COROJO APARTMENTS – 44 UNITS IN DURHAM

Price:

$4,800,000

Status:

Available

Address:

1718 Palmer St, Durham, NC 27707, USA

Overview:

Known as the Corojo Apartments, these 44 units are located one mile from Downtown Durham and Duke University. The property is within steps of the Lakewood shopping center where the Scrap Exchange has initiated the redevelopment of more than 100,000 SF of dining, retail and entertainment space as a part of the Reuse Arts District. In addition, neighborhoods in the Lakewood area 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. Ownership has established an improving income trend, creating the opportunity for a buyer to raise lagging rents and further grow the income by renovating the final three units. The property was also recently submetered, so the next owner can benefit from recapturing water expenses.

Unit Information

UnitTypeSizeRent
32 units2 BD/1 BA812 SF$880 AVG
8 units3 BD/2 BA1008 SF$965 AVG
4 units4 BD/2 BA1264 SF$1130 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