FIVE POINTS | HAYES BARTON MULTIFAMILY – 1817 GLENWOOD AVE

PRICE:
STATUS:
Off Market
ADDRESS:
1817 Glenwood Ave, Raleigh, NC 27608, USA
OVERVIEW:

1817 Glenwood represents a very rare opportunity to acquire a multifamily building in the highly sought-after Five Points/Hayes Barton neighborhood of Raleigh. Built in 1927, the property features four one-bedroom, one-bathroom units and one studio unit. In recent years, ownership has completed substantial improvements to both the interior and exterior of the property. Interior improvements include renovations/updates to 4 of the 5 apartment units. Exterior improvements include a new roof installed in December 2022, a basement drainage system and sump pump, new concrete front porch with steps, new cover shield for basement steps, and hard plank siding. In total, these capital investments represent over $200k of  improvements to the building within the last 2-3 years. The property has performed well following the renovations, boasting 100% occupancy and current rents grossing $6,045 per month ($72,540 per year). These renovations and improvements are organized and outlined in further detail below in the additional information section. Owner paid utilities include water and common area electric.

Wake county tax records indicate the property has 4 units, however, the property has been 5 units for as long as anyone can remember. Framing discovered during the fire repair and renovation of unit #2 suggests the building was converted to apartments in the 1930-1940 time frame. The building has 6 electric meters (5 for apartments and 1 for common areas). Owner is a licensed NC real estate broker; Steve Deaton.

 

Link To Tax Records
UNIT INFORMATION
Unit Type Size Rent
UNIT 1 1BD/1BA 775 SF (Approx.) $1,495
UNIT 2 1BD/1BA 535 SF (Approx.) $1,320
UNIT 3 1BD/1BA (EFFICIENCY) 206 SF (Approx.) $735
UNIT 4 1BD/1BA 550 SF (Approx.) $1,065
UNIT 5 1BD/1BA 600 SF (Approx.) $1,430
5 UNITS TOTAL 2,666 SF TOTAL (Approx.) $6,045 GROSS MONTHLY RENT
PROPERTY INFORMATION
PIN 1704486314
Tax Value $580,396 (2024 REASSESSMENT)
Taxes $5,956.51 (2024 REASSESSMENT)
Lot Size .22 ACRES
Year Built 1927
Exterior BRICK, HARDBOARD
Floors HARDWOOD & TILE
Foundation BASEMENT
HVAC WINDOW HEAT/AC
Utilities OWNER PAYS WATER ($105/MO APPROX.) & COMMON AREA ELECTRIC ($170/MO APPROX.)
Legal Description LO81 BLOOMSBURY
Appliances RANGE, REFRIGERATOR, SHARED LAUNDRY ON-SITE
Zoning OX-3

Location Map

FIVE POINTS | HAYES BARTON MULTIFAMILY – 1817 GLENWOOD AVE
Address: 1817 Glenwood Ave, Raleigh, NC 27608, USA Unit: 5