QUAD IN RALEIGH’S URBAN CORE

Price:

$1,250,000

Status:

Under Contract

Address:

219 Park Ave, Raleigh, NC 27605, USA

Overview:

Located in the unrivaled urban core of Raleigh, N.C., this quadraplex is positioned to benefit from the city’s rapidly growing economy and overwhelming rental demand. The property is uniquely positioned within walking distance of Downtown Raleigh, Pullen Park and NC State University.

Built in 1901, this quadraplex features four two-bedroom, one-bathroom floorplans with premium finishes across all units. Each unit has granite counter tops, stainless steel appliances, stack washer & dryer, white-oak hardwood flooring, and tile in the bathrooms.

The property was completely gutted and fully-renovated throughout 2017-2018. These renovations were properly permitted and included the following improvements: spectacular new interiors with premium finishes, all new systems (HVAC’s, Plumbing, Electrical), new roof, and new stainless-steel appliances. The property has performed well following the renovations, boasting 100% occupancy and current rents of $6,050 per month ($72,600 per year).

The owner pays approximately $35 per month for electricity in the common area and $100 per month for landscaping. Maintenance expenses have been minimal following the renovations.

This property presents the opportunity for an investor to acquire a fully renovated asset with upside in rent growth and minimal maintenance needs.

Unit Information

UnitTypeSizeLeaseRent
A2BD/1BA980 SF12/31/2022$1,450
B2BD/1BA980 SF8/31/2023$1,480
C2BD/1BA980 SF6/30/2023$1,595
D2BD/1BA980 SF5/31/2023$1,525
4 (TOTAL) $6,050 (TOTAL)

Property Information

PIN 1703098776 Tax Value $668,610
Taxes $6,849.68 Lot Size .20
Year Built 1901 Exterior BRICK
Floors HARDWOOD (WHITE OAK) & TILE Foundation CRAWL
HVAC CENTRAL A/C, HEAT PUMP Owner Financing NONE
Utilities OWNER PAYS COMMON AREA ELECTRIC Appliances RANGE, REFRIGERATOR, DISHWASHER, MICROWAVE, STACK WASHER/DRYER
Legal Description LO34 PT 33 MARTIN LTS Zoning RX-3