NOT LISTED FOR SALE

3424 Summit Ave Greensboro, NC 27405

Rankin Area Neighborhood

Estimated Value: $91,000 - $444,000

2 Beds
1 Bath
720 Sq Ft
$308/Sq Ft Est. Value

Last Sold October 19, 2023

Last sale price $820,000 $1,139 Per Sq Ft

Current estimated payment $1,252/month

17 Days on Market

Highlights

  • Wood Flooring
  • No HOA
  • Level Lot

About This Home

As of October 2023

3424 Summit Avenue and 3429 Wichita Place. 10 units total, only one unit currently vacant 2 bedroom, 1 bath, living room, and kitchen. Wood floors. All brick ext, recent vinyl replacement windows. Metal roofs. Four buildings. Large lot. Strong rent roll with units renting between $725-$825 and existing gross rent over $81k per year. Room for upside by raising existing lower rents to market. Property extends from Summit Avenue across to Wichita Place. Tenants pay their own utilities. Over half the units are occupied by long term tenants. Do not approach tenants. Sold as is.

Last Agent to Sell the Property

Benjamin Jordan, CPM

PALMETTO EQUITY GROUP License #208163 Listed on: 08/02/2023

Last Buyer's Agent

Mustafa Shabazz

Fathom Realty Greensboro License #129602

Fathom Realty Greensboro

Property Details

Home Type

  • Apartment

Est. Annual Taxes

  • $530

Year Built

  • Built in 1962

Lot Details

  • Lot Dimensions are 107 x 422 x 100 x 422
  • Level Lot
  • Cleared Lot

Parking

  • Gravel Driveway

Home Design

  • Brick Exterior Construction

Flooring

  • Wood
  • Vinyl

Schools

  • Eastern Guilford Middle School
  • Eastern Guilford High School

Utilities

  • Cooling System Mounted In Outer Wall Opening
  • Window Unit Cooling System
  • Electric Water Heater

Community Details

  • No Home Owners Association
  • 9 Leased Units

Listing and Financial Details

  • Assessor Parcel Number 46713

Property Details

Home Type

Apartment

Est. Annual Taxes

$530

Year Built

Built in 1962

Lot Details

0

Listing Details

  • Property Sub Type: Apartment
  • Prop. Type: Residential Income
  • Lot Size: 107 x 422 x 100 x 422
  • Directions: Summit Ave past Cone Blvd., just before Rankin Rd.
  • Architectural Style: Garden
  • Year Built: 1962
  • TRIADMLS_TotalHeatedFinishedSqFtRange: 0 - 0
  • TRIADMLS_BuiltInformation: Existing
  • Special Features: None

Interior Features

  • Appliances: Electric Water Heater
  • Flooring: Vinyl, Wood
  • Basement YN: No

Exterior Features

  • Lot Features: Cleared, Level
  • Pool Features: None
  • Construction Type: Brick
  • TRIADMLS_PoolYN: No

Garage/Parking

  • Parking Features: Gravel

Utilities

  • Sewer: Public Sewer
  • Cooling: Wall Unit(s), Window Unit(s)
  • Heating: See Remarks, Electric
  • Water Source: Public
  • TRIADMLS_HeatingFuel: Electric
  • Water Heater: Electric

Condo/Co-op/Association

  • Association: No

Schools

  • Elementary School: Rankin
  • High School: Eastern Guilford
  • Middle Or Junior School: Eastern Guilford

Lot Info

  • Parcel #: 46713
  • Zoning: RM12
  • TRIADMLS_DeedPage: 1862
  • TRIADMLS_DeedBook: 8537
  • TRIADMLS_AcresRange: -

Multi Family

  • Number Of Units In Community: 1
  • Number Of Units Total: 10
  • Number Of Units Leased: 9

Tax Info

  • Tax Year: 2023

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Aug 2, 2023
Closed on
Oct 17, 2023
Sold by
Rje Llc
Bought by
Nobility At Wichita Llc
Seller's Agent
Benjamin Jordan, CPM
PALMETTO EQUITY GROUP
Buyer's Agent
Mustafa Shabazz
Fathom Realty Greensboro
List Price
$975,000
Sold Price
$820,000
Premium/Discount to List
-$155,000
-15.9%
Views
37
Current Estimated Value
$222,000

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
-$598,000
Avg. Annual Appreciation
-50.28%
Original Mortgage
$554,000
Outstanding Balance
$543,611
Interest Rate
7.12%
Mortgage Type
Credit Line Revolving
Estimated Equity
-$321,611

Purchase Details

Closed on
Oct 27, 2021
Sold by
Slate Holdings Llc
Bought by
Rje Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$360,000
Interest Rate
2.88%
Mortgage Type
Future Advance Clause Open End Mortgage

Purchase Details

Closed on
Nov 12, 2015
Bought by
Slate Holdings Llc

Purchase Details

Closed on
Sep 10, 2015
Sold by
Brooks Franklin Slate
Bought by
Brooks Franklin Slate

Purchase Details

Closed on
Mar 25, 2015
Sold by
Brooks Franklin Slate
Bought by
Brooks Franklin Slate and Estate Of Ralph E Brooks Jr

Purchase Details

Closed on
Dec 31, 1987
Bought by
Brooks Jane S
Source: Public Records

Range of Values:

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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Nobility At Wichita Llc $820,000 None Listed On Document
Rje Llc $400,000 None Available
Slate Holdings Llc -- --
Brooks Franklin Slate $235,000 Attorney
Brooks Franklin Slate -- Attorney
Brooks Jane S $64,000 --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Nobility At Wichita Llc $554,000
Previous Owner Rje Llc $386,250
Previous Owner Rje Llc $360,000
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
10/19/2023 10/19/23 Sold $820,000 -15.9% $1,139 / Sq Ft
08/20/2023 08/20/23 Pending -- -- --
08/02/2023 08/02/23 For Sale $975,000 -- $1,354 / Sq Ft
Source: Triad MLS

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2024 $530 $37,800 $5,000 $32,800
2023 $530 $37,800 $5,000 $32,800
2022 $515 $37,800 $5,000 $32,800
2021 $323 $23,200 $3,500 $19,700
2020 $323 $23,200 $3,500 $19,700
2019 $323 $23,200 $0 $0
2018 $314 $23,200 $0 $0
2017 $316 $23,200 $0 $0
2016 $393 $28,400 $0 $0
2015 $395 $28,400 $0 $0
2014 $398 $28,400 $0 $0
Source: Public Records

Agents Affiliated with this Home

  • B

    Seller's Agent in 2023

    Benjamin Jordan, CPM

    PALMETTO EQUITY GROUP

    (336) 271-3020

    1 in this area

    1 Total Sale

    Benjamin Jordan, CPM
    Section Image

  • M

    Buyer's Agent in 2023

    Mustafa Shabazz

    Fathom Realty Greensboro

    (336) 986-0695

    2 in this area

    86 Total Sales

    Mustafa Shabazz
    Section Image
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Map

Source: Triad MLS

MLS Number: 1114393

Triad MLS

APN: 0046740

North Carolina Guilford County Greensboro 27405 Rankin Area

3424 Summit Ave, Greensboro, NC

This home is located at 3424 Summit Ave, Greensboro, NC 27405 since 02 August 2023 and is currently estimated at $222,000, approximately $308 per square foot. This property was built in 1962. 3424 Summit Ave is a home located in Guilford County with nearby schools including Rankin Elementary School, Eastern Guilford Middle School, and Eastern Guilford High School.

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