555 EAST APARTMENT HOMES

An Exclusive Ridgewood Offering

PROPERTY OVERVIEW

Winston-Salem

42 Units

$4,200,000

Built in 1973

THE STORY

555 East Apartment Homes in Winston Salem, NC is a 42-unit multifamily property made up entirely of 2-Bedroom, 1.5-Bathroom townhome style units located near the popular Innovation Quarter. This asset was acquired by a Charlotte-based ownership group in 2021 who is pivoting their focus to development opportunities closer to home.  

Property Metrics

  • 83% Physically Occupied | 88% Pre-Leased

  • $908 In-Place Average Rent | Market Rent Projection $1,050-$1,150

  • Tenants pay their own water & electricity

  • Each unit pays an $88 monthly amenity fee that covers cable/internet + trash/pest control reimbursement

  • $436,012 T-12 Income

  • $464,718 Year 1 Proforma Income based on current average rents

  • Candidate for North Carolina’s Affordable Tax Abatement Program

  • Asking Price $4,200,000 or best offer

Register Here for Access to Offering Memorandum & Due Diligence Files

Debt Assumption

555 East has an assumable Freddie Mac loan with the following terms:

  • Balance: $2,153,762 as of July, 2025

  • Rate: 3.90%

  • Amortization: 30 Years

  • Expiration: January 1, 2029

  • Original Term: 7 Years

  • In addition to the assumable debt, the sellers are willing to consider a seller-carried Equity position in an effort to reduce the amount of capital required to close the transaction.  This affords the next owner the opportunity to lower their cost of capital and, in turn, boost projected returns.  

  • Loan does not have to be assumed

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MARKET METRICS & ECONOMICS

555 East offers tenants convenient proximity to their choice of shopping, grocery and eatery options. Located in the East Winston corridor, the property lies just over 1 mile from downtown Winston-Salem. Here, investors are drawn to the city’s highly acclaimed economic district known as The Innovation Quarter…home to more than 90 companies and a major contributing factor to the city’s rank as the #2 Best City in America for low business costs according to Wallet Hub.

 

PRIMARY ECONOMIC DRIVERS

Located 1.0 Mile from 555 East

Winston-Salem’s Renowned Innovation Quarter: anchors over 170 high-tech, biotech, research, and educational firms that together generate billions in economic impact

Located 1.1 Miles from 555 East
Reynolds American Production Growth: Plans to add 300 additional jobs in 2025 to the 500 created in 2024.

Located 3.0 Miles from 555 East
Reynolds Airport: Investing $21M+ to expand the current 3,190 jobs by attracting additional maintenance, repair, and operations groups.

Located 3.4 Miles from 555 East
Atrium Health Wake Forest Baptist Medical Center

Additional Drivers in the Winston-Salem MSA
Polyvlies USA Expansion: The project entails $31M in capital investment to strengthen Forsyth County’s advanced textile manufacturing. This reinforces the attractiveness of the Union Cross area for international manufacturers.
Excel Interior Door Expansion: Investing $10.5M, creating 69 new jobs over the next five years, bolstering the county’s advanced manufacturing sector

Efficient. Reliable. Strategic.