PARKSIDE FIVE POINTS – 41 UNITS IN RALEIGH

Price:

$5,450,000

Status:

Off Market

Address:

2613 McNeil Street, Raleigh, NC 27608, USA

Overview:

Parkside Five Points offers spacious, town home-style apartments in Raleigh’s Five Points neighborhood. With convenient access to the Beltline, North Hills, and downtown Raleigh, these apartments enjoy a premier location nestled in a peaceful and quiet setting. The property is across from Raleigh’s Kiwanis Park, and within walking distance to numerous dining, shopping and entertainment options.

Originally built in 1968, current ownership recently updated all the unit finishes with new cabinets, counter tops, appliances, flooring, blinds, fixtures and more. Additionally, all roofs were replaced in 2015. The property offers covered picnic areas, modern grilling stations, a dog park and spacious grounds for leisure and community gardens.

With new management in place since March of 2019, leasing velocity has improved and the property is projected to be 100% leased this summer. New lease signings achieved rent rates of $1,295 or higher, offering the opportunity to raise in-place rents at renewals.

Unit Information

UnitTypeSizeRent
38 UNITS2 BD/1.5 BA1,120 SF$1,300 MKT
1 UNIT2 BD/2 BA1,120 SF$1,350 MKT
1 UNIT2 BD/1 BA1,200 SF$1,400 MKT
1 UNIT1 BD/1 BA900 SF$950 MKT
41 UNITS $53,100 POTENTIAL RENT

Property Information

PIN 1705917942 Tax Value $3,068,027
Taxes $34,341.26 Lot Size 4.17 ACRES
Year Built 1968 Exterior WOOD, BRICK, T1-11
Floors HARDWOOD, TILE, LVT Foundation CRAWL
HVAC CENTRAL AIR, HEAT PUMPS Owner Financing NONE
Utilities WATER IS SUBMETERED, ELECTRICITY INDIVIDUALLY METERED Appliances RANGE, REFRIGERATOR, DISHWASHER, WASHER AND DRYER
Legal Description LO1 PROP JOSLIN REALTY Zoning R-10