BLUE LEAF – 32 UNITS IN DURHAM, NC

Price:

$5,550,000

Status:

Available

Address:

943 Morreene Rd, Durham, NC 27705, USA

Overview:

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

Additional Information

BLUE LEAF APARTMENTS OFFERING

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 Owner Financing NONE
Utilities PAID BY TENANTS Appliances RANGE, REFRIGERATOR, DISHWASHER, MICROWAVE, WASHER & DRYER
Legal Description PROP-TURNER BROWNING LAND /PT Zoning RS-M