JAMESTOWNE APARTMENTS – 130 UNITS

PRICE:
$ 5,670,250
STATUS:
Sold
ADDRESS:
3004 Holston Ln, Raleigh, NC 27610, USA
OVERVIEW:

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

Location Map

JAMESTOWNE APARTMENTS – 130 UNITS
Address: 3004 Holston Ln, Raleigh, NC 27610, USA Price: $ 5,670,250 Unit: 130