COROJO APARTMENTS – 44 UNITS IN DURHAM

Price:

$4,500,000

Status:

Under Contract

Address:

1718 Palmer St, Durham, NC 27707, USA

Overview:

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.

Additional Information

Corojo OM

Survey - 1718 Palmer

 

Unit Information

UnitTypeSizeRent
32 units2 BD/1 BA812 SF$880 AVG
8 units3 BD/2 BA1008 SF$990 AVG
4 units4 BD/2 BA1264 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 Owner Financing N/A
Utilities OWNER PAYS WATER (SUB-METERED), AREA LIGHTS, DUMPSTER Appliances RANGE, REFRIGERATOR, W/D CONNECTIONS
Legal Description PROP-TRAILWOOD LIMITED PR TNSHP/DBA-PALMERS ST APTS Zoning RU-M