351 Porter St, Franklin, NC 28734

Property Description

This premium, approximately one-acre commercial site is located in the Town of Franklin, directly across from the entrance to Franklin High School. The property features a building containing six apartment units, which have been managed to ensure low tenant turnover. These units are typically leased to long-term tenants, and currently, all leases are on a month-to-month basis. The units include painted sheetrock walls, carpeted flooring, and average-quality appliances, along with bathrooms and kitchens. There is ample paved parking available for each unit, with two separate driveways providing access from Porter Street.? The rental market in Franklin is thriving, with very low vacancy rates and significantly rising rents over the past several years. The property is priced below market value. At a 7 percent cap rate, it has a valuation of $650,000. Property valuation details are available upon request.