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Bryson Creek Apartments | 40-Unit Multifamily Opportunity | Low Income Housing Tax Credit Program

585 Franklin Grove Church Road
Bryson City, NC 28713
PRICE : $2,650,000
PROPERTY TYPE: Multifamily
SITE SIZE: 4.80 Acres
UNITS: 40
YEAR BUILT: 2001

Highlights

  • 40-unit multifamily opportunity
  • 80% occupied, value-add opportunity
  • Built in 2001, upper B class property
  • Very large 2 and 3 bedroom units
  • Below market rents and huge upside down the road.
  • LIHTC program, taxes are frozen and no tax increase upon a sale
  • Bull Realty North Carolina License #: C17910

Description

Bull Realty is pleased to present this 40-unit multifamily opportunity located near the Great Smoky Mountain National Park in Bryson City, NC. Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. The property is currently in the extended use period of the program. During the extended use period, rents will be re-evaulated annually until the period is over. This property has 9 years left of the extended use period. After the extended use period is over, the owner will be able to raise rents back to market.

The property is located ±0.6 miles from Downtown Bryson City and is in close proximity to many amenities including Island Park, Nantahala Brewing, the Appalachian Trail and many more restaurants and entertainment options.

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