FIVE POINTS COTTAGES – 26 UNITS – RALEIGH, NC

Price:

$4,175,000

Status:

Available

Address:

2206 Bernard St, Raleigh, NC 27608, USA

Overview:

Five Points Cottages offer attractive, one-story apartments in Raleigh’s Five Points neighborhood. With convenient access to the Beltline, North Hills, and downtown Raleigh, these apartments enjoy a premier location nestled in a peaceful and quiet setting. The property is within walking distance to numerous dining, shopping, recreational and entertainment options.

All 26 units feature two-bedroom and one-bathroom floor plans with hardwood floors. Originally built in 1950, current ownership recently updated all the unit finishes with new cabinets, counter tops, stainless steel appliances, flooring, blinds, fixtures, ceiling fans and more. Additionally, electrical and plumbing systems were updated. The property offers spacious grounds with mature landscaping and many units feature porches for leisure.

The offering presents investors the opportunity to acquire a well-located, stabilized, low-maintenance asset with operational and organic income upside. Water is currently included in the rent, creating the opportunity to recapture an estimated $7,000 in annual water costs. Additionally, the average rent is $30-per-unit below market, translating to organic income upside of more than $9,360 annually.

 

Unit Information

UnitTypeSizeRent
26 UNITS2 BD/1 BA699 SF$1,070 AVG.

Property Information

PIN 1705907795 Tax Value $3,547,374
Taxes $34,404.51 Lot Size 2.31 ACRES
Year Built 1950 Exterior VINYL
Floors HARDWOOD, TILE Foundation CRAWL
HVAC CENTRAL AIR, GAS HEAT Owner Financing NONE
Utilities OWNER PAYS WATER AND DUMPSTER Appliances RANGE, REFRIGERATOR, DISHWASHER, WASHER & DRYER CONNECTIONS
Legal Description LO2 NORTHSIDE APARTMENTS BM2005-00213 Zoning R-10