BLUE RIDGE APARTMENTS – 48 UNITS NEAR NC STATE

PRICE:
STATUS:
Off Market
ADDRESS:
551 Blue Ridge Rd, Raleigh, NC 27606, USA
OVERVIEW:

Blue Ridge Apartments are located one-and-a-half miles west of N.C. State University and four miles west of Downtown Raleigh, near the intersection of Western Blvd. and Blue Ridge Road. N.C. State is home to more than 35,000 students and 9,000 faculty and staff. Enrollment aims to add another 3,000 students over the next five years.

Built in 2008, the property features 48, identical floor plans with two bedrooms, two-bathrooms and private balconies. The property is well-maintained and has operated as a student-housing property since it was built. This strategy includes a by-the-bed leasing model.

The property is fully leased through the summer of 2020 offering investors the opportunity to acquire a stabilized asset in a great location. Upon reaching the 2020 lease expiration, investors could capture income upside through strategic renovations. The two-bedroom floor plans would also be attractive to graduate-students and working professionals, presenting diverse operational and leasing opportunities.

Link To Tax Records
UNIT INFORMATION
Unit Type Size Rent
48 2 BD / 2 BA 1,050 SF $1,220 AVG
PROPERTY INFORMATION
PIN 0784717698
Tax Value $4,860,794
Taxes $57,291
Lot Size 4.81
Year Built 2008
Exterior BRICK, VINYL, HARDBOARD
Floors CARPET, VINYL
Foundation CRAWL
HVAC CENTRAL AIR, HEAT PUMPS
Utilities OWNER PAYS ALL UTILITIES
Legal Description LO1 RCMB AUTUMN WOODS BM2007-00617
Appliances RANGE, REFRIGERATOR, DISHWASHER, WASHER AND DRYER
Zoning R-10

Location Map

BLUE RIDGE APARTMENTS – 48 UNITS NEAR NC STATE
Address: 551 Blue Ridge Rd, Raleigh, NC 27606, USA Unit: