HILLSBOROUGH WEST VILLAGE APARTMENTS – 35 UNITS

Price:

$3,800,000

Status:

Available

Address:

115 Holiday Park Rd, Hillsborough, NC 27278, USA

Overview:

Deaton Investment Real Estate, Inc is pleased to offer as the exclusive listing broker, Hillsborough West Village Apartments in Hillsborough, NC. Part of the Durham-Chapel-Hill MSA, Hillsborough is a supply-restricted market with high barriers to entry for multifamily development. Located approximately five minutes from Durham and Chapel Hill, Hillsborough is a growing suburb that offers immediate access to markets rich in employment, healthcare, education, arts and opportunity.

Built in 1997, the property features 35 units with a mix of two- and three-bedroom floor plans. Current ownership recently completed a capital improvement plan that included renovations to the onsite office, the build-out of a fitness center, general exterior improvements and interior renovations to 14 units. Coming out of renovations current ownership raised rents and has maintained over 93% occupancy for the last three months. With performance of the property already stabilized, the next owner can add value by raising lagging rents to market and renovating the interior of the other 21 units to capture additional income upside.

Less than one-quarter mile from Hillsborough West Village, a new Detention Center, an Environment and Agricultural Center and a new Parks Operation Base  being built by local government. The project is expected to be complete in the summer of 2021 at a costs of over $40m.

Unit Information

UnitTypeSizeRent
15 UNITS2 BD / 1 BA773 SF$800
20 UNITS3 BD / 1 BA921 SF$900

Property Information

PIN 9865503608 Tax Value $1,597,600
Taxes $30,540 Lot Size 5.9 ACRES
Year Built 1997 Exterior VINYL
Floors LVP, CARPET, VINYL Foundation SLAB
HVAC CENTRAL AIR Owner Financing NONE
Utilities PAID BY TENANT Appliances RANGE, REFRIGERATOR, DISHWASHER, WASHER/DRYER CONNECTIONS
Legal Description D BETTY HICKS NE INT CORNELIUS ST & HOLIDAY PARK RD P41/123