81 UNITS IN BUTNER, NC

Price:

$5,025,000

Status:

Sold

Address:

503 W C St, Butner, NC 27509, USA

Overview:

SOLD 3/3/17 FOR $5,025,000 ($62,037/unit)

These 81 units are located in two locations at 503 W. C Street and 704 W. B Street in Butner, NC. Known as the Ellis Apartments (built 1998-2001) and the Huckleberry Apartments (built 2004) the properties are well-maintained and remain at a 98% occupancy rate.

Deaton Investment Real Estate represented the buyer in this purchase. The seller was represented by NAI Carolantic Realty. The acquisition represented a Cap Rate above 7 percent with the opportunity to push rents slightly higher.

Unit Information

UnitTypeSizeRent
1 UNIT1 BD / 1 BA800 SF$600 AVG
80 UNITS2 BD / 2BA1,050 SF$690 AVG

Property Information

PIN 21686 / 11786 Tax Value $2,700,282 / $1,732,950
Year Built 1998 - 2004 Exterior WOOD
Floors CARPET, VINYL
HVAC CENTRAL AIR, HEAT PUMPS
Appliances RANGE, REFRIGERATOR, W/D CONNECTIONS
Sold Date 03/03/2017