JAMESTOWNE APARTMENTS – 130 UNITS

Price:

$5,670,250

Status:

Sold

Address:

3004 Holston Ln, Raleigh, NC 27610, USA

Overview:

SOLD 4/28/17 FOR $5,670,250 ($43,617/UNIT)

Deaton Investment Real Estate represented the buyer in this off-market transaction. The sellers were unrepresented.

Jamestowne Apartments are located less than 1/2 mile from Wake Medical Center near the intersection of I-440 and New Bern Avenue. Each of the 31, two-story buildings at Jamestown sits on a separate tax parcel. There are 28 quadraplexes with two-bedroom apartments. The remaining three buildings have six, one-bedroom apartments. This creates a total of 112, two-bedroom units and 18, one-bedroom units.

Current ownership has operated the property since 1992. The property presents the opportunity to raise rents through capital improvements, renovations, repairs and operational best-practices.

Unit Information

UnitTypeSizeLeaseRent
112 UNITS2 BD / 1 BA768 APX SFSEE RENT ROLL$625
18 UNITS1 BD / 1 BA600 APX SFSEE RENT ROLL$510
120 TOTAL UNITS $79,180

Property Information

PIN SEE EXHIBIT Tax Value $6,732,423
Taxes $71,189.87 Lot Size 6.72 ACRES TOTAL
Year Built 1984-1986 Exterior MASONITE
Floors CARPET, VINYL Foundation SLAB, CRAWL
HVAC THRU-WALL HEAT PUMPS Owner Financing NONE
Utilities TENANTS PAY ALL UNIT UTILITIES Appliances RANGE, REFRIGERATOR, DISHWASHER, W/D CONNECTIONS
Legal Description SEE EXHIBIT Zoning RX-3
Sold Date 04/28/2017