2201 N Fayetteville St Asheboro, NC 27203 | County: Randolph
www.summersrunapartments.com | PID: 263960
Assessor’s Parcel Number(s) – 7763-03-3224
Visit Doc CenterProperty Description
- # of total units:
- Style:
- Distance from Downtown:
- Location:
- Year built:
- Year renovated:
- # of total buildings:
- # of stories/floors in each building:
- Building materials:
- Exterior building materials:
- Roof type:
- Acres of land:
- Density:
- Major street exposure:
Unit Mix
8 one-bedroom units
measuring 832 square feet each
88 two-bedroom units
measuring between 1,000 and 1,060 square feet
16 three-bedroom units
measuring 1,280 square feet each
Average unit
of 1,032 square feet
| Unit Type | Square Footage |
Unit Type Count |
In-Place Rent/ Unit | In-Place Rent/ SF | Market Rent/ Unit | Market Rent/ SF |
|---|---|---|---|---|---|---|
| 1 Bed / 1 Bath | 832 | 4 | $1,300.00 | $1.56 | $1,310.00 | $1.57 |
| 1 Bed / 1 Bath - Classic | 832 | 4 | $1,173.33 | $1.41 | $1,210.00 | $1.45 |
| 2 Bed / 1.5 Bath | 1000 | 3 | $1,290.00 | $1.29 | $1,430.00 | $1.43 |
| 2 Bed / 1.5 Bath - Classic | 1000 | 5 | $1,297.50 | $1.30 | $1,310.00 | $1.31 |
| 2 Bed / 1.5 Bath | 1000 | 47 | $1,342.50 | $1.34 | $1,380.00 | $1.38 |
| 2 Bed / 1.5 Bath - Classic | 1000 | 25 | $1,256.80 | $1.26 | $1,300.00 | $1.30 |
| 2 Bed / 2 Bath | 1060 | 3 | $1,415.00 | $1.33 | $1,430.00 | $1.35 |
| 2 Bed / 2 Bath - Classic | 1060 | 5 | $1,267.50 | $1.20 | $1,310.00 | $1.24 |
| 3 Bed / 2 Bath | 1280 | 6 | $1,599.17 | $1.25 | $1,610.00 | $1.26 |
| 3 Bed / 2 Bath - Classic | 1280 | 10 | $1,472.00 | $1.15 | $1,540.00 | $1.20 |
| Totals | 1032 | 112 | $1,336.30 | $1.29 | $1,376.61 | $1.33 |
Amenities
Community Amenities
- Newly Renovated Townhome and Apartment Community
- Swimming Pool with Sundeck
- New Clubhouse / Leasing Office
- Fitness Center with State-of-the Art Cardio Equipment
- Playground, Green Space, and Gazebo
- On-Site Management
- 24/7 Emergency Maintenance
- Plenty of Convenient, On-Site Parking
- Lushly Landscaped with Manicured Grass, Lots of Mature Trees, Plants, and Trimmed Shrubs
- Online Resident Portal with Rent Acceptance
- Close to Public Transportation (PART Express – North Asheboro Park & Ride), Parks, Lakes, Schools, Stores, Restaurants, and Entertainment Options
- Convenient Access to Interstates 73 and 74, U.S. Highways 220, North Carolina Zoo, Greyhound Sation, Randolph Community College, Downtown Asheboro, and Downtown Greensboro
Unit Amenities
- Spacious Floor Plans with Apartment and Two-Level Townhome Designs Available
- Renovated Units are Beautifully Appointed with Stainless Steel Appliances, Wood-Style Flooring, Shaker-Style Cabinetry, Plush Bedroom Carpeting, and Mini Blinds
- Kitchen with Electric Stove, Refrigerator, Dishwasher, Double Basin Sink, Dining Area, and Plenty of Cabinet and Counter Space
- Full Size Bathroom with Tub and Shower Combination
- Above Standard Ceiling Heights, French Windows and Doors, Walk-In Closets with In-Built Shelving, and Semi-Private Entry
- Private Patio / Balcony
- Utility Room / Closet with Washer and Dryer Connections
- Select Units Feature Downstairs Powder Room, Built-In Microwave, and Breakfast Bar
Investment Highlights
01
Compelling Townhome Mix: The Property features 112 total units, with 72 townhomes, creating a differentiated and highly marketable living option.
02
Growing Regional Job Hub: The Property is increasingly benefiting from Asheboro’s emergence as a regional employment hub. Backed by a labor force of more than 66,000 workers, access to over 725,000 workers within a 45-mile radius, and a manufacturing base that accounts for nearly one-third of local employment, the area continues to attract industrial users seeking scalable workforce access and central Piedmont Triad connectivity
03
Opportunity to Implement Rubs Program: The property presents an opportunity to implement a Ratio Utility Billing System (RUBS), allowing future ownership to recover a portion of utility expenses currently absorbed at the property level.
04
INTERIOR VALUE ADD RUNWAY: Opportunity to renovate the remaining 49 units (40% of the property), driving a projected 20% ROI
04
CAPITAL IMPROVEMENTS
Capital Improvements
Roof Replacements
$103,258 (bldgs 8, 10, 3, 4, 5)
New Pool Furniture
$7,836
New fitness center/leasing office
$136,831
Dog Park
$2,950
New playground
$8,550
Total Community Improvements
$373,182
Flooring
Appliances
Cabinet Paint
Light Fixtures
Plumbing Fixtures
Cabinet/Drawer fronts
Countertops replaces*
Total Community Improvements
$722,072
*Select Units
Cap Improvement—Before 
Cap Improvement—After Cap Improvement—Before Cap Improvement—After Cap Improvement – Before Cap Improvement—After
LOCATION
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MARK BOYCE
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THOMAS COLAIEZZI
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704.565.9391
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404.667.6337
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JOSH FINLEY
Managing Director
404.654.2594
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ADAM ERICKSON
Director
404.654.2596
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