TAREYTON SQUARE – 48 UNITS, DURHAM, NC

SOLD 5/15/18 FOR $4,330,000.
Price included a seller credit of $160,000 for deferred maintenance.

Known as the Tareyton Square Apartments, these 48 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.

Of the 48 units, 44 units are 2Bd/1Ba and 4 units are 1Bd/1Ba floor plans. Fourty-one of the units have renovated interiors. The building features a brick exterior with laundry rooms on the lower level of each building. With current rents at an average of $825 per unit on the 2Bd/1Ba and $775 per unit on the 1Bd/1Ba floor plans, the buyer can realize income growth by leasing to market and renovating the last 7 units.