MULTIFAMILY INSIDE THE BELTLINE OF RALEIGH

Price:

$1,295,000

Status:

Sold

Address:

409 Gardner St, Raleigh, NC 27607, USA

Overview:

SOLD 11/3/2022 FOR $1,260,000
$210,000 per unit

Located in the unrivaled urban core of Raleigh, N.C., this six unit building is uniquely situated across the street from Raleigh’s Rose Garden, three blocks north of Hillsborough Street and N.C. State University. Built in 1930, the property features four, two-bedroom units on the main floor and two, one-bedroom units on the lower level. There is a common laundry room in the basement shared by all residents. This building presents the opportunity for an investor to acquire a property in a desirable neighborhood that is well-positioned for value-add improvements. Buyers should also research land values in the neighborhood and the potential to subdivide the lot. This property is being sold AS IS.

Unit Information

UnitTypeSizeLeaseRent
405 2BD/1BA 783 SF9/30/2022$1,175
4072BD/1BA 783 SFVACANT $1,300 (MARKET)
4092BD/1BA 783 SF3/31/2023$850
4112BD/1BA 783 SF6/30/2023$1,275
4131BD/1BA 885 SF3/31/2023$1,175
4151BD/1BA 850 SF4/30/2023$700
6 UNITS TOTAL 4,867 TOTAL SF $6,475 GROSS POTENTIAL RENT

Property Information

PIN 0794737511 Tax Value $708,577
Taxes $7,294.34 Lot Size 0.40 ACRES
Year Built 1930 Exterior BRICK
Floors HARDWOOD, CARPET, VINYL, LVP Foundation BASEMENT
HVAC CENTRAL A/C, HEAT PUMP, WINDOW UNITS, GAS FORCED HEAT Owner Financing NONE
Utilities OWNER PAYS WATER, APPROX. $340/MONTH Appliances RANGE, REFRIGERATOR, LAUNDRY ON-SITE
Legal Description LO51 &52 FOREST HILLS BM1928-00082 Zoning R-10
Sold Date 11/03/2022