CENTENNIAL LOFTS – 53 UNITS IN RALEIGH, N.C.

PRICE:
$ 7,950,000
STATUS:
Sold
ADDRESS:
1527 Crest Rd, Raleigh, NC 27606, USA
OVERVIEW:

SOLD 9/21/2022 FOR $7,950,000
$150,000 per unit

Deaton Investment Real Estate is pleased to offer the exclusive listing of Centennial Lofts in Raleigh, N.C. This 53-unit property is located adjacent to N.C. State University, three miles west of Downtown Raleigh and in the heart of one the strongest performing economic regions in the United States. Over the last four years, ownership has invested more than $1.8 million in capital improvements including interior renovations of every unit, roof replacements, and more.

The average asking rent in the Downtown Raleigh submarket is currently $1,530, which is approximately $400 higher than the average rent at Centennial Lofts. The affordability of rents, coupled with proximity to the major economic districts of Raleigh and the Triangle, sets the stage for tremendous organic rent growth and low vacancy at Centennial Lofts. Furthermore, the opportunity exists to capture income-upside through stabilizing occupancy and minimizing delinquency, operational efficiencies, improving the water reimbursement recapture rate, installing washers and dryers, and eliminating the use of the model unit.

Over the last 12 months, rents have increased more than 15% in Downtown Raleigh while the average occupancy level sits above 93%. Raleigh’s multifamily market has maintained robust demand as the result of thousands of job announcements, surging wage growth and persistent population growth. N.C. State University alone produces more than 9,000 graduates per year and has an enrollment of more than 36,000 students. This enrollment is expected to surpass 40,000 in the next five years with engineering and computer science growth on Centennial Campus. The entrance to N.C. State’s Centennial Campus is two-tenths of a mile (four minute walk) from Centennial Lofts. Centennial Campus is one of the premier research parks in the United States. It features over 5mn square feet of innovation space, 5,600 employees, 70 companies, and was recently rezoned to allow for the substantial additional development.

VIRTUAL TOUR OF A TWO-BEDROOM

Link To Tax Records
UNIT INFORMATION
Unit Type Size Rent
28 UNITS 2BD/2BA 970 APPRX. SF $1,395 (MARKET)
12 UNITS 1BD/1BA 510 APPRX. SF $1,100 (MARKET)
12 UNITS STUDIO 350 APPRX. SF $975 (MARKET)
1 UNIT 2BD/1BA 850 APPRX. SF $1,200 (MARKET)
53 UNITS (TOTAL) 38,975 SF (TOTAL) $64,645 (GROSS POTENTIAL RENT)
PROPERTY INFORMATION
PIN 0793378728
Tax Value $3,310,739
Taxes 33,273.49
Lot Size 2.58 ACRES
Year Built 1972
Exterior BLOCK AND BRICK
Floors LVP, VINYL
Foundation CRAWL AND SLAB
HVAC PTAC, HOTEL-STYLE UNITS
Utilities WATER IS SUBMETERED
Legal Description WOODROW O WILSON PROP COLLEGE TERRACE
Appliances RANGE, REFRIGERATOR, COMMON-AREA LAUNDRY
Sold Date 2022-09-21
Zoning RX-3

Location Map

CENTENNIAL LOFTS – 53 UNITS IN RALEIGH, N.C.
Address: 1527 Crest Rd, Raleigh, NC 27606, USA Price: $ 7,950,000 Unit: