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.

Unit Information

UnitTypeSizeRent
5 UNITSSTUDIO500 SF APPROX.$535 AVG
20 UNITS3 BD/2 BA1000 SF APPROX. $915 AVG
30 UNITS2 BD/2 BA950 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 Owner Financing NONE
Utilities OWNER PAYS WATER, DUMPSTER AND AREA LIGHTS Appliances RANGE, REFRIGERATOR
Legal Description SOUTHEAST PROPERTIES I/ LT#01 AND #02 Zoning RU-M
Sold Date 05/10/2019