COROJO APARTMENTS – 44 UNITS IN DURHAM

PRICE:
$ 4,500,000
STATUS:
Sold
ADDRESS:
1718 Palmer St, Durham, NC 27707, USA
OVERVIEW:

SOLD 4/16/19 FOR $4,500,000

The 44-unit Corojo Apartments are located one mile from Downtown Durham and Duke University. The property is within steps of the redeveloping Lakewood shopping center and neighborhoods that have seen median single-family home prices increase from approximately $100/sf to nearly $200/sf in the last seven years.

Of the 44 units, 32 units are 2 BD/1 BA floorplans, eight units are 3 BD/2 BA floorplans, and four units are 4 BD/2 BA floorplans. Over the last two years, all but three units have been renovated and feature new flooring, blinds, lighting fixtures, plumbing fixtures, counter tops and appliances. A buyer will have the benefit of stabilized occupancy above 95% and further growing a postitive income trend by raising lagging rents, completing renovations and continuing to implement new billing programs to recapture water and trash expenses.

Link To Tax Records
UNIT INFORMATION
Unit Type Size Rent
32 units 2 BD/1 BA 812 SF $880 AVG
8 units 3 BD/2 BA 1008 SF $990 AVG
4 units 4 BD/2 BA 1264 SF $1140 AVG
PROPERTY INFORMATION
PIN 0821-14-24-7329
Tax Value $1,994,895
Taxes $26,861.26
Lot Size 3.4 ACRES
Year Built 1993
Exterior VINYL
Floors CARPET, VINYL, LVT
Foundation SLAB
HVAC CENTRAL AIR, HEAT PUMP
Utilities OWNER PAYS WATER (SUB-METERED), AREA LIGHTS, DUMPSTER
Legal Description PROP-TRAILWOOD LIMITED PR TNSHP/DBA-PALMERS ST APTS
Appliances RANGE, REFRIGERATOR, W/D CONNECTIONS
Sold Date 2019-04-16
Zoning RU-M

Location Map

COROJO APARTMENTS – 44 UNITS IN DURHAM
Address: 1718 Palmer St, Durham, NC 27707, USA Price: $ 4,500,000 Unit: 44