MORREENE WEST – 224 UNITS IN DURHAM, N.C.

Price:

$31,000,000

Status:

Sold

Address:

700 Morreene Rd, Durham, NC 27705, USA

Overview:

SOLD 7/29/2022 FOR $31,000,000
$138,392.86 per unit

Deaton Investment Real Estate represented the seller and was the sole broker in this off-market transaction. Located in Durham, N.C., Morreene West is a 224-unit, garden-style property situated across 12.78 acres. Built in 1970, Morreene West features a mix of one- and two-bedroom floorplans. This asset offers the opportunity to increase income through operational and strategic value-add improvements.

Unit Information

UnitTypeSizeRent
160 UNITS1BD/1BA600 SF$685
64 UNITS2BD/1.5BA769 SF$785

Property Information

PIN 0812-23-54-3788 Tax Value $8,887,492
Taxes $113,217.76 Lot Size 12.78 ACRES
Year Built 1970 Exterior BRICK & WOOD
Floors CARPET & VINYL Foundation SLAB
HVAC PTAC UNITS Owner Financing NONE
Utilities OWNER PAYS WATER Appliances RANGE, REFRIGERATOR, DISHWASHER
Legal Description PROP-NYE C B-EVELYN COONR AD-D M WRIGHT Zoning RU-M
Sold Date 07/29/2022