COURTYARD APARTMENTS – 53 UNITS NEAR N.C. STATE

Price:

$3,750,000

Status:

Sold

Address:

1527 Crest Rd, Raleigh, NC 27606, USA

Overview:

SOLD 2/28/19 FOR $3,392,000
Price included $75,000 deferred maintenance credit

The Courtyard Apartments are located within walking distance of N.C. State University and just three miles from Downtown Raleigh. Built between 1972 and 1973 the property features block construction, concrete slab floors and most of the roofs are flat. For two decades the current owner has operated the property with a strategy of providing basic housing at below-average rental rates to a renter-by-necessity customer base. As a result, the property has many long-term tenants and strong trailing financials, but also offers a heavy value-add opportunity to the investor wanting to renovate and raise rents.

The Courtyard is a mix of two-bedroom, one-bedroom and efficiency floor plans. All units feature a range and refrigerator with PTAC/zoneline HVAC units. The property has onsite laundry, ample parking and is sub-metered for water billing. The interior photos include a recently renovated two-bedroom unit and a non-renovated one-bedroom unit which is most similar to the balance of the units.

Unit Information

UnitTypeSizeRent
28 UNITS2 BD/2 BA970 APPRX. SF$690 AVG
12 UNITS1 BD/1 BA510 APPRX. SF$595 AVG
12 UNITSEFFICIENCY350 APPRX. SF$475 AVG
1 UNIT2 BD/1 BA850 APPRX. SF$725 AVG

Property Information

PIN 0793378728 Tax Value $2,573,963
Taxes $29,183 Lot Size 2.66 ACRES
Year Built 1972-1973 Exterior BLOCK and BRICK
Floors VT, CARPET, LAMINATE Foundation CRAWL and SLAB
HVAC PTAC/ZONELINE UNITS Owner Financing NONE
Utilities TENANTS PAY ELECTRIC and WATER (SUB-METERED) / OWNER PAYS AREA LIGHTS AND DUMPSTER Appliances RANGE, REFRIGERATOR, LAUNDRY ON-SITE
Legal Description WOODROW O WILSON PROP COLLEGE TERRACE Zoning RX-3
Sold Date 02/28/2019