GARDEN TERRACE – 55 UNITS IN DURHAM
SOLD 5/10/19 FOR $5,150,000
The 55-unit Garden Terrace apartments are located one mile from Downtown Durham and Duke University. The property is adjacent to the redeveloping Lakewood shopping center and neighborhoods that have seen median single-family home prices increase from approximately $100/sf to nearly $200/sf in the last seven years.
Of the 55 units, 30 units are 2 BD/2 BA floorplans, twenty units are 3 BD/2 BA floorplans, and five are studio units. The property has been well-maintained and historically operated well above 90% occupancy. Built in 1964, the property offers the opportunity to capture income upside through strategic renovations and improvements.
Deaton Investment Real Estate was the Seller’s Agent and the sole broker in the transaction.
UNIT INFORMATION
| Unit | Type | Size | Rent |
|---|---|---|---|
| 5 UNITS | STUDIO | 500 SF APPROX. | $535 AVG |
| 20 UNITS | 3 BD/2 BA | 1000 SF APPROX. | $915 AVG |
| 30 UNITS | 2 BD/2 BA | 950 SF APPROX. | $850 AVG |
PROPERTY INFORMATION
| PIN | 0821-09-15-6626, 0821-09-15-8578 |
| Tax Value | TBD 2019 |
| Taxes | TBD 2019 |
| Lot Size | 2.88 ACRES |
| Year Built | 1964 |
| Exterior | BRICK |
| Floors | CARPET, VINYL, LVT |
| Foundation | CRAWL, SLAB |
| HVAC | CENTRAL AIR, HEAT PUMPS |
| Utilities | OWNER PAYS WATER, DUMPSTER AND AREA LIGHTS |
| Legal Description | SOUTHEAST PROPERTIES I/ LT#01 AND #02 |
| Appliances | RANGE, REFRIGERATOR |
| Sold Date | 2019-05-10 |
| Zoning | RU-M |
Agent Information Thomas T Furlow
Location Map
GARDEN TERRACE – 55 UNITS IN DURHAM