A Great Investment Opportunity! Colonial Arms is a 12 unit 3 building apartment complex in a prime location close to shopping and dining! 3 units have 3 Bedrooms and the other nine units have 2 Bedrooms...all with 1.5 Baths. All apartments have heat pumps and washer/dryer connections. Unit #5 is currently having some improvements made. Forest City water and sewer available along with regular trash pickup. All tenants are on month to month leases A listing agent will need to accompany selling agent and buyer for a showing.
Closed
$905,000
401 Duke St, Forest City, NC 28043
24beds
13,440sqft
Multi Family
Built in 1981
-- sqft lot
$1,147,000 Zestimate®
$67/sqft
$1,111 Estimated rent
Home value
$1,147,000
$849,000 - $1.53M
$1,111/mo
Zestimate® history
Owner options
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$1,111/mo
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$1,111/mo
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$5,347/mo
Est. payment
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Zillow last checked:
Listing updated:
Listing Provided by:
Kathy Rabb 828-442-6503,
Realty Group 1 LLC,
Brandon Braswell,
Realty Group 1 LLC
Bought with:
Zaf Urmanov
Dane Warren Real Estate
Source: Canopy MLS as distributed by MLS GRID,MLS#: 4072102
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 24
- Bathrooms: 24
- Full bathrooms: 12
- 1/2 bathrooms: 12
Heating
- Central, Electric, Heat Pump
Cooling
- Electric, Heat Pump
Appliances
- Included: Electric Range, Electric Water Heater, Refrigerator
- Laundry: Electric Dryer Hookup, Inside, Main Level, Washer Hookup
Features
- None
- Flooring: Carpet, Vinyl
- Doors: Storm Door(s)
- Basement: Other
Interior area
- Total structure area: 13,440
- Total interior livable area: 13,440 sqft
- Finished area below ground: 0
Property
Parking
- Total spaces: 24
- Parking features: Parking Lot
- Uncovered spaces: 24
- Details: In front of apartment buildings
Accessibility
- Accessibility features: Two or More Access Exits
Features
- Stories: 2
- Patio & porch: Deck, Patio, Porch
- Exterior features: Lawn Maintenance
- Waterfront features: None
Lot
- Size: 1.36 Acres
- Features: Level
Details
- Additional structures: None
- Parcel number: 1539528735
- Zoning: C-3
- Special conditions: Standard
- Horse amenities: None
Construction
Type & style
- Home type: MultiFamily
- Architectural style: Traditional
- Property subtype: Multi Family
Materials
- Brick Partial, Wood
- Foundation: Crawl Space, Slab
- Roof: Composition
Condition
- New construction: No
- Year built: 1981
Utilities & green energy
- Sewer: Public Sewer
- Water: City
- Utilities for property: Underground Power Lines
Community & neighborhood
Community
- Community features: None
Location
- Region: Forest City
Other
Other facts
- Listing terms: Cash,Conventional
- Road surface type: Concrete, Paved
Price history
| Date | Event | Price |
|---|---|---|
| 5/22/2025 | Listing removed | $1,200 |
Source: Zillow Rentals Report a problem | ||
| 5/5/2025 | Price change | $1,200-2% |
Source: Zillow Rentals Report a problem | ||
| 4/30/2025 | Price change | $1,225-2% |
Source: Zillow Rentals Report a problem | ||
| 4/7/2025 | Price change | $1,250-2% |
Source: Zillow Rentals Report a problem | ||
| 3/20/2025 | Price change | $1,275-1.9% |
Source: Zillow Rentals Report a problem | ||
| 3/16/2025 | Listed for rent | $1,300 |
Source: Zillow Rentals Report a problem | ||
| 4/16/2024 | Listing removed | -- |
Source: Zillow Rentals Report a problem | ||
| 3/15/2024 | Price change | $1,300+4% |
Source: Zillow Rentals Report a problem | ||
| 3/13/2024 | Price change | $1,250-3.8% |
Source: Zillow Rentals Report a problem | ||
| 3/11/2024 | Listed for rent | $1,300+8.3% |
Source: Zillow Rentals Report a problem | ||
| 2/2/2024 | Listing removed | -- |
Source: Zillow Rentals Report a problem | ||
| 1/22/2024 | Listed for rent | $1,200 |
Source: Zillow Rentals Report a problem | ||
| 1/11/2024 | Sold | $905,000-7.2%$67/sqft |
Source:  Canopy MLS as distributed by MLS GRID #4072102 Report a problem | ||
| 10/13/2023 | Pending sale | $975,000$73/sqft |
Source: Canopy MLS as distributed by MLS GRID #4072102 Report a problem | ||
| 9/27/2023 | Listed for sale | $975,000$73/sqft |
Source: Canopy MLS as distributed by MLS GRID #4072102 Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | -- | $609,500 +52.8% |
| 2024 | $4,322 +1.4% | $399,000 |
| 2023 | $4,262 +9.5% | $399,000 +24.8% |
| 2022 | $3,892 +34.2% | $319,800 |
| 2021 | $2,901 | $319,800 |
| 2020 | $2,901 +3.4% | $319,800 |
| 2019 | $2,805 -2.3% | $319,800 -0.1% |
| 2018 | $2,870 | $320,000 |
| 2016 | $2,870 | $320,000 |
| 2013 | $2,870 | $320,000 |
| 2011 | -- | $320,000 |
Find assessor info on the county website
Neighborhood: 28043
Nearby schools
GreatSchools rating
- 8/10Forest City-Dunbar Elementary SchoolGrades: PK-5Distance: 1.4 mi
- 3/10East Rutherford Middle SchoolGrades: 6-8Distance: 4 mi
- 8/10Rutherford Early College High SchoolGrades: 9-12Distance: 0.9 mi
Schools provided by the listing agent
- Elementary: Dunbar
- Middle: East Rutherford
- High: East Rutherford
Source: Canopy MLS as distributed by MLS GRID. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.
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