208 S 3rd Street, Albemarle, NC 28001

Property Description

Stabilized, high-margin 3,600sf multifamily asset in the heart of Albemarle’s Revitalized Core offers a rare combination of immediate cash flow and a zero-drag operational model. Property has no common areas, effectively eliminating the unbillable utility costs, cleaning requirements, and management friction typical of corridor-style buildings. The configuration features four 900 SF 2BR/1BA units, each with its own covered front porch, independent exterior entry and a similar layout. Every unit is separately metered for electric and water and offers a functional two-level layout with full kitchens, dining and living areas on the main floor, bedrooms and updated bath elements upstairs. Flooring is typically durable LVP or laminate with carpet on the stairs. Modern energy-efficient HVAC systems and ceiling fans keep tenant utility costs low; wood-burning fireplaces are currently sealed closed. The vinyl exterior, street parking, and minimal landscaping keep landlord maintenance negligible. Unfinished basement provides emergency egress and contains storm water control infrastructure, possible storage income, STR bike parking. Significant value-add potential exists through light cosmetic improvements and the flexible Central Business District zoning, which allows easy, by-right conversion to high-yield Short-Term Rental (STR) or Mid-Term Rental (MTR) use. The independent direct-entry layouts are perfect for contactless check-in, appealing to both occasional and corporate guests. Market data for the downtown core supports a projected STR ADR of $180–$215, offering a pathway to significantly outpace traditional long-term rents. The property is well-positioned to capture stable demand from traveling medical professionals and staff at Atrium Health Stanly, Pfeiffer University Health Sciences campus visitors, Albemarle Business Center employees, brewery tourists, and outdoor adventurers heading to Uwharrie National Forest. Guests are steps from the vibrant walkable downtown, including local shops, cafes, Brewing Company, wineries, street festivals, and art walks. Investment Highlights: • Zoning: CBD (Central Business District) – maximum use flexibility • Layout: Four units with individual exterior entries and no common area/operational drag. • Infrastructure: individually metered electric and water • Location: 100% walkable to downtown amenities & Uwharrie Brewing. In AE flood zone. Pfeiffer University, Atrium Health Stanly and the Albemarle Business Center provides a base of short, medium and long term renters • Low Overhead: No landlord utility expense and minimized maintenance scope. Unit 208 ($950/mo rent) is currently being held vacant and is available for immediate showings. Remaining occupied units are in similar condition and available for interior inspection after accepted contract execution. This property is the cleanest, most versatile management model in the current market — perfect for the self-managed investor. Strong rental history, light cosmetic upside, and multiple income strategies (LTR, STR, or hybrid) provide both stability and significant yield potential. Come see it today.