional upside through below-market rents. Current gross annual income is $47,640, while estimated market rents of approximately $1,250 per unit have the potential to increase annual gross income to approximately $60,000, resulting in an estimated 8.80% pro forma capitalization rate. Buyers should perform their own due diligence regarding projected rental income.
Constructed in 1966, this solid all-brick building features four spacious 2-bedroom, 1-bath apartments, each approximately 750-800 square feet. A unique floor plan offers two apartments on the first floor and two on the second floor, with separate stairways on each side providing convenient access and enhanced tenant privacy.
Major capital improvements include a brand-new roof installed in June 2026, significantly reducing future capital expenditure. Tenants pay all utilities, including electric, water, sewer and trash, while lawn care and snow removal are currently handled by a tenant, creating a truly low-maintenance investment with minimal owner responsibilities.
Multifamily opportunities in Waynesville are extremely limited. This property offers immediate cash flow, durable brick construction, low operating expenses, and outstanding long-term appreciation potential in one of Warren County's most desirable rental markets.
8
Beds
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4
Baths
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962643
MLS
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Tushar Mehta
670 High Street, Waynesville
Courtesy of Tushar Mehta and BHHS Professional Realty
