BLACKWELL APARTMENTS – 14 UNITS IN DURHAM

Price:

$1,310,000

Status:

Under Contract

Address:

1901 Morehead Ave, Durham, NC 27707, USA

Overview:

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.

All 14 units 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 $688 per unit and in-place rents as high as $735, 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 and 18 units at 1011 Burke Street for a total of 50 units.

Unit Information

UnitTypeSizeLeaseRent
11 BD/1 BA450 SFSEE RENT ROLL$600
2-141 BD/1 BA502 SFSEE RENT ROLL$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 Owner Financing NONE
Utilities WATER IS SUB-METERED, TENANT PAYS ELECTRICITY, OWNER PAYS TRASH AND AREA LIGHTS Appliances RANGE, REFRIGERATOR, COMMON-AREA COIN LAUNDRY
Legal Description HOUSE LAND/LT#11 LT#12 N1 /2 Zoning RU-M