JAMESTOWNE APARTMENTS – 130 UNITS
SOLD 4/28/17 FOR $5,670,250 ($43,617/UNIT)
Deaton Investment Real Estate represented the buyer in this off-market transaction. The sellers were unrepresented.
Jamestowne Apartments are located less than 1/2 mile from Wake Medical Center near the intersection of I-440 and New Bern Avenue. Each of the 31, two-story buildings at Jamestown sits on a separate tax parcel. There are 28 quadraplexes with two-bedroom apartments. The remaining three buildings have six, one-bedroom apartments. This creates a total of 112, two-bedroom units and 18, one-bedroom units.
Current ownership has operated the property since 1992. The property presents the opportunity to raise rents through capital improvements, renovations, repairs and operational best-practices.
UNIT INFORMATION
| Unit | Type | Size | Rent |
|---|---|---|---|
| 112 UNITS | 2 BD / 1 BA | 768 APX SF | $625 |
| 18 UNITS | 1 BD / 1 BA | 600 APX SF | $510 |
| 120 TOTAL UNITS | $79,180 |
PROPERTY INFORMATION
| PIN | SEE EXHIBIT |
| Tax Value | $6,732,423 |
| Taxes | $71,189.87 |
| Lot Size | 6.72 ACRES TOTAL |
| Year Built | 1984-1986 |
| Exterior | MASONITE |
| Floors | CARPET, VINYL |
| Foundation | SLAB, CRAWL |
| HVAC | THRU-WALL HEAT PUMPS |
| Utilities | TENANTS PAY ALL UNIT UTILITIES |
| Legal Description | SEE EXHIBIT |
| Appliances | RANGE, REFRIGERATOR, DISHWASHER, W/D CONNECTIONS |
| Sold Date | 2017-04-28 |
| Zoning | RX-3 |
Agent Information Steve Deaton
Location Map
JAMESTOWNE APARTMENTS – 130 UNITS