BLUE LEAF – 32 UNITS IN DURHAM, NC

PRICE:
$ 5,800,000
STATUS:
Sold
ADDRESS:
943 Morreene Rd, Durham, NC 27705, USA
OVERVIEW:

SOLD 2/22/2022 FOR $5,800,000
$181,250 per unit

Deaton Investment Real Estate was the exclusive listing broker for the seller on this transaction. Blue Leaf Apartments feature 32, one-bedroom apartments, located one mile from Duke University and Duke Hospital in Durham, N.C. Originally constructed in 1995, the owner completed a full renovation of 29 units between 2019 and 2020. These renovations boast stainless steel appliances, granite countertops, new plumbing fixtures, new electrical fixtures, updated flooring, and high-end finishes.

The offering presents investors the opportunity to acquire a well-located, stabilized, low-maintenance asset with income growth opportunities. By renovating the three classic units and raising all rents to market, the buyer can capture income upside of more than $20,000 annually.

Blue Leaf provides convenient access to major transportation corridors and multiple retail, entertainment, employment centers, world-renowned Duke University and Duke University Medical Center. The thriving economy of Durham and location appeals to a wide range of residents, contributing to the strong performance of the property and prospects for future income growth.

Video tour of unit B9  –  Video tour of unit C17

Link To Tax Records
UNIT INFORMATION
Unit Type Size Rent
32 UNITS 1BD/1BA 645 SF $1,000 (AVG.)
PROPERTY INFORMATION
PIN 0812-18-31-8938
Tax Value $2,222,168
Taxes $27,641.55
Lot Size 2.039 ACRES
Year Built 1995
Exterior HARDBOARD
Floors LVT, VINYL
Foundation SLAB
HVAC CENTRAL A/C, HEAT PUMP
Utilities PAID BY TENANTS
Legal Description PROP-TURNER BROWNING LAND /PT
Appliances RANGE, REFRIGERATOR, DISHWASHER, MICROWAVE, WASHER & DRYER
Sold Date 2022-02-22
Zoning RS-M

Location Map

BLUE LEAF – 32 UNITS IN DURHAM, NC
Address: 943 Morreene Rd, Durham, NC 27705, USA Price: $ 5,800,000 Unit: