THE MONARCH – 45 UNITS IN DURHAM

Price:

$4,000,000

Status:

Under Contract

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.

Additional Information

Monarch OM

Survey - Ruby 1001

Unit Information

UnitTypeSizeRent
1 unitEfficiencyApprx. 210 SF$550 market
11 units1 BD/1 BAApprx. 860 SF$995 highest in-place
33 units2 BD/2 BAApprx. 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 Owner Financing N/A
Utilities WATER IS SUB-METERED, TENANT PAYS ELECTRICITY, OWNER PAYS TRASH AND AREA LIGHTS Appliances RANGE, REFRIGERATOR, DISHWASHER
Legal Description GLENDALE HEIGHTS/BLK:I/LT #01-08 Zoning RU-M