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.

Additional Information

Blue Ridge Apartments Offering

Unit Information

UnitTypeSizeLeaseRent
482 BD / 2 BA1,050 SFFULLY LEASED$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 Owner Financing ASSUMABLE DEBT AVAILABLE
Utilities OWNER PAYS ALL UTILITIES Appliances RANGE, REFRIGERATOR, DISHWASHER, WASHER AND DRYER
Legal Description LO1 RCMB AUTUMN WOODS BM2007-00617 Zoning R-10