THE MONARCH – 45 UNITS IN DURHAM

PRICE:
$ 4,300,000
STATUS:
Off Market
ADDRESS:
1001 Ruby St, Durham, NC 27704, USA
OVERVIEW:

The 45-unit Monarch Apartments are located just off Interstate 85, a mile north of Downtown Durham, near Northgate Mall and Duke Hospital. The property features four, brick buildings constructed in 1965 with an attractive mix of large one-bedroom units (850 SF) and two-bedrooms (1,075 SF).

Over the last two years, ownership of The Monarch Apartments has renovated more than fifty-percent of the units and realized significant rent increases. However, with legacy rents still in place and 20 units left to renovate, there is a robust value-add opportunity for the buyer. Completing the in-place renovation program and leasing to market should yield income growth in excess of 30%. The property was also recently submetered, allowing the next owner to benefit from recapturing water expenses.

Link To Tax Records
UNIT INFORMATION
Unit Type Size Rent
1 unit Efficiency Apprx. 210 SF $550 market
11 units 1 BD/1 BA Apprx. 860 SF $995 highest in-place
33 units 2 BD/2 BA Apprx. 1110 SF $1,130 highest in-place
PROPERTY INFORMATION
PIN 0822-11-77-0141
Tax Value $1,231,545
Taxes $21,322.43
Lot Size 2.13 ACRES
Year Built 1965
Exterior BRICK
Floors CARPET, VINYL, LVT, TILE
Foundation SLAB
HVAC CENTRAL AIR, HEAT PUMP
Utilities WATER IS SUB-METERED, TENANT PAYS ELECTRICITY, OWNER PAYS TRASH AND AREA LIGHTS
Legal Description GLENDALE HEIGHTS/BLK:I/LT #01-08
Appliances RANGE, REFRIGERATOR, DISHWASHER
Zoning RU-M

Location Map

THE MONARCH – 45 UNITS IN DURHAM
Address: 1001 Ruby St, Durham, NC 27704, USA Price: $ 4,300,000 Unit: 45