THE BARCLAY APARTMENTS – 18 UNITS IN DURHAM

SOLD 6/15/18 FOR $1,650,000

Known as The Barclay Apartments, these 18 units are located one mile from Downtown Durham and Duke University. The property is within steps of the Lakewood shopping center where the Scrap Exchange has initiated the redevelopment of more than 100,000 SF of dining, retail and entertainment space as a part of the Reuse Arts District. In addition, neighborhoods in the Lakewood area have seen median single-family home prices increase from approximately $100/sf to nearly $200/sf in the last seven years.

All 18 units are 1 BD/1 BA floorplans and 15 have renovated interiors. The building features a brick exterior and the roof was replaced in 2017. With current rents at an average of $700 per unit and in-place rents as high as $735, the buyer can realize income growth by leasing to market and renovating the last three units. This property could also be purchased with the neighboring 14 units at 1901 Morehead Avenue and 18 units at 2006 House Avenue for a total of 50 units.