FIVE POINTS | HAYES BARTON MULTIFAMILY – 1817 GLENWOOD AVE

1817 Glenwood represents a very rare opportunity to acquire a multifamily building in the highly sough-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 of 4 of the 5 apartments. 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 $5,940 per month ($71,280 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.