HISTORIC BOYLAN – 56 UNITS IN DOWNTOWN RALEIGH, N.C.

Price:

$14,000,000

Status:

Sold

Address:

817 Hillsborough St, Raleigh, NC 27603, USA

Overview:

SOLD 12/21/2021 FOR $14,000,000
$250,000 per unit
Deaton Investment Real Estate represented the seller as the exclusive listing broker and was the sole broker in this transaction. Historic Boylan, a 56 unit, boutique apartment community in the urban core of Raleigh, N.C. Historic Boylan was built in 1935 and maintains many of its original features including hardwood floors throughout, heavy molding and trim, and all-brick exterior with stately accents. The property is extremely well-located within walking distance of Raleigh’s Downtown Business District, N.C. State University, and multiple retail, dining, entertainment and employment centers. Current rents offer an opportunity to capture income-upside across a mix of 37, one-bedroom and 18, two-bedroom apartments. The property also includes one ground-floor commercial unit.

Virtual Tours:  ONE-BEDROOM UNIT  /  TWO-BEDROOM UNIT

 

Unit Information

UnitTypeSizeRent
37 UNITS1 BD/1 BA555 SF - 750 SF$900 - $1,275
18 UNITS2 BD/1 BA965 SF$1,325 - $1,675
1 UNITCOMMERCIAL SPACE1,700 SF$2,027

Property Information

PIN 1703392186 (property), 1703383867 (parking lot) Tax Value $8,159,924
Taxes $40,798.03 (property, discounted for historic status), $5,414.06 (parking lot) Lot Size 1.14 ACRES (property), .18 ACRES (parking lot)
Year Built 1935 Exterior BRICK
Floors HARDWOOD Foundation CRAWL, BASEMENT
HVAC CENTRAL A/C, HEAT PUMP Owner Financing NONE
Utilities OWNER PAYS WATER, TRASH AND COMMON AREA LIGHTS Appliances RANGE, REFRIGERATOR, COMMON AREA WASHER & DRYER
Legal Description APARTMENTS 753 HILLSBOROUGH ST Zoning RX-4
Sold Date 12/21/2021