MONTEGO APARTMENTS – 18 UNITS IN DURHAM

PRICE:
$ 1,640,000
STATUS:
Sold
ADDRESS:
2006 House Ave, Durham, NC 27707, USA
OVERVIEW:

SOLD 11/21/18 FOR $1,500,000

Known as the Montego Apartments, these 18 units are located one mile from Downtown Durham and Duke University. There is one studio apartment and the other 17 units are 1 BD/1 BA floorplans and 14 have renovated interiors. The building features a brick exterior and the roof was replaced in 2017. With current rents at an average of $700 per unit and in-place rents as high as $775, the buyer can realize income growth by leasing to market and renovating the last four units. Based on the trailing 12-month expenses and trailing 3-month income trend through July of 2018, the property is being offered at a 6.3% cap-rate.

The identical building at 1011 Burke Street (18 units) sold 06/2018 for $1,650,000 and the neighboring 14 units at 1901 Morehead Avenue are under contract.

The property is within steps of the Lakewood shopping center where the Scrap Exchange has initiated the redevelopment of more than 100,000 SF of dining, retail and entertainment space as a part of the Reuse Arts District. In addition, neighborhoods in the Lakewood area have seen median single-family home prices increase from approximately $100/sf to nearly $200/sf in the last seven years.

Link To Tax Records
UNIT INFORMATION
Unit Type Size Rent
1 STUDIO 500 SF $650
2-18 1 BD/1 BA 550 SF $700 AVG
PROPERTY INFORMATION
PIN 0821-09-15-4889
Tax Value $594,660
Taxes $8,007.09
Lot Size .635 ACRES
Year Built 1971
Exterior BRICK
Floors CARPET, VINYL, LVT
Foundation SLAB
HVAC CENTRAL AIR, HEAT PUMP
Utilities WATER IS SUB-METERED, TENANT PAYS ELECTRICITY, OWNER PAYS TRASH AND AREA LIGHTS
Legal Description OUSE LAND/LT#08-10 PT
Appliances RANGE, REFRIGERATOR, COMMON-AREA COIN LAUNDRY
Sold Date 2018-11-21
Zoning RU-M

Location Map

MONTEGO APARTMENTS – 18 UNITS IN DURHAM
Address: 2006 House Ave, Durham, NC 27707, USA Price: $ 1,640,000 Unit: 18