EDGEWOOD APARTMENTS – 81 UNITS IN BUTNER, N.C.

PRICE:
$ 9,925,000
STATUS:
Sold
ADDRESS:
503 W C St, Butner, NC 27509, USA
OVERVIEW:

SOLD 2/16/2022 FOR $9,925,000
$122,530 per unit

These 81 units are located at 503 West C Street and 704 West B Street in Butner, NC. Known as the Edgewood Crossing Apartments (built 1998-2001) and the Edgewood Bridge Apartments (built 2004) the properties have excellent occupancy history. Located just 15 minutes north of Durham and about 30 minutes north of Raleigh, Butner has a limited inventory of apartments and has seen rapid rent growth over the last year providing an opportunity to substantially increase income.

Edgewood Crossing contains six buildings, totaling 49 units and an onsite office. Edgewood Bridge includes four buildings with 32 units and a small office. At both properties, all of the units are identical two-bedroom and two-bathroom floorplans with the exception of one unit at Edgewood Bridge where a bedroom is used in one unit for the office space. The sale also included 3.2-acres next to Edgewood Bridge at 704 West B Street.

Link To Tax Records
UNIT INFORMATION
Unit Type Size Rent
1 UNIT 1BD/1BA 800 SF $700
80 UNITS 2BD/2BA 1,010 SF $780 (AVG)
PROPERTY INFORMATION
PIN 086616847848, 086612950156, 087609060093
Tax Value $1,955,990 / $45,696 / $2,942,589
Taxes $24,124 / $603 / $36,849
Lot Size 3.14 / 3.20 / 5.03 ACERS
Year Built 1998-2004
Exterior VINYL
Floors CARPET, VIYNL
Foundation SLAB
HVAC CENTRAL AIR, HEAT PUMPS
Utilities PAID BY TENANTS
Legal Description SEE TAX RECORDS
Appliances RANGE, REFRIGERATOR, DISHWASHER, W/D CONNECTONS
Sold Date 2022-02-16
Zoning NBHD

Location Map

EDGEWOOD APARTMENTS – 81 UNITS IN BUTNER, N.C.
Address: 503 W C St, Butner, NC 27509, USA Price: $ 9,925,000 Unit: