GARDEN TERRACE – 55 UNITS IN DURHAM

PRICE:
$ 5,150,000
STATUS:
Sold
ADDRESS:
2003 House Ave, Durham, NC 27707, USA
OVERVIEW:

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.

Link To Tax Records
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

Location Map

GARDEN TERRACE – 55 UNITS IN DURHAM
Address: 2003 House Ave, Durham, NC 27707, USA Price: $ 5,150,000 Unit: