BLACKWELL APARTMENTS – 14 UNITS IN DURHAM

PRICE:
$ 1,310,000
STATUS:
Sold
ADDRESS:
1901 Morehead Ave, Durham, NC 27707, USA
OVERVIEW:

SOLD 9/27/18 FOR $1,278,000

Known as the Blackwell Apartments, these 14 units are located one mile from Downtown Durham and Duke University. 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.

One unit is a studio apartment and the other 13 are 1 BD/1 BA floorplans and 12 have renovated interiors. The building features a brick exterior and the roof was replaced in 2017. With current rents at an average of $702 per unit and in-place rents as high as $745, the buyer can realize income growth by leasing to market and renovating the last two units. This property could also be purchased with the neighboring 18 units at 2006 House Avenue for a total of 32 units.

Based on annualized, trailing 3-month income through June of 2018 and trailing 12-month expenses the property is being offered at a 6.6% cap-rate.

Link To Tax Records
UNIT INFORMATION
Unit Type Size Rent
1 1 BD/1 BA 450 SF $600
2-14 1 BD/1 BA 502 SF $695 AVG
PROPERTY INFORMATION
PIN 0821-09-15-6947
Tax Value $433,965
Taxes $5,843.34
Lot Size .617 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 HOUSE LAND/LT#11 LT#12 N1 /2
Appliances RANGE, REFRIGERATOR, COMMON-AREA COIN LAUNDRY
Sold Date 2018-09-27
Zoning RU-M

Location Map

BLACKWELL APARTMENTS – 14 UNITS IN DURHAM
Address: 1901 Morehead Ave, Durham, NC 27707, USA Price: $ 1,310,000 Unit: 14